Compensation Policy for Nonprofits and Private Foundations
$4.99
Downloadable, editable Microsoft Word document.
The purpose of this four-page internal use Compensation Policy is to ensure that all compensation paid by your Organization is reasonable, necessary, approved in advance, properly documented, and compliant with IRS regulations including IRC 4941 and 4958.
This policy ensures that no private benefit or inurement occurs, and all compensation furthers your Organization’s charitable mission.
Description
Description
This Compensation Policy for Nonprofits and Private Foundations includes the following sections:
- Purpose statement
- Eligibility for Directors, Officers, Employees, and Independent Contractors
- Compensation Approval Process
- Reimbursement of Expenses
- Prohibition of Excess Benefit Transactions
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