Update on Foundation Salary Management
Author: Kathryn W. Miree, J.D..
Source: Volume 04, Number 01, November/December 2004 , pp.1-3(3)
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Abstract:
In August, 2004, IRS Commissioner Mark W. Everson announced a compliance initiative o identify compensation abuses, raise public awareness about potential compensationissues, and gather information about current nonprofit compensation practices. As a part of this effort, the IRS plans to review approximately 2,000 large charities and foundations to uncover potential excess compensation of officers and insiders (IR-2004-106, Aug. 10, 2004). The reviews will focus on charities (1) that appear to pay inappropriately high salaries, (2) that have provided loans or excess benefits to staff and insiders, and (3) that pay insiders for nonprofit services (for example, a board member who provides investment managementservices).Keywords:
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