Re: Softball fees
Posted by Bill Conroy @ Coach Tom on December 30, 2023, 9:48 am, in reply to "
Re: Softball fees"
neither of my 501C do I take any compensation and donate significant to both as well as the Evan Scholar Foundation. Those are main charities but as far as being able to take a salary on either Beverly Bandits or Empowering Girls for Life, I believe my original statement was correct. Although it would make no sense for me as I would just need to donate more but it is legal to take a salary. You can Google what I posted below. It is legal for nonprofit founders and officers to get receive a salary for their work for the nonprofit. Let’s talk about how much you can pay yourself. How much salary can you receive? The amount of salary you can receive is called “executive compensation.” The rule for this amount is based on the rebuttable presumption test of the Internal Revenue Code and Treasury Regulations Section 53.495 8-6. Essentially, a nonprofit cannot pay you more than what is reasonable for the services you have performed. What is a reasonable amount? So, how do you know if a salary is reasonable? Your nonprofit will need to form an Executive Compensation Committee. This committee will need to research the market and get data to help them decide what a reasonable amount should be.
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Message Thread | This response ↓
- Softball fees - Softball Dad December 21, 2023, 9:48 am
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- Re: Softball fees - @Softball Dad December 21, 2023, 4:08 pm
- Re: Softball fees - buckethead December 21, 2023, 1:19 pm
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- Re: Softball fees - @Softball Dad December 21, 2023, 10:38 am
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