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Which of the following statements about a not-for-profit firm's ownership is most correct?

a. Not-for-profit firms are governed by a board of trustees whose members are elected by the community at large.

b. The residual earnings (profits) of not-for-profit firms can be distributed to the firm's top managers.

c. Not-for-profit firms are exempt from federal taxes, but they must pay state and local taxes, including property taxes.

d. Upon liquidation of a not-for-profit firm, the proceeds from the sale of its assets are distributed, on a pro rata basis, to the firm's employees.

e. None of the profits are used for private inurement.

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