conflict of Interest - 9 Essentials to consist of in Your policy and Statement

Free Non Profit Bylaws Template - conflict of Interest - 9 Essentials to consist of in Your policy and Statement

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Increasingly, nonprofit boards are adopting policies and standards that reflect good governance. The conflict of Interest procedure is one of those important policies for any well-managed organization. Even the federal government has started reinforcing the significance of this singular procedure by including questions about the conflict of Interest procedure and Statement on the Irs Form 1023 (the application for 501(c)3 nonprofit status) and the Irs Form 990 (the annual financial facts filing).

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Free Non Profit Bylaws Template

If your club does not have a CoI procedure and statement, ask your Board improvement Committee (or an ad hoc board committee) to design one now. Give them this narrative as a beginning point for discussion.

Your conflict of Interest procedure and Statement should contain these "must-have" topics:

1. Definition of a conflict of interest

a. conflict between private interests and professional responsibilities

b. Potential when establishing relationships with suppliers, partners, and clients

c. Also includes: staff relationships, board relationships, employed board members

2. Applies to whom? (all board members, staff, and volunteers)

3. How will this topic be discussed with board members, staff, volunteers?

a. conflict of Interest procedure discussion and Statement signing at orientations

b. annual discussion and re-signing of CoI Statement

4. Who's responsible for managing this communication?

a. Administrative Director makes sure all staff and volunteers understand and sign Statement

b. Board Chair or Board improvement Committee Chair works with board members

5. Where are these annually-signed statements kept?

a. Staff - personnel files of each employee

b. Volunteers - volunteer files

c. Board - board improvement committee files

6. Who needs to be notified of a Potential conflict of Interest?

a. Staff and volunteers notify the Administrative Director

b. Board Members notify the Board Chair

7. What happens next?

a. Who's responsible to investigate and conclude what to do? (Board improvement Committee)

b. Within what time-frame? (within 1 month)

c. Options for handling a conflict of interest:

i. Private taken out of a position to conclude or vote on the situation

ii. Remove this option from the choices under consideration

iii. Recapitulate to acceptable parties that this Potential conflict exists

8. What transportation will take place after the Board improvement Committee's decision?

a. transportation to all involved

b. Notice to the whole board of the decision and actions taken (entered into minutes)

9. Annually-signed statement should include:

a. Definition of conflict of interest

b. Directions about who to notify if there is a possibility of a conflict of Interest

c. Potential penalty if a Potential conflict of interest has not been disclosed

d. Signature and Date

A free sample conflict of Interest procedure and Statement can be found at the lowest of this web page: http://boardsthatexcel.com/7-steps/step-1-foundations/.

Another sample conflict of Interest procedure is ready in the Instructions for Irs Form 1023, Appendix A: http://www.irs.gov.

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