Ethics and integrity are the responsibility of each member of the University community. Therefore, each member of the Board of Trustees is responsible for ethical conduct consistent with this Code of Ethics and with the University’s bylaws. The Board of Trustees Code of Ethics is a statement of our belief in each trustee’s fiduciary duty to act ethically, professionally, and in compliance with any applicable laws and regulations in all dealings within the University. Members of the Board of Trustees who have a question regarding the interpretation of legal requirements should contact the Office of the General Counsel.
INDIVIDUAL ACCOUNTABILITY AND RESPONSIBILITY
Members of the Board of Trustees are expected to exercise responsibility to the University in their actions and their decisions not to act. Each individual member is expected to conduct the business of the University in accordance with this Code of Ethics in order to best serve the interests of the University. Trustees are responsible for the prompt reporting of any violations of this Code to the Office of the General Counsel. Violations of this Code may result in removal from the Board in accordance with the University’s bylaws.
CONFLICTS OF INTEREST
The Board of Trustees of Monmouth University has an obligation to avoid activities or situations which may result in an actual conflict of interest or the appearance of a conflict of interest. Trustees are expected to arrange their outside obligations, financial interests and activities so as not to conflict with their commitment to the University. Trustees must not use their official positions to secure unwarranted privileges or advantages for themselves or others.
The potential for a conflict of interest, or the appearance thereof, extends across a wide range of activities in the University. Conflicts of interest which must be avoided by trustees include, but are not limited to:
- Employment by the University
- Outside Activities
- Purchasing and Contracts
- Resolution of Possible Conflicts of Interest
Employment by the University, either directly or as an independent consultant.
- Outside activities which conflict with commitments to the University, or imply that the University endorses an organization or activity or constitute an unauthorized use of the University’s resources or name.
- Partisan political activity prohibited by federal and state law or regulations, when on University property, or using University resources or the University name.
- Outside business in which the trustee has an ownership interest or serves as a paid employee or officer which compete with the University, sell goods or services to the University (applicable only if more than 5% of the business’ sales are with the University), or receive funding from the University. (Refer to the conflict of interest statement in the University Purchasing Manual and the Policy of Conflict on Interest in Sponsored Research.)
Negotiation, authorization or execution of purchasing agreements or other types of contracts with the University in situations where the trustee has a direct or indirect financial or other interest or the acceptance of gifts, favors or other things of value from vendors and contractors connected with the University. (Refer to the conflict of interest statement in the University Purchasing Manual.)
Acceptance of gifts from donors under circumstances in which a trustee or others on their behalf will personally benefit from the gift. (Refer to the University Advancement Policies and Procedures Manual for Development Activities.)
Resolution of Possible Conflicts of Interest
- All trustees have an obligation to examine any situation in which they may have a conflict of interest and take steps to resolve the conflict. Any individual who is concerned that a conflict may exist or how to resolve it should consult with the University’s General Counsel.
- Trustees who have declared or who have been found to have a conflict of interest shall refrain from participation in consideration of matters before both committees and the full board of trustees unless for special reasons they are requested to provide specific information or an interpretation regarding the matter. Trustees with conflicts shall not vote nor be present at the time of a vote on the particular matter for which they have a conflict of interest.
- Trustees will be required to file annually the “Conflict of Interest Disclosure for Trustees” and update these disclosures on a continuing basis as required.
Revision Date: October 27, 2005