Koreatown Immigrant Workers Alliance
This policy establishes policy statements, guidelines and procedures to effectively manage the purchasing/contracting process. It establishes the procedures and practices that fully outline specific responsibility and authority of staff, reflect best business practices and drive alignment with the Foundation’s mission and values.
Diversity, Equity and Inclusion
As a foundation committed to social equity, the Weingart Foundation recognizes the importance of identifying and working with vendors that share our values of diversity, equity and inclusion (D.E.I.). It is our belief that selection of such businesses will improve the economic stability and vitality of the populations and communities the Foundation serves. As such, we have taken this opportunity to integrate our commitment to diversity, equity and inclusion into our vendor/supplier/contractor selection and retention process.
The objective of our vendor policy is to provide a fair and equitable process by which diverse businesses can compete on the basis of their service delivery and pricing. We encourage and solicit the participation of diverse vendors in all contracting opportunities and we are committed to making an extra effort to include diverse suppliers in our searches.
Prospective and current vendors will be asked to complete a questionnaire including the diversity status of the organization’s board, executive leadership and staff, as well as questions on general diversity practices or policies. Diversity status will be evaluated on the following classifications:
- Minority-owned (based on race/ethnicity)
D.E.I. data will be collected annually and used as follows to inform the vendor selection process and assess progress in achieving the Foundation’s D.E.I. goals.
Vendor Selection and Qualifications
Vendor/Supplier/Contractor selection will be based on industry best practices, our fiduciary responsibility of stewardship and accountability, and our commitment to equity, diversity and inclusion. In selecting a vendor/supplier/contractor, all of the following criteria will be taken into consideration:
- Ability to furnish quality goods or services on a timely basis
- Past performance
- Demonstrates commitment to diversity, equity and inclusion
- Alignment with our mission and values
These relationships are reviewed at the discretion of the specific oversight committee, but generally should be assessed every 5-7 years.
Conflict of Interest
In accordance with best practices for transparency and accountability as well as to comply with I.R.S. regulations prohibiting self-dealing, staff who act on behalf of the Foundation have an obligation to avoid activities or situations that may result in a conflict of interest or the appearance of a conflict of interest.
Financial Interest: Staff or their family members may not have a financial or personal interest in any suppliers of goods or services to the Foundation.
Gifts: As a general rule, staff members should discourage gifts of any amount, but may not accept or offer any gift or anything else of significant value for the purpose of influencing the action of the Foundation or the recipient. Gifts (except those generally valued at $50 or less) received from vendors, suppliers, consultants or grantees as a part of normal business practice must be given to the Foundation or shared with the Foundation generally. Meals and social invitations that are valued at $50 or less and are in keeping with good business ethics and do not obligate the recipient may be accepted.