conflict of interest

If I am starting a non-profit theater production company, is it acceptable for me to serve on the board, be the artistic director (paid employee) and have my own productions developed and produced by the organization, yet I, as an individual own the rights to these work, so if a commercial entity wanted to buy the rights in the future, once the organization as finished producing it, I as an individual would profit?

Would the scenario work if I was not on the board but still an employee

[Law200]

Not if non-profit funds were used to develop it and then you used it commercially. You would likely have troubles with that.
If large amounts are at stake have legal counsel develop a plan for you and work out the acceptable use details.