Thursday, 25 April 2013 20:26

How many officers do we need?

Three (3), unrelated by blood or marriage. Keep in mind that officers may be compensated pursuant to applicable law. However, in no event may compensation constitute an unreasonable amount. For example, if an organization receives in total $100,000.00 in its first year, and an officer receives a salary in excess of $50,000.00, this would more than likely be deemed by the IRS as an unreasonable salary. Also, keep in mind that a nonprofit corporation must report its payroll just as any other organization would be required to.

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