Financial Conflict of Interest Policy
I. Purpose
The purpose of this Financial Conflict of Interest Policy is to protect the integrity of Abounding Prosperity,
Incorporated (hereinafter referred to as “the Organization”) and its mission by preventing financial
conflicts of interest from influencing the decision-making of its board members, staff, and volunteers.
II. Scope
This policy applies to all board members, staff, volunteers, and any individuals acting on behalf of the
Organization (hereinafter referred to as “Interested Parties”).
III. Definition of Financial Conflict of Interest
A financial conflict of interest occurs when an Interested Party has a direct or indirect financial interest
that could potentially influence their actions or decisions made on behalf of the Organization. This
includes, but is not limited to:
- Ownership or investment interest in a company that does business with the Organization.
- Receipt of compensation from a third party in connection with the Organization’s activities.
- A personal financial interest in a transaction or arrangement involving the Organization.
IV. Disclosure Requirements
- Annual Disclosure: All Interested Parties must complete an annual financial conflict of interest
disclosure form that details any financial interests or relationships that could be construed as conflicts. - Ongoing Disclosure: Interested Parties must immediately disclose any potential conflicts that arise
during the year, including changes in financial interests or relationships.
V. Review Process
- Conflict Review Committee: The Organization will establish a Conflict Review Committee composed of
board members who are free of any potential conflicts. This committee will review disclosures and
determine whether a conflict exists. - Determination of Conflict: If a conflict of interest is identified, the committee will evaluate the situation
and recommend appropriate actions, which may include:
- Requiring the Interested Party to refrain from participating in discussions or decisions related to the
conflict. - Termination of the relationship if deemed necessary.
- Other actions as appropriate based on the specific circumstances.
VI. Procedures for Addressing Conflicts of Interest
- Recusal: Interested Parties must recuse themselves from any decision-making processes or
discussions related to a conflict of interest. - Documentation: The Conflict Review Committee will maintain records of any disclosures and actions
taken regarding conflicts of interest. - Transparency: The Organization will ensure transparency by disclosing the nature of the conflict in
meeting minutes or other relevant documentation, except where confidentiality is required by law.
VII. Violations of the Policy
Any violation of this policy may result in disciplinary action, including termination of employment or
volunteer status, depending on the severity of the violation.
VIII. Education and Training
The Organization will provide training to all Interested Parties on the importance of this policy and the
identification of financial conflicts of interest.
IX. Policy Review
This policy will be reviewed annually to ensure it remains relevant and effective.