Weingart Foundation Code of Ethics
Statement Of Policy
The Directors, Officers and staff members of the Foundation shall avoid any situation which involves an actual or potential conflict of interest, or the appearance of a conflict of interest, between their personal interests and those of the Foundation.
1. Disclosure. Each Director, Officer and staff member shall inform the Board of any position he/she holds with respect to any business or avocational activity which may result in a possible conflict of interest or bias for or against a particular grant applicant.
2. Abstention. Directors of the Foundation shall abstain from voting on any action in which they have a direct or indirect interest.
3. Self-interest. Directors, Officers and staff members of the Foundation shall not engage in any transaction with the Foundation which may be characterized as, or have the appearance of being of, “self-interest”. Such transactions do not include: 1) action of the Board in fixing the compensation of Directors, Officers or staff members and 2) transactions which are part of the Foundation’s charitable program, approved by the Board in good faith, which may result in a benefit to the Directors, Officers or staff members because they are in a class intended to be benefited by the program. (Example: A grant to the American Red Cross.)
4. Service with other organizations. No Director, Officer or staff member shall accept appointment to or serve on the board of directors of any non-profit charitable organization without approval of the Board.
5. Gifts/gratuities. Directors, Officers and staff members may not accept gifts, gratuities, commissions, fees, loans or any other items having more than a minimum monetary value from individuals, firms, grant beneficiaries, grant seekers or other for-profit or non-profit entities with whom the Foundation does business or has any type of formal or informal relationship.
6. Nepotism. No relatives or members of the families, by blood or marriage, of Directors, Officers and staff members shall be employed by the Foundation without prior written approval of the Board.
7. Full-time service. Unless approved by the Board, Officers and staff members employed on a full-time basis by the Foundation shall not engage in outside business and/or employment for remuneration which is not compatible with the Foundation’s right to realize the full-time and efficient service of its staff.
8. Consultants. When applicable, the Code of Ethics shall apply to any regularly employed consultant retained by the Foundation.
9. Exceptions. Exceptions to the above Code of Ethics shall be the sole prerogative of the Board, acting officially, and made a matter of written record.