We currently own an in-home daycare. We are in the process of purchasing an existing center from the current owners. This new center has full enrollment and is fully staffed (over 100 children and more than 20 employees). We intend to keep our in-home daycare operational also, since it is highly profitable and is over 30 minutes away from the new location. We intend to employ someone who we have worked with before with the main intent to let them be our Chief Financial Officer (we are incorporated), handling paying bills, reconciling accounts, etc.

Our question is this: If we employ this person, what are the rules regarding putting them on salary as opposed to hourly pay? Does it matter which location we choose to work them at as long as all payroll is processed centrally? We have been told that in order to put someone on salary-exempt from overtime, in NC they must have the power to hire and fire, and must supervise a minimum of 80 hrs per week under them. If we make them an officer of the corporation, does that make any difference?

Thanks in advance for any help you can give. :)

Not necessarily. That is just part of the criteria for the Executive exemption. The employee COULD possibly qualify under the Administrative exemption. See here:
http://www.dol.gov/esa/regs/compliance/whd/fairpay/fs17c_administrative.htm

However, it all depends on the duties, not the job title. If this person is doing routine bookkeeping work, even with a big fancy title, they may not qualify as exempt.