Adopt Written Conflict of Interest Policy for Board Members
Association boards are filled with people from all walks of life. And although the volunteer position offers no financial compensation, board members have considerable responsibilities. They are basically in charge of running a “business” with all the same attention paid to revenues, expenses, and assets. On top of carrying out the association's administrative duties, board members have to be concerned with exposing themselves to one of the perils of their position—the potential for conflicts of interest.
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