Ok trying to figure this out. Short story is we’re not 501c3 tax exempt yet. Papers in on filing waiting for approval. I’m working with a legal team who said any expenses accrued now, might be reimbursable depending.
We needed help and I had someone volunteering their time, but they needed to get a job socials they help anymore. I was thinking they could bill the org as a consultant and then reimbursements could cover her monthly rate.
Of course there’s no guarantee backdated expenses will be covered by the legal entity, but let’s say all goes swimmingly and all last expenses (including salaries and website hosting fees for example) are covered.
Do all these expenses need board approval before they can Happen?
Sorry for the confusion, I’m learning how to phrase everything so it makes sense.
Basically, whether it’s a consultant fee, a founders initial capital, or website hosting fees, what are the rules about approving expenses?
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