Form 1023: Required Information about Compensation and Other Financial Information
What information must be submitted about compensation of key individuals?
Tracking the current Return of Organization Exempt from Income Tax" title="Form 990, Return of Organization Exempt from Income Tax">Form 990, Return of Organization Exempt from Income Tax, Form 1023 asks the applicant to list the name, title, mailing address and total compensation for officers, directors and trustees; employees receiving more than $50,000 annually; and independent contractors receiving more than $50,000 annually. It defines compensation as all income including salary, wages, deferred compensation, retirement benefits, fringe benefits, educational benefits, low interest loans, payment of personal expenses, and bonuses. It asks about family and business relationships and transactions that could indicate impermissible private benefit. It inquires about conflict of interest policies or practices and references the sample policy in Appendix A. It asks the applicant to disclose transactions with related parties, and how compensation is determined to be reasonable.