Generally speaking, yes. Appointing children or other family members as officers or directors is common. This practice makes it possible for your to perpetuate a philanthropic culture within your family and helps to ensure family involvement across multiple generations. Prior to setting the compensation to family members, it is generally a good idea to have a compensation policy in place that requires a disinterested person to set “reasonable compensation” based on established procedures that take into account salaries paid for similar posts at comparable nonprofit organizations. Following these simple steps will ensure that you don’t run afoul of complicated IRS rules and self-dealing penalties.
The world may be full of problems, but Americans are donating billions to charity to help.
In a world of almost non-stop negative news and reports of violence it’s hard to imagine the world is headed in the right direction. But, don’t believe everything you see on the news. Americans remain more committed to ever to helping their fellow Americans and those...