Lesson 7 of 11
Bylaws and conflict of interest policy
Bylaws govern how the organisation runs. The conflict of interest policy shows how it protects itself from insider transactions.
Bylaws content
- Purpose statement consistent with the articles
- Whether there are voting members
- Board size, terms, election, removal and vacancies
- Meeting notice, quorum and voting rules
- Officer roles and duties
- Committees, including any executive or finance committee
- Fiscal year, records and amendment procedure
Conflict of interest policy
The policy requires directors and officers to disclose interests in transactions, to leave the room for the vote, and to record the decision. The IRS exemption application asks whether you have adopted one.
Other policies worth adopting
- Document retention and destruction
- Whistleblower protection
- Executive compensation review process
- Gift acceptance policy if you expect non-cash donations
Want help with the paperwork?
You can incorporate and apply for exemption yourself using the steps in this course. If you would rather have support, Gullia Filing prepares and files your nonprofit incorporation, supplies compliant bylaws and conflict of interest policy, and obtains your EIN.