View Full Version : 501c3 corp accounting
Stephanie H.
01-08-2013, 03:46 PM
I have recently taken over as chapter. Sec/ treasure. A stipend is paid to our chapter president of 25.00. What is the purpose of stipend? What charges go to a stipend? How do I account for the stipend and do I deduct any reimbursement. This is a voluntary position and I am learning all New things. I know we are not to be paid.thanks all who assist.
Stipends are payments for service to an organization. So for all of your work as treasurer, you could get a $100 stipend... The $100 is income to you. If you do more than $600 worth to any individual, they should receive a 1099.
Stipends though aren't wages, and typically aren't "compensation" as they're generally small as a gratuity for someone's service.
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