Form 1023: Completing application for organization that pays no compensation


What does an organization that does not pay compensation report in Part V?

The questions in Part V are aimed at determining whether benefits provided to officers, directors and trustees along with other financial transactions are consistent with exempt status. If no compensation is paid, then the answer to Part V, Question 1 is No. The remainder of Part V asks about various types of transactions between the organization and its governing members as well as other individuals or businesses. Answer these questions even if no compensation is provided.