It is interesting that this issue is not raised about board members who are
lawyers, bankers or accountants.  The issues raised are the same.  I don't
think it is unethical but there are certainly risks.  How do you fire them?
What if you disagree with the advice?  How would you explain to your board
that you went and paid someone else more money for the same services?  It
can also depend on the scope of work and if they can document that they are
doing it for no gain.

Current IRS regs push you to be very careful about this and to have a way to
reconcile the potential conflicts.  I have had very good experiences in
banking, legal and accounting relationships with trustees.  I have also been
careful never to do work with individuals in the construction and
architecture field with trustees.  Larger projects and much larger risks.

Douglass W. McDonald
Cincinnati Museum Center
1301 Western Avenue
Cincinnati, OH 45203

513-287-7006 -Direct line
513-287-7079 -Fax
www.cincymuseum.org

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