Foundation for Baltimore County

“The 990 is first reviewed by the organization's executive committee which is composed of the organization's president, treasurer and vice president. Once the executive committee reviews and approves the 990, the 990 will be circulated to the entire board of directors for review and comment. The 990 is then signed by the president before filing.”

“Conflicts of interest may arise in the relations of directors, officers, and management employees with any of the following third parties: 1. Persons and firms supplying goods and services to the foundation for bcpl. 2. Persons and firms from whom the foundation for bcpl leases property and equipment. 3. Persons and firms with whom the foundation for bcpl is dealing or planning to deal in connection with the gift, purchase or sale of real estate, securities, or other property. 4. Competing or affinity organizations. 5. Donors and others supporting the foundation for bcpl. 6. Agencies, organizations and associations which affect the operations of the foundation for bcpl. 7. Family members, friends, and other employees. A conflicting interest may be defined as an interest, direct or indirect, with any persons or firms mentioned above. Such an interest might arise through: 1. Owning stock or holding debt or other proprietary interests in any third party dealing with the foundation for bcpl. 2. Holding office, serving on the board, participating in management, or being otherwise employed or formerly employed with any third party dealing with the foundation for bcpl. 3. Receiving remuneration for services with respect to individual transactions involving the foundation for bcpl. 4. Using the foundation for bcpl's time, personnel, equipment, supplies, or good will for other than foundation for bcpl-approved activities, programs, and purposes. 5. Receiving personal gifts or loans from third parties dealing or competing with the foundation for bcpl. Receipt of any gift is disapproved except gifts of a value less than $50, which could not be refused without discourtesy. No personal gift of money should ever be accepted. The areas of conflicting interest and the relations in those areas which may give rise to conflict, listed above, are not exhaustive. Conflicts might arise in other areas or through other relations. It is assumed that the directors, officers, and management employees will recognize such areas and relation by analogy. The fact that one of the interests described above exists does not necessarily mean that a conflict exists, or that the conflict, if it exists, is material enough to be of practical importance, or if material, public library 52-1695801 foundation for baltimore county that upon full disclosure of all relevant facts and circumstances it is necessarily adverse to the interests of the foundation for bcpl. However, it is the policy of the board that the existence of any of the interests described above shall be disclosed before any transaction is consummated. It shall be the continuing responsibility of the board, officers, and management employees to scrutinize their transactions and outside business interests and relationships for potential conflicts and to immediately make such disclosures. Transactions with parties with whom a conflicting interest exists may be undertaken only if all of the following are observed: 1. The conflicting interest is fully disclosed 2. The person with the conflict of interest is excluded from the discussion and approval of such transaction 3. A competitive bid or comparable valuation exists and 4. The board has determined that the transaction is in the best interest of the organization. Disclosure in the organization should be made to the chief executive officer or if she or he is the one with the conflict, then to the board chair, who shall bring the matter to the attention of the board. Disclosure involving directors should be made to the board chair, or if she or he is the one with the conflict, then to the board vice-chair who shall bring these matters to the board. The board shall determine whether a conflict exists and in the case of an existing conflict, whether the contemplated transaction may be authorized as just, fair, and reasonable to the foundation for bcpl. The decision of the board on these matter”

“The organization's governing documents, conflict of interest policy, and financial statements are available upon request.”