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The two documents contain entirely different topics. A Nonprofit Compensation Policy deals with performance and experience-based compensation and rewards. The gift acceptance policy is similar in that it’s optional but only covers rules for giving and receiving gifts.
There’s no legal timetable or internal organization schedule to follow. Arguably, reviewing the compensation structure at least once a year should be enough to enable the board of directors to make informed decisions on potential changes.
Similar to gift policies, the Nonprofit Compensation Policy is often made public. This can help gain trust and reputation and keep donors apprised of what’s happening inside the nonprofit organization.
Since this isn’t a legally mandated document, nonprofits can choose not to create one. An organization’s size has no bearing on the need to draft a compensation policy.