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<p>Created page with &quot;<a href="/mw/index.php?title=Category:Other" title="Category:Other">Category:Other</a> <a href="/mw/index.php?title=Category:Staff" title="Category:Staff">Category:Staff</a> Open Bible National Board Conflicts of Interest Policy Article I Purpose The purpose of the conflicts of interest policy is to protect this Corporation’s interest when it is contemplating entering into a transaction or arrangement that might benefit the private interest of an officer, member of a committee with board delegate powers or director of this Corporation. This policy is intended to supplement but not replace any applicabl...&quot;</p> <p><b>New page</b></p><div>[[Category:Other]]<br /> [[Category:Staff]]<br /> Open Bible National Board Conflicts of Interest Policy<br /> Article I<br /> Purpose<br /> The purpose of the conflicts of interest policy is to protect this Corporation’s<br /> interest when it is contemplating entering into a transaction or arrangement that<br /> might benefit the private interest of an officer, member of a committee with board<br /> delegate powers or director of this Corporation. This policy is intended to<br /> supplement but not replace any applicable state laws governing conflicts of<br /> interest applicable to nonprofit and charitable corporations.<br /> Article II<br /> Definitions<br /> 1. Interested Person<br /> Any director, officer, or member of a committee with board delegated powers<br /> who has a direct or indirect financial interest, as defined below, is an<br /> interested person. If a person is an interested person with respect to any<br /> entity of which this Corporation is a part, he or she is an interested person<br /> with respect to all entities of Open Bible.<br /> 2. Financial Interest<br /> A person has a financial interest if the person has, directly or indirectly,<br /> through business, investment or family –<br /> a. an ownership or investment interest in any entity with which this<br /> Corporation has a transaction or arrangement, or<br /> b. a compensation arrangement with an outside Corporation or with any<br /> entity or individual with which this Corporation has a transaction or<br /> arrangement, or<br /> c. a potential ownership or investment interest in, or compensation<br /> arrangement with, any entity or individual with which this Corporation is<br /> negotiating a transaction or arrangement.<br /> Compensation includes direct and indirect remuneration as well as gifts or<br /> favors that are substantial in nature.<br /> Article III<br /> Procedures<br /> 1. Duty to Disclose<br /> In connection with any actual or possible conflicts of interest, an interested<br /> person must disclose the existence and nature of his or her financial interest<br /> to the directors and members of committees with board delegated powers<br /> considering the proposed transaction or arrangement.<br /> 2. Determining Whether a Conflict of Interest Exists<br /> After disclosure of the financial interest, the interested person shall leave the<br /> board or committee meeting while the financial interest is discussed and<br /> voted upon. The remaining board or committee members shall decide if a<br /> conflict of interest exists.<br /> 3. Procedures for Addressing the Conflict of Interest<br /> a. The chairperson of the board or committee shall, if appropriate, appoint a<br /> disinterested person or committee to investigate alternatives to the<br /> proposed transaction or arrangement.<br /> b. After exercising due diligence, the board or committee shall determine<br /> whether this Corporation can obtain a more advantageous transaction or<br /> arrangement with reasonable efforts from a person or entity that would not<br /> give rise to a conflict of interest.<br /> c. If a more advantageous transaction or arrangement is not reasonably<br /> attainable under circumstances that would not give rise to a conflict of<br /> interest, the board or committee shall determine by a majority vote of the<br /> disinterested directors whether the transaction or arrangement is in this<br /> Corporation’s best interest and for its own benefit and whether the<br /> transaction is fair and reasonable to this Corporation and shall make its<br /> decision as to whether to enter into the transaction or arrangement in<br /> conformity with such determination.<br /> 4. Violations of the Conflicts of Interest Policy<br /> a. If the board or committee has reasonable cause to believe that a member<br /> has failed to disclose actual or possible conflicts of interest, it shall inform<br /> the member of the basis for such belief and afford the member an<br /> opportunity to explain the alleged failure to disclose.<br /> b. If, after hearing the response of the member and making such further<br /> investigation as may be warranted in the circumstances, the board or<br /> committee determines that the member has in fact failed to disclose an<br /> actual or possible conflict of interest, it shall take appropriate disciplinary<br /> and corrective action.<br /> Article IV<br /> Records of Proceedings<br /> The minutes of the board and all committees with board-delegated powers shall<br /> containa. the names of the persons who disclosed or otherwise were found to have<br /> a financial interest in connection with an actual or possible conflict of<br /> interest, the nature of the financial interest, any action taken to determine<br /> whether a conflict of interest was present, and the board’s or committee’s<br /> decision as to whether a conflict of interest in fact existed.<br /> b. the names of the persons who were present for discussions and votes<br /> relating to the transaction or arrangement, the content of the discussion,<br /> including any alternatives to the proposed transaction or arrangement, and<br /> a record of any votes taken in connection therewith<br /> Article V<br /> Compensation Committees<br /> A voting member of any committee whose jurisdiction includes compensation<br /> matters and who receives compensation, directly or indirectly, from this<br /> Corporation for services is precluded from voting on matters pertaining to that<br /> member’s compensation.<br /> Article VI<br /> Annual Statements<br /> Each director, officer and member of a committee with board delegated powers<br /> shall sign a statement which affirms that such person –<br /> a. has received a copy of the conflicts of interest policy,<br /> b. has read and understands the policy,<br /> c. has agreed to comply with the policy, and<br /> d. understands that this Corporation is a charitable organization and that in<br /> order to maintain its federal tax exemption it must engage primarily in<br /> activities which accomplish one or more of its tax-exempt purposes.<br /> Article VII<br /> Periodic Reviews<br /> To ensure that this Corporation operates in a manner consistent with its<br /> charitable purposes and that it does not engage in activities that could jeopardize<br /> it status as an organization exempt from federal income tax, periodic reviews<br /> shall be conducted. The periodic reviews shall, at a minimum, include the<br /> following subjects:<br /> a. Whether compensation arrangements and benefits are reasonable and<br /> are the result of arm’s-length bargaining.<br /> b. Whether acquisitions of provider services result in inurement or<br /> impermissible private benefit.<br /> c. Whether partnership and joint venture arrangements and arrangements<br /> with management service organizations conform to written policies, are<br /> properly recorded, reflect reasonable payments for goods and services,<br /> further this Corporation’s charitable purposes and do not result in<br /> inurement or impermissible private benefit.<br /> d. Whether agreements with employees and/or third party payors further this<br /> Corporation’s charitable purposes and do not result in inurement or<br /> impermissible private benefit.<br /> Article VIII<br /> Use of Outside Experts<br /> In conditioning the periodic reviews provided for in Article VII, this Corporation<br /> may, but need not, use outside advisors. If outside experts are used their use<br /> shall not relieve the board of its responsibility for ensuring that periodic reviews<br /> are conducted.<br /> I have received a copy of the conflicts of interest policy, have read and<br /> understand the policy. I agree to comply with the policy and understand that this<br /> Corporation is a charitable organization and that in order to maintain its federal<br /> tax exemption it must engage primarily in activities which accomplish one or<br /> more of its tax-exempt purposes.</div>

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