NEVER use your position as Race Director for personal gain. Do not give anybody the impression they can do business with your event or organization if they give you favors (or bribes?).
Do not accept gifts, honoraria, or any monetary or in-kind contributions in your role as race director. Do not accept product from sponsors. Tell the provider of the gifts that you are prohibited from accepting them.
Anything that cannot be tactfully turned down should be handed over to the organization (not the race management company) that owns the race. It should be raffled off, auctioned, or donated to a worthy recipient.
If you are a volunteer race director, you should not receive any compensation for your hours of toil. You agreed to do this for nothing.
If you are a paid race director, your fee is your compensation. You should not receive anything else.
Check out the RRCA Race Director Code of Ethics for detailed standards of conduct.