Nonprofits Need Strong Fiscal And Financial Policies And Procedure (Excerpt)

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Exercise care in settting compensation for executives who are board members. New Jersey law permits compensation for a trustee for services to a nonprofit so long as such compensation is in the organization's best interests and is fair and reasonable. Executive compensation is scrutinized by the IRS which requires that compensation paid to insiders be reasonsable and appropriate.

Excerpt originally published in Commerce Magazine - December 2013.

See full excerpt below for more information.

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Topics:  Board of Directors, Executive Compensation, Exempt Organizations, IRS

Published In: Business Organization Updates, Nonprofits Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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