JOEL - You heard right. Noone in our church, from our local congregations all the way up to the President of the Church receive any kind of salary for the work they do; not our Bishops(Pastors), not our missionaries, or teachers, or priesthood leaders, clerks, etc.
In fact in addition to the many hours of work we give to the church we are also obligated to pay a full tithing (ten percent of our annual income), offerings to help the poor, missionary funds, etc. The only people who get paid a salary are those who are actually employed by the headquarters of the church to perform any needed professional business related work on a full time basis. The top leaders of the church are not paid a salary, but since they do devote 100% of their lives and time to the church, they are given modest living allowances. This money comes from returns on investments that the Church has accumulated over the past 170 years. Many of the Church leaders are independently wealthy enough from their previous professions so they refuse the allowance. None of the allowance money comes from donations from members.
Members have a strong sense of responsibility to devote their time and talents to the building of the kingdom of God on this earth. When we are baptized and perform our temple ordinances we make promises to God to serve Him and His children without expecting to be monetarily rewarded. God in turn blesses us with a life full of happiness, a sense of purpose, and eternal life with Him in heaven.