Your local nonprofit university has a hedge fund, a venture capital arm, a sports and entertainment franchise, a real estate empire, a luxury resort, and a hospital that sues patients and threatens to sue scientists, along with a business model that leaves teenagers in six-figure debt.
But sure, treat it like a public charity.
Your local “nonprofit” hospital has a hedge fund, a private jet fleet, a bond rating, and a collections department that sues cancer patients. But sure, tax them like a soup kitchen.