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Finances when converting my business into CIO

Finance

A CharityConnect User Posted 6 years ago

Hello all

I have Gym that I would like to convert into CIO. We will be 3 trustees running the charity.

I have about 30k, at market value now, equipment. Can I transfer this to the charity as a debt and pay me when say 20% from the surplus income if any every year, till the debt is paid?

Also where can I find a template for CIO to add that any trustee, who are qualified trainers, will be entitled to say £10 an hour if they chose to claim, for taking a class, usually about 5 hours a week. We also pay the same when hiring someone to tak ethe class.

regards

Ray