A tremendous amount has been written about Executive Compensation, and lately, most of this information has been extremely unflattering. Much of the criticism has resulted from the gross excesses, misinterpretations of regulations, and the rash of criminal cases brought against the top management of a number of large firms, such as WorldCom, Tyco, Enron, and a host of others. Virtually every day another egregious example of corporate greed has come to light. The effect has been a huge increase in media attention, which in turn has acted as the stimulus for new government regulations aimed at curbing these abuses. While most of the regulations are aimed at publicly traded companies, there has been some spill-over into the Not-For-Profit (NFP) sector. NFPs have their own set of federal and state regulations limiting executive compensation; the most draconian of these regulations being IRC