Board members and volunteers shall disclose any potential conflicts of interest and refrain from actions that may compromise the integrity or impartiality of their duties. Conflicts of interest shall be managed transparently and ethically.
7.1 Identification of Conflicts of Interest:
Board members are required to disclose any actual or potential conflicts of interest in writing to the President or Secretary of OFSC upon becoming aware of such conflicts. If the President or Secretary has a conflict of interest, they will disclose any conflicts of interest to the Vice President and Treasurer. A conflict of interest may arise when a Board member’s personal, financial, or other interests conflict with the interests of OFSC.
7.2 Review and Assessment:
The President or Secretary will review all disclosed conflicts of interest to determine the nature and significance of the conflict. The Board will assess whether the conflict poses a risk to the integrity, impartiality, or effectiveness of OFSC's decision-making processes.
7.3 Management and Mitigation:
If a conflict of interest is deemed significant, the affected Board member shall abstain from participating in any discussions, decisions, or votes related to the matter. The Board may establish ad hoc committees or seek external advice to assess and address conflicts of interest effectively. Board members must act in the best interests of OFSC and prioritize organizational interests over personal interests when making decisions.
7.4 Documentation and Transparency:
All disclosures, assessments, and actions taken to manage conflicts of interest shall be documented in writing and maintained in OFSC's records. Minutes of Board meetings shall include any discussions or resolutions related to conflicts of interest to ensure transparency and accountability.
7.5 Training and Education:
OFSC shall provide training and educational resources to Board members on identifying, disclosing, and managing conflicts of interest. Newly elected or appointed Board members shall receive orientation on the conflict of interest policy and their obligations under it.
7.6 Annual Review:
The board shall review the conflict of interest policy and procedures annually to assess its effectiveness and relevance. Any necessary updates or revisions to the policy shall be proposed and approved by the Board to ensure its alignment with OFSC's objectives and best practices.
Educational Material:
Please watch this informational video which discusses Conflict of Interests within a Nonprofit
