Example Board Resolution Approving Conflicted Transaction

Napa Legal Staff
Issue Areas
501(c)(3) Status
Corporate Governance
Lawsuit Prevention
Tax Compliance
K-12 Education
From time to time, your organization may have the opportunity to buy products or services from a director, officer, or other interested person. Because such arrangements are conflicted transactions, special diligence and board pre-approval are necessary. This example document shows the best practices for board approval of a conflicted transaction. Work with an attorney to customize this resource to reflect your organization's needs and applicable law. Also see the companion article to this resource, Conflicts of Interest: Avoiding Common Mistakes.
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