Figure on three years to get 501(c)(3) status from the IRS.
Compensating board members of a non-profit for anything other than
documentable expenses incurred while performing the duties of a board
member, while not illegal, is unusual and can be considered an audit red
flag. There are also tax implications for the board member as well as
the corporation regardless of whether the compensation is in the form of
goods or money.
On 01/05/2013 01:49 PM, Troy Benjegerdes wrote:
Before I join a non-profit board, the first question I ask is
"What is the compensation for board members to do all that hard
boring work"
...the knowledge that you are volunteering your time, expertise, and
effort to an organization whose goals you support and who you believe
will make the world a better place by being in existence. Same reason
people contribute to open source projects.
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