TonyL (Colorado)
Posts: 1
Posts: 1
Posted:
How does paid Board Members effect the non-profit status, taxes,
D & O libility insurance
Bob
D & O libility insurance
Bob
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Started by TonyL • 5 replies • 1941 views
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BarbaraK (Florida)
Posts: 36
Posts: 36
Posted:
Tony: In Florida Board Members cannot get paid for being Board Members. It's strictly a voluntary job. They can only be reimbursed for any money they laid out for the Board or for purchases made for the community.
RogerB (Colorado)
Posts: 5,067
Posts: 5,067
Posted:
Tony, usually Board members can not be paid for their service on the Board. They can be hired to perform services for the HOA which are not part of their responsibility as a Board member.
The primary concern when hired as an independent consultant is that they have insurance.
The primary concern when hired as an independent consultant is that they have insurance.
LindaH11 (Colorado)
Posts: 2
Posts: 2
Posted:
Roger, Has this law changed in Colorado in 2010? Paying a Board Member for time/services rendered over and above meeting attendance, calculating 40-50 hrs a month in project management, on site management responsibilities and consultant services.
Legally in Colorado would this Board Member be able to be compensated for time and actual expenses by stepping down and hired as a on site Community Manager or Administrative Assistant to the Board? Thank you in advance for any feedback.
Legally in Colorado would this Board Member be able to be compensated for time and actual expenses by stepping down and hired as a on site Community Manager or Administrative Assistant to the Board? Thank you in advance for any feedback.
BruceC3 (Ohio)
Posts: 17
Posts: 17
Posted:
In Ohio no board member can be paid except the Treasurer and that is a set amount, also if they are an owner they lose their voting power because they receive money from the association, conflict of interest.
LindaH11 (Colorado)
Posts: 2
Posts: 2
Posted:
Anyone know the Colorado Law on this?
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