Board of Directors
Conflict of Interest Policy
SECTION 1: PURPOSE
Visit Wichita is a nonprofit, tax-exempt organization. Maintenance of this tax-exempt status is important both for Visit Wichita’s continued financial stability and for public support. The board, officers, and management employees have a fiduciary responsibility of administering the affairs of Visit Wichita honestly and prudently, and of exercising their best care, skill, and judgment for the sole benefit of Visit Wichita. The interests of the organization must be the first priority in all decisions and actions. The purpose of this policy is to identify and disclose any potential conflicts that may exist.
SECTION 2: PERSONS CONCERNED
This statement is directed to directors, officers, and any employees who can influence the actions of Visit Wichita. This would include all who make purchasing decisions, management personnel and anyone with proprietary information concerning Visit Wichita.
SECTION 3: AREAS IN WHICH CONFLICT MAY ARISE
Conflicts of interest may arise in the relations of directors, officers, and management personnel with any of the following third parties:
1. Persons and firms supplying goods and services to Visit Wichita.
2. Persons and firms from whom Visit Wichita leases property and equipment.
3. Persons and firms with whom Visit Wichita may have business transactions involving the gift, purchase or sale of real estate, securities, or other property.
4. Competing or affinity organizations.
5. Donors and others supporting Visit Wichita.
6. Agencies, organizations and associations which affect the operations of Visit Wichita.
7. Family members, friends, and other employees.
SECTION 4: NATURE OF CONFLICTING INTEREST
A conflicting interest may be defined as an interest, direct or indirect, with any persons or firms mentioned in Section 3. Such an interest might arise through:
- Owning stock or holding debt or other proprietary interests in any third party dealing with Visit Wichita. This does not include ownership interest of less than 10 percent of outstanding shares of public corporations.
- Holding office, serving on the board, participating in management, or being otherwise employed (or formerly employed) with any third party dealing with Visit Wichita
- Receiving remuneration for services with respect to individual transactions involving Visit Wichita.
- Using Visit Wichita’s time, personnel, equipment, supplies, or goodwill for other than Visit Wichita -approved activities, programs, and purposes.
- Receiving personal gifts valued at more than $150 or loans from third parties dealing or competing with Visit Wichita. This standard does not prohibit normal business practices such as accepting meals, entertainment, tickets, promotional gifts, favors, discounts and price concessions so long as they are reasonable in value and promote Visit Wichita’s business interest. No personal gift of money should ever be accepted.
SECTION 5: INTERPRETATION OF THIS STATEMENT OF POLICY
The areas of conflicting interest listed in Section 3, and the relations in those areas which may give rise to conflict, as listed in Section 4, are not exhaustive. Conflicts might arise in other areas or through other relations.
The fact that one of the interests described in Section 4 exists does not necessarily mean that a conflict exists, or that the conflict, if it exists, is material enough to be of practical importance, or if material, that upon full disclosure of all relevant facts and circumstances it is necessarily adverse to the interests of Visit Wichita. However, it is the policy of the board that the existence of any of the interests described in Section 4 shall be disclosed before any transaction is consummated. It shall be the continuing responsibility of the board, officers, and management employees to scrutinize their transactions and outside business interests and relationships for potential conflicts and to immediately make such disclosures.
SECTION 6: DISCLOSURE POLICY AND PROCEDURE
Transactions with parties with whom a conflicting interest exists may be undertaken only if all of the following are observed:
- The conflicting interest is fully disclosed
- The person with the conflict of interest is excluded from the discussion and approval of such transaction
- A competitive bid or comparable valuation exists
- The board has determined that the transaction is in the best interest of the organization.
Disclosure in the organization should be made to the chief executive officer (or if she or he is the one with the conflict, then to the board chair), who shall bring the matter to the attention of the board. Disclosure involving directors should be made to the board chair, (or if she or he is the one with the conflict, then to the board vice-chair) who shall bring these matters to the board.
The board shall determine whether a conflict exists and in the case of an existing conflict, whether the contemplated transaction may be authorized as just, fair, and reasonable to Visit Wichita. The decision of the board on these matters will rest in their sole discretion, and their concern must be the welfare of Visit Wichita and the advancement of its purpose.
Visit Wichita 2022 Board of Directors