South Carolina WMU
Executive Board & Staff
CONFLICTS OF INTEREST POLICY AND RELATED QUESTIONNAIRE
Policy provisions:
In order to protect the interests of the organization and to avoid the appearance of impropriety, conflicts of interest will be rigorously avoided. However, there may be circumstances when a potential conflict of interest is clearly in the best interest of the organization. The following is approved as our conflict of interest policy and practice to be maintained under the oversight of the Finance Committee of the Board:
All proposed transactions involving Board members, senior management, and others in a leadership position must be reported to the Board and approved in advance.
The Board records must demonstrate that the transaction is truly in the best interest of the organization, as provided by a competitive bid or comparative valuation, and that it does not violate state law.
The conflicted individual (related party) must be excused during the process of Board deliberation and voting, other than to respond to questions, and abstain from voting.
The Finance Committee of the Board will perform an annual review for potential and known related party transactions through annual conflict of interest questionnaires to be completed by each Board member, officer, and senior management of the corporation, new employees, and all staff, including related entities.
Controls must be established to assure that normal corporate controls and accountability are maintained when conflict of interest transactions are approved. In some cases, this may involve the assignment of another Board member to act on behalf of the organization in dealing with the transactions.
Conflicts of interest for other individuals and staff will be covered in personnel policies and communications. Provisions will include education of all staff and instruction that all conflicts be reported to the staff person’s supervisor for review and approval as directed by the executive director-treasurer (EDT).