Board keeps $254 stipend but limits pay to one regular meeting per month
Following debate about optics and future flexibility, the board voted to retain the current $254 per‑meeting stipend but limited compensable attendance to one regular meeting per month; counsel advised statutory constraints and tax/administrative considerations.
The full story
Members of the board debated three options for director compensation: do nothing, increase the rate (up to annual 5% adjustments permitted by statute), or reduce compensation to zero. After extended discussion about precedent, future boards’ flexibility and administrative complications if individual directors attempted to opt out, the board adopted a motion to retain the $254 per meeting stipend but limit compensable occasions to one regular meeting per month.
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