CandleFocus

Honorarium

Candlefocus Editor
An honorarium is a nominal sum of money provided as payment for a particular service, typically one that does not legally or traditionally require such a payment. Honorariums are typically given for services that benefit the public good, such as lecturing, consulting, or officiating ceremonial events. Honorariums are also sometimes given to recognize a person’s distinguished service to an organization or institution.

Honorariums may be given to people who do not legally deserve them, or to compensate them for services which have already been compensated through a salary or fee. Also, honorariums may be given when a person or company is unable to offer proper compensation for the service in question.

Any honorarium should be given out of gratitude, and never as an exchange for any services rendered. Generally, no taxes are applicable when receiving an honorarium, but this varies depending on local and international tax laws.

In most cases, the recipient of an honorarium cannot be held legally accountable if the service provided is deemed unsatisfactory or incomplete. Honorariums should always be given with full disclosure so the payer does not violate any gift-giving laws or regulations.

For individuals and companies, the use of an honorarium can be a way of showing appreciation for volunteer work or contributing to their education. Being awarded with honorariums from prestigious organizations may also be an indication of prestige or recognition of a person’s talents and experience.

Overall, honorariums are an effective way to recognize any individual or company for a notable service that does not traditionally require a payment. They are an important part of the way society acknowledges the valuable work of individuals who work for the betterment of society without expecting remuneration.

Glossary Index