The Board of Directors (the “Board”) is the governing body of the Group Income Program, responsible for overseeing the organization’s mission, strategy, legal compliance, and financial stewardship. The Board ensures that the program operates in accordance with its nonprofit, research/education objectives, maintains transparency, and protects the long-term sustainability of the income-sharing platform.
The Board shall consist of 5–9 Directors (adjustable by bylaws).
Directors should have diverse expertise in areas such as nonprofit management, finance, research, law, community organizing, and social innovation.
Directors serve staggered terms of 2–3 years, renewable according to bylaws.
The Board may include non-voting advisory members with relevant expertise.
Roles and Responsibilities
Ensure alignment of all programs with the organization’s mission, vision, and values.
Approve organizational policies, including participant handbook, financial policies, and operational guidelines.
Monitor the development and evaluation of program initiatives (base income system, affinity groups, international PPP adjustments).
Approve any significant changes to program structure, payout rules, or contribution frameworks.
Approve annual budgets, including participant payouts, buffer fund allocation, and operational expenses.
Monitor financial health and solvency; review monthly or quarterly financial statements.
Ensure transparency in reporting, including public disclosure of organizational finances while protecting individual participant privacy.
Approve any loans, large contracts, or major investments.
Ensure compliance with federal and state nonprofit laws and regulations.
Maintain 501(c)(3) tax-exempt status, including IRS reporting and Form 990 filings.
Oversee policies related to participant contributions, payouts, and research/education framing.
Ensure organizational compliance with international laws for participants outside the U.S., including PPP adjustments.
Evaluate program risks related to financial flows, participant safety, and operational sustainability.
Approve policies for participant exit, re-entry, and ramp-up schedules (e.g., 1% rule for re-entry).
Monitor and manage the buffer fund, emergency reserves, and contingency plans.
Hire, support, and evaluate the Executive Director or program manager.
Set goals, responsibilities, and performance metrics for senior staff.
Provide strategic guidance on program expansion, research initiatives, and partnerships.
Serve as ambassadors for the program’s mission and research objectives.
Ensure participants have channels to provide feedback and engage in governance where appropriate.
Approve outreach, educational materials, and research dissemination strategies.
The Board shall have the following officers, elected by the Board:
Chair/President – Leads meetings, sets agendas, and ensures effective governance.
Vice-Chair/Vice-President – Supports the Chair and assumes duties in their absence.
Treasurer – Oversees financial reporting, budgeting, and audit processes.
Secretary – Maintains records, minutes, and legal documentation.
Additional roles may be created as needed (e.g., Research Oversight Director, Community Engagement Director).
Regular meetings: at least quarterly.
Special meetings: as needed for urgent decisions.
Quorum: majority of seated Directors required for official votes.
Decisions: typically by majority vote, with certain critical matters requiring a supermajority (e.g., changes to program payout rules, dissolution, or international expansion).
Conflicts of Interest
Directors must disclose any conflicts of interest and recuse themselves from related decisions.
Conflicts include personal financial interests, employment with a competing organization, or involvement in private programs that intersect with Group Income Program activities.
Committees (Optional)
The Board may establish committees to streamline work:
Finance Committee – Reviews budgets, payouts, and audits.
Research & Evaluation Committee – Monitors study design, KPIs, and ethical standards.
Community & Participant Committee – Advises on participant experience, guidelines, and grievance mechanisms.