The topic of this paper is as difficult as it is challenging. It is difficult because the paper can but scratch the surface of some of the major issues involved, and can, therefore, only superficially deal with some of their implications for our understanding of non-profit management theory and practice. It is challenging because the paper speaks against much of the conventional wisdom of standard management books on non-profit organisations; and accepting the major thrust of the argument presented here would ultimately call for a reappraisal of how we think about non-profit organisations and their management.