A conflict of interest policy should (a) require persons with a conflict (or who believe they have a conflict) to disclose the conflict or potential conflict, and (b) prohibit interested board members from voting on matters in which a conflict exists. A policy that regulates conflicts of interest is perhaps the most important policy a not-for-profit board of directors can adopt. To achieve the greatest possible impact, the policy must be written in writing, and the board of directors and staff must review it regularly. Often, people are not aware that their activities or personal interests are at odds with the best interests of the nonprofit, so one of the goals of many organizations is simply to raise awareness, promote disclosure and discussion of anything that COULD be a conflict, and constantly promote a “culture of openness.” Conflicts that go unresolved can result in significant sanctions called “interim sanctions,” which are imposed on both the recipient and the organization. (See IRS information on “excess benefit transactions.”) . . . .