Deductions & credits

Our by-laws state that Board members cannot be compensated.  Some argue that waiving fees is not compensation.  Is it compensation and taxable income?  It is not enough to trigger a 1099 or 1099c.

Is there a definite answer, I have been unable to find it in the IRS code.  Does it fall under either misc income or cancelled debt.?

Thanks so much for your help.