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Nonprofit Basics: Conflict of Interest Policies and Best Practices for Approving Insider Compensation

March 13, 2023 Podcast
EO Radio Show – Your Nonprofit Legal Resource

Welcome to EO Radio Show – Your Nonprofit Legal Resource. This episode is the second in a series discussing insider transactions. In episode 32, I gave a general overview of the federal laws regulating the transaction of business between a nonprofit and its insiders, which includes directors, trustees, certain executives, substantial contributors, and entities controlled by directors or substantial contributors and their family members.

Today, I take a deeper dive into conflict of interest policies and considerations relevant to deciding which insiders need to respond to the organization's annual conflict of interest diligence procedures. In a later episode, we'll look closely at compensation decisions in particular.

Resources:

IRS Resources on Rebuttable Presumption for Compensation

IRS form 4720 and Instructions

IRS Sample COI Policy

IRS Instructions for Form 1023 Exemption Application

EO Radio Show EP #5:Nonprofit Basics: Navigating the Complex Rules That Describe A Public Charity

EO Radio Show EP #21:Loot and Private Foundation Rules – Part 1

EO Radio Show EP #22:Loot and Private Foundation Rules - Part 2

EO Radio Show EP #32: Nonprofit Basics: Insider Transactions and Nonprofits – What’s the Big Deal?

If you have suggestions for topics you would like us to discuss, please email us at [email protected]

Additional episodes can be found at EORadioShowByFarella.com

DISCLAIMER: This podcast is for general informational purposes only. It is not intended to be, nor should it be interpreted as, legal advice or opinion.

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