New York State: Not-for-Profit owners

[NY2ME]

Hi, I am aware that in NYS, a single owner can establish a not-for-profit corp. And I also know that a not-for-profit can make a profit (or surplus), but that the surplus cannot not be distributed to owners or shareholders (surplus/profit have to go back into the company to keep providing the services it is meant to provide).

Here are my questions: Although an an owner cannot receive profit, can the owner receive a salary if that owner is also its manager? Also, MUST there be a board of directors? If so, what's the minimum number of board members a non-profit can have?

This business would be a small educational media production company.

Let me know ASAP if possible - thanks!

 

[NY2ME]

Isn't there any attorney here familiar with the not-for-profit structure in NYS? I could really use some feedback on this! Thanks!

 

[NY_Shark]

This stuff is a little outside of what I am most familiar with, but I do know a couple of your answers. You should be aware that this process is a royal pain.

-yes you do need a board of directors
-they must meet regularly and keep minutes
-you need to create by laws
-you must have an annual audit done
-job descriptions and set salaries
and so on and so forth

You need at least 3 initial members to your board of directors.

I don't know what you mean by "owner." Once incorporated there is no owner.