Article I: Purpose
To protect the non-profit's interests when contemplating entering into a transaction that might benefit the private interests of an officer, director, or key employee.
Article II: Definitions
- Interested Person: Any director, principal officer, or member of a committee with governing board-delegated powers who has a direct or indirect financial interest.
- Financial Interest: Anything of monetary value or potential monetary value where the Interested Person has a stake.
Article III: Procedures
- Duty to Disclose: Interested Persons must disclose potential conflicts to the board.
- Recusal: Interested Persons must recuse themselves from discussions and voting on the matter.
- Board Decision: The remaining board members decide if a conflict exists and how to proceed.
Article IV: Records
Minutes of meetings must outline the proceedings and resolutions regarding the conflict.
Article V: Annual Acknowledgment
All Interested Persons must sign an acknowledgment of this policy annually.
Article VI: Violations
Violations of this policy may result in removal from board or position.
