Policy No. 115
Directors Expenses & Compensation
Whereas, Directors are subject to 24-hour call from members of the Association and regularly confer and consult with members; and
Whereas, in addition, Directors must attend meetings of the Board; and such committee assignments incurred by them in performing their duties; and
Whereas, in these capacities, it is not possible to accurately keep the time and expenses incurred by them in performing their duties; and
Whereas, the Board desires to establish a fixed sum to be paid monthly to each Director, which sum shall be in lieu of detailed accounting of expenses incurred and for compensation in the performance of their duties;
However, Directors will be reimbursed for mileage for the use of a personal vehicle for out-of-town business trips. Reimbursement for mileage shall be the amount allowed by the Internal Revenue Service. Personal liability insurance is required on any personal vehicle used in this capacity.
Now therefore, be it resolved by the board,
- That each Director be and he is hereby granted the sum of $800 per month with an additional compensation of $300 per month for President and $100 per month for Vice-President and Secretary/Treasurer. In addition, $200 shall be paid for attendance at a regular monthly board meeting, including board members considered present through remote participation. In lieu of detailed accounting of expenses incurred, and for compensation, in the performance of their duties which the Board finds, determines, and adjudicates to be fair and reasonable. That each Director will be reimbursed for mileage for the use of a personal vehicle for out-of-town business trips.
- That resolutions heretofore adopted by the Board in this regard be and are hereby repealed.
- That this shall be effective as of July 1, 2019.
Responsibility: Board of Directors, Manager and Office Manager
Date Approved: January 14, 1992
Amended March 12, 2013
Amended June 6, 2013
Amended June 12, 2019
Effective Date: January 1, 1992; July 1, 2013; July 1, 2019
Download to print or save: Directors’ Expense and Compensation Policy (PDF)