TN 9 (05-90)

A. INTRODUCTION

The activities performed by directors generally, do not go beyond attendance at directors' meetings held periodically and generally not more frequently than once a month. Some may last a few minutes, some a few hours.

B. PROCEDURE

Ordinarily, the services of a director are not substantial. However, when a director's, fiduciary's, and trustees' services are 15 hours per month or more, be alert for a situation that may result in unrealistic conclusion that the services are not substantial.

C. REFERENCES

For coverage status of directors and fiduciaries, see RS 01802.032-RS 01802.033.