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Difference between revisions of "Non-Profit Directors (Societies Act FAQs)"
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Non-Profit Directors (Societies Act FAQs) (view source)
Revision as of 07:25, 7 May 2017
, 07:25, 7 May 2017no edit summary
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Remuneration means money paid to someone for their work or services. Most funders expect society directors to be acting as volunteers and not to be paid for being directors. A director can be remunerated for performing work for the society such as catering an event. However, this would require the director to declare a conflict of interest and not vote on the Board consideration of the contract. The Board can then decide to waive the conflict and enter into the contract for services with the director. | Remuneration means money paid to someone for their work or services. Most funders expect society directors to be acting as volunteers and not to be paid for being directors. A director can be remunerated for performing work for the society such as catering an event. However, this would require the director to declare a conflict of interest and not vote on the Board consideration of the contract. The Board can then decide to waive the conflict and enter into the contract for services with the director. | ||
==What does remuneration of a director mean?== | |||
Remuneration for being a director means that the Society is paying a fee to the director for coming to meetings and doing the duties of a director. It is common in the business context but not in the non profit world. A society can pay a director their expenses for coming to meeting but most societies do not pay directors for being directors. Section 46 of the ''Societies Act'' states that a director can only be remunerated if this is allowed by the bylaws. | |||
==What is a conflict of interest?== | ==What is a conflict of interest?== | ||