Board of Directors Conflict of Interest Policy

• Date: 01 November 2016
• DOI: http://doi.org/10.1002/ban.30363
• Published date: 01 November 2016

6 Board & Administrator

DOI 10.1002/ban © 2016 Wiley Periodicals, Inc., A Wiley Company • All rights reserved

Resource

Board of Directors Conict of Interest Policy

Purpose

The purpose of this policy is to assist the Interfaith As-

sistance Ministry (IAM) Board of Directors in identifying,

disclosing and resolving potential conicts of interest.

Fiduciary Responsibility

Members of the board have a clear obligation to conduct all

affairs of IAM in a forthright and honest manner. Each person

should make the necessary decisions using good judgment

and high moral standards. All decisions of IAM will be made

solely on the basis of a desire to promote the best interests of

IAM and the individuals, organizations and agencies it serves.

Policy

Members of the IAM Board of Directors agree to place the

welfare of IAM above personal interests, interests of family

members and interest of others who may be personally involved

in substantial affairs affecting the ministry’s basic functions.

Specic disclosure

Members of the IAM Board of Directors shall disclose fully

the precise nature of their interest and involvement when

participating in any transaction for the Ministry in which

another party to the transaction includes:

• himself/herself

• a family member, spouse, brothers, sisters, children, etc.

• any organization in which the board member or his/

her family is affiliated.

Disclosure shall be made at rst knowledge of the transaction.

General Disclosure

Members of the Board of Directors shall disclose all relation-

ships and business affiliations that may now, or in the future,

potentially conict with the interests of the ministry or bring

personal gain to them, their family or their business. Situations

that require disclosure include but are not limited to cases in

which any member of the board or a member of their family

acts in one or more of the following capacities (if there is any

question, it should be resolved in favor of disclosure):

• as an officer, director, trustee, partner, employee or

agent of an organization with which Interfaith Assistance

Ministry has business dealings

• as either the actual or benecial owner of more than

1 percent of the voting stock or controlling interest of an

organization with which IAM has business dealings

• as a consultant for such an organization

• as a trustee with any direct or indirect dealings

with an individual or organization from which he/she is

materially beneted (e.g., through the receipt directly or

indirectly of cash, gifts or other property with which IAM

has business dealings)

• as a board member or family member who benets

from the services of the ministry

• as a family member who is currently serving as an

IAM volunteer.

Reporting of Disclosures

All disclosures required by the Board of Directors will be

directed to the secretary of the board. Information disclosed

to the secretary of the board will be brought to the full board

for discussion and action.

Restraint on Participation

Members of the IAM board who have a conict of interest

in any matter shall refrain from participating in consideration

of the proposed transaction. The person or persons involved

will not vote on such matters. However, for special reasons,

the board may request information or interpretation from the

person or persons involved.

Determination of Possible Conict of Interest Disclosure

Letter

Any individual who is uncertain about a conict of interest

shall resolve such uncertainty by disclosing such possible

conict to the appropriate individual as noted above. Each

member of the board will complete and update the Interfaith

Statement of Affirmation annually. The executive committee

will review the statements.

If a possible conict of interest arises subsequent to the

submission of the annual affirmation statement, the individual

is responsible for advising by letter to the secretary of such

occurrence as soon as possible, but not later than 30 days

after the occurrence.

Failure to disclose

Each member of the Board of Directors who is requested

to le this Conict of Interest Affirmation Statement should

recognize that such ling is a requirement for continued

board affiliation with IAM.

Review

Executive Committee (every two years)

Source: CEO David Cook, Hendersonville, N.C. ■