Compensation Issues in Nonprofits
The compensation of nonprofit executives is an area of substantial importance and growing scrutiny on the part of boards of directors, regulators and other interested parties. The amount, form, timing and disclosure of the compensation are important issues for the nonprofit organization and potentially expose them to financial and regulatory penalties. This program will provide advisers of nonprofit organizations with a framework of compensation alternatives available for executives and the sources of rules governing the limitations each form of compensation. The program will also discuss restrictions on “excess benefits,” executive property transactions with the nonprofit, and deferred compensation.
· Review of compensation options available to nonprofits
· Sources of rules governing and restrictions on nonprofit executive compensation
· Restrictions on “excess benefits” & property transactions with nonprofit
· Deferred compensation
· Financial and regulatory penalties
Michele A. W. McKinnon is a partner in the Richmond, Virginia office of McGuireWoods, LLP, considered one of the leading authorities in Virginia in tax-exempt organizations and charitable giving. She has more than 20 years experience representing public charities, major colleges and universities, supporting organizations, large private foundations, and charitable trusts. She is a Fellow in the American College of Trusts and Estates Counsel and currently serves as its Virginia State Chair, and a member of the Fiduciary Income Tax Committee of the ABA Tax Section. She is a former chair of the Trusts and Estates Section of the Virginia State Bar. Ms. McKinnon received her B.A. from the University of Virginia, her J.D., magna cum laude, from the University of Richmond School of Law, and her L.L.M. in taxation form the College of William & Mary Marshall-Wythe School of Law.
