ARTICLE VIII

FINANCES

1. All funds received by VIP shall be promptly deposited by the Treasurer, or President, in a bank account designated by the Finance Committee.
2. All Accounts Payable checks in excess of $1,000.00 must be signed by the President.
3. The fiscal year will be from July 1st to June 30th for all accounting purposes.

The term “conflict of interest” refers to situations in which financial or other personal considerations may compromise, or have the appearance of compromising, a Board member’s judgment in administration, management, instruction, and/or other activities. The bias of such conflicts could conceivably impart or inappropriately affect the goals of or Board’s mission and programs. Our
mission and other administrative tasks performed by the Board must be free of the influence of outside interests.

The mere appearance of a conflict may be as serious and potentially damaging as an actual distortion of our goals, processes, or outcomes. Reports of conflicts based on appearances can undermine public trust in ways that may not be adequately restored even when the mitigating facts of a situation are brought to light. Apparent conflicts, therefore, should be evaluated and managed with the same vigor as known conflicts.

Conflicts of Interest have the potential to bias directly or indirectly many activities and aspects of the board’s endeavors, particularly when a Board member is in a
situation to set VIP policies, manage contracts, select equipment and supplies, involve sponsored projects, or other administrative roles in which objectivity and integrity are paramount.
When a Conflict of Interest arises, the offender will be evaluated by the other Board members based on the seriousness of the activity and adjudicated accordingly. This may result in removal from the Board or reprimand as the Board deems appropriate.