Policy on the Process of Determining Compensation.
IMPORTANT: Please note that as of Novmber 19, 2013 Grandma’s Gifts has no paid employees or board members. This can be seen in our yearly 990 taz filings.
The following is the Policy if and when the organization decides to employee an individual. This Policy on the Process for Determining Compensation of Grandma’s Gifts applies to the compensation of all persons employed by the Organization. The process includes all of these elements: (1) review and approval by the board of directors or compensation committee of the Organization; (2) use of data as to comparable compensation; and (3) contemporaneous documentation and record keeping.
Review and approval
The compensation of the person is reviewed and approved by the board of directors or compensation committee of the Organization, provided that persons with conflicts of interest (the Conflict of Interest Policy is on page 2 of this document) with respect to the compensation arrangement at issue are not involved in this review and approval. Compensation arrangements will be approved in advance of paying compensation to an individual of the organization or independent contractor.
Use of data as to comparable compensation
The compensation of the person is reviewed and approved using data as to comparable compensation for similarly qualified persons in functionally comparable positions at similarly situated organizations. This process shall involve job analysis and job evaluation. Six to ten similar organizations will be used to evaluate a jobs market value.
Contemporaneous documentation and record keeping
There is contemporaneous documentation and record keeping with respect to the deliberations and decisions regarding the compensation arrangement.
The following is the Policy if and when the organization decides to employee an individual. This Policy on the Process for Determining Compensation of Grandma’s Gifts applies to the compensation of all persons employed by the Organization. The process includes all of these elements: (1) review and approval by the board of directors or compensation committee of the Organization; (2) use of data as to comparable compensation; and (3) contemporaneous documentation and record keeping.
Review and approval
The compensation of the person is reviewed and approved by the board of directors or compensation committee of the Organization, provided that persons with conflicts of interest (the Conflict of Interest Policy is on page 2 of this document) with respect to the compensation arrangement at issue are not involved in this review and approval. Compensation arrangements will be approved in advance of paying compensation to an individual of the organization or independent contractor.
Use of data as to comparable compensation
The compensation of the person is reviewed and approved using data as to comparable compensation for similarly qualified persons in functionally comparable positions at similarly situated organizations. This process shall involve job analysis and job evaluation. Six to ten similar organizations will be used to evaluate a jobs market value.
Contemporaneous documentation and record keeping
There is contemporaneous documentation and record keeping with respect to the deliberations and decisions regarding the compensation arrangement.
Questions, comments, concerns? Please contact: Info@GrandmasGifts.org