BOARD OF DIRECTOR’S CONFLICT OF INTEREST POLICY

1. It is the purpose of the conflict of interest policy to protect the Pewaukee Scholarship Fund’s (PSF) interest whenever there may be a potential benefit to an officer or director of PSF. The Pewaukee Scholarship Fund strives to maintain the highest ethical standards in all of its activities and to avoid any potential conflict of interest. This policy in intended to supplement but not replace any applicable state and federal laws governing conflict of interest applicable to nonprofit and charitable organizations

2. A conflict of interest may exist whenever there is an activity or interest that may cause bias. Any board member or member of a committee with governing board delegated powers can potentially have a conflict of interest. This could include but is not limited to financial considerations such as investment decisions, scholarship awards or fund-raising activities and non-financial decisions that could have a negative impact on the Board and the Pewaukee Scholarship Fund.

3. If any member of the PSF board feels that there may be a conflict of interest it is their duty to bring this matter up to either the PSF President or the board at their next scheduled meeting. If brought up to the PSF President prior to a scheduled meeting the matter should be added to the agenda for the next meeting and then discussed by the board to determine if a conflict does exist. The individual with the potential conflict of interest will be allowed to disclose the potential conflict and participate in any discussion of the incident with the remaining members of the board but he/she will then leave the meeting while it is determined if any conflict exists.

4. The minutes of the board meeting in which the conflict of interest is discussed will include:

a. The name of the individual who disclosed or otherwise were found to have a conflict of interest , the nature of the conflict and any action taken to determine whether a conflict of interest was present, along with the board’s decision as to whether a conflict of interest in fact existed.

b. The names of the persons who were present for discussions and votes relating to the potential conflict and a record of any votes taken in connection with the proceedings.

5. If it is determined by the board that a conflict of interest does exist the person/s with the potential conflict shall have the right to appeal that decision. If the decision is appealed a special committee will be formed to investigate the matter. This committee will then report back to the board their findings and a final determination will be made. If it is again determined that there is in fact a conflict of interest then the Pewaukee Scholarship Fund will take appropriate disciplinary and/or corrective action.

6. All members of the Pewaukee Scholarship Fund board will sign a statement which affirms that the member:

a. Has received a copy of the conflict of interest policy.

b. Has read and understands the policy.

c. Has agreed to comply with the policy, and

d. Understands that PSF is a charitable organization and in order to maintain its federal tax exemption it must engage in activities which accomplish one or more of its tax-exempt purposes.

7. The Pewaukee Scholarship Fund strives to maintain the highest ethical standards and operates in a manner consistent with charitable purposes. PSF will not engage in activities that could jeopardize its tax-exempt status and will perform periodic reviews to determine if all activities of the organization are prudent and reasonable. Any activity done on behalf of PSF will be reviewed to make sure that they do not result in inurement, impermissible private benefit or in an excess benefit transaction. When performing the review the Pewaukee Scholarship Fund may, but need not, use outside experts. If outside experts are used, their use shall not relieve the board of its responsibilities for ensuring that periodic reviews are conducted.