Nonprofit Basics: Conflict of Interest Policies and Best Practices for Approving Insider Compensation
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.
IRS Resources on Rebuttable Presumption for Compensation
IRS form 4720 and Instructions
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?
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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.