Business In a Minute: Non-profit Conflicts of Interest
Are you a non-profit? Yes? Do you have a conflict of interest policy?
It is important for non-profits to have a clear conflict of interest policy. A conflict of interest occurs when a person or organization has competing interests, which may influence their decisions and actions. Non-profits must be aware of conflicts of interest in order to promote transparency and accountability within the organization.
Conflicts of interest can take many forms, such as a board member who has a financial stake in an organization, or a staff member being offered a personal benefit for making a decision.
Having clear policies and procedures in place to address conflicts of interests is essential for any non-profit organization. These policies should include provisions that require disclosure of potential conflicts of interest, as well as procedures for addressing such conflicts.
Conflicts of interest policies should be communicated widely, and all board and staff members should be aware of these policies and their responsibilities under the policy. The organization should also have a system in place to monitor compliance with the conflict of interest policy.
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