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Policy Title |
Conflict of Interest Policy for Faculty, Staff, Independent Contractors and Volunteers |
---|---|
Policy Category | Ethics, Integrity, and Legal Compliance Policies |
Policy Approval Date | April 13, 2018 |
Policies Superseded | None |
Responsible Office | General Counsel |
Related Policies | Conflict of Interest Policy for Trustees and Senior Administrators |
Frequency of Review | 3 Years |
Date of Revision |
This Conflict of Interest Policy for Faculty, Staff, Independent Contractors, and Volunteers (“Policy”) applies to all Faculty, Staff, Independent Contractors, and Volunteers (“Covered Individuals”) of the University. This Policy does not apply to the Board of Trustees, or senior administrators of the University. For Conflicts of Interest as to those parties please refer to the Conflict of Interest Policy for Trustees and Senior Administrators. The definitions of capitalized terms in this Policy are contained in Section IX below.
The University regards Covered Individuals as people of high integrity and ethical standards and expects them to act accordingly. All decisions of Covered Individuals must be made solely on the basis of a desire to advance the best interests of the University and the public good.
In accordance with this Policy, all Covered Individuals at the University have an obligation to fulfill their responsibilities in a manner that does not give rise to an Actual or Potential Conflict of Interest, as defined by this Policy. Any decision that could result in an Actual or Potential Conflict of Interest must be avoided. Covered Individuals may have relationships and affiliations that may raise questions about perceived Conflicts of Interest. Although many such potential conflicts are and will be deemed inconsequential, every Covered Individual has an ongoing responsibility to disclose situations that involve personal, familial, ethical, legal, or Business Relationships that could be perceived as a Conflict of Interest. Each Covered Individual is required to:
Be familiar with the terms of this Policy;
Avoid any Actual or Potential Conflicts of Interest involving the University in accordance with this Policy;
Disclose Actual or Potential Conflicts of Interest involving the University as soon as he or she becomes aware of them in writing to his or her immediate supervisor; and
Refrain from participating in any transactions or decisions involving the University and/or remove themselves from a position of decision-making authority with respect to any situation in which they have any Actual or Potential Conflicts of Interest involving the University.
The following is a partial list of activities or actions that merit case-by-case examination to determine whether they create a Conflict of Interest that should either be managed appropriately or eliminated. This list is not exclusive and other situations may require case-by-case examination as well:
All Conflicts of Interest under this Policy shall be directed to the Office of General Counsel. A designated member of the Office of General Counsel will perform an initial review of the conflict and delegate the matter to the appropriate Vice President or department for resolution.
Covered Individuals shall not encourage or accept gifts, favors or gratitude for themselves or Family Members, from any individual or entity that to the Covered Individual’s knowledge, has Transacted Business or seeks to Transact Business, with the University. Gifts of a nominal value may be accepted, such as small speaker's gifts or promotional items. Perishable items such as those typically given at the holidays (e.g. hams, cookies, nuts, candy, etc.) may be accepted if they are shared within the receiving college, school, administrative unit of the University. Similarly, plants of flowers may be displayed in the lobby, or at another central location where all may enjoy their presence. Acceptance of a modest meal or refreshments in connection with attendance at professional meetings and events sponsored by industrial, technical, professional, or educational associations is permissible. The provision of moderately priced meals or refreshments is also permissible as part of business meetings that advance the University's interests and relationships. If an employee or department receives a gift that does not comply with this Policy, the gift should be returned and the vendor requested to refrain from offering gifts in the future. If the gift cannot be returned the individual receiving the gift should consult with the Vice President of Finance to discuss alternatives, such as repayment of market value or donation.
Covered Individuals may not use confidential information acquired as a result of service to the University for any purpose unrelated to University business, request confidential information other than for University business purposes, or provide any such information to any third party.
No transaction or action undertaken by the University shall be void or voidable, or may be challenged as such by an outside party, by reason of having been undertaken in violation of this Policy or the principles set forth herein.
Failure to disclose actual or potential Conflicts of interest or failure to abide by this Policy may result in sanctions up to and including removal from current position or termination of employment.
Business Relationship - One in which a Covered Individual (or a Covered Individual's Family Member) serves as an officer, director, employee, partner, trustee, agent, or stockholder (greater than 35%) of an organization that does business with the University. A Covered Individual is not deemed to have a material financial interest in a publicly traded entity by reason of an investment in that entity through another publicly traded entity, such as through a mutual fund, where the party does not control investment decisions for such entity.
Conflict of Interest - No definition of conflict of interest can be sufficiently inclusive to cover all possible forms of such conflict. Covered Individuals have an affirmative responsibility to identify all actual or potential Conflicts of Interest in whatever forms so that the University may determine whether a Conflict of Interest exists. The University offers the following non-exclusive definitions as guidance:
This Policy is effective on the date that it is signed by the President.
April 13, 2018.
Revised on September 1, 2019