Conflict of Interest Policy
This policy protects FAITH Foundation's charitable interests when a transaction or arrangement might benefit the private interest of an officer, director, or key employee, or might result in impermissible private benefit.
- Every director, officer, and member of a committee with governing-board-delegated powers is an "interested person" who must disclose, in writing, any actual or potential conflict of interest — including any financial interest in an entity or transaction with which FAITH Foundation does business.
- An interested person may make a presentation at a board or committee meeting, but after the presentation must leave the meeting during the discussion of, and the vote on, the transaction or arrangement giving rise to the conflict.
- The remaining board or committee members decide whether a conflict of interest exists and, if so, whether the proposed transaction is fair, reasonable, and in the organization's best interest. Where appropriate, the board investigates alternatives that would not give rise to a conflict.
- Any transaction between FAITH Foundation and a related business, vendor, or donor is governed by this policy. No officer, director, founder, or private individual may receive private benefit from such a transaction, and all resources are directed solely to FAITH Foundation's charitable purposes.
- The minutes of any meeting where a conflict is considered record the names of persons who disclosed or were found to have a conflict, the nature of the conflict, the board's decision, and the votes taken.
- Directors and officers annually sign a statement affirming they have received, read, understood, and agreed to comply with this policy, and that they will act in the best interest of the organization.
