The Board of Directors, Race Directors, Program Directos, employees of, and contractors for, the Montgomery County Road Runners Club (MCRRC), collectively referred to as “Responsible Party” or Responsible Parties,” owe a duty of loyalty to MCRRC This duty of loyalty requires that in serving MCRRC they act, not in their personal interests or in the interests of others, but rather solely in the interests of MCRRC. The Responsible Parties must act with undivided allegiance to MCRRC’s mission and may not use their positions, information they have about MCRRC, or MCRRC’s property, in a manner that allows them to secure a pecuniary benefit for themselves or their relatives.
The conduct of personal business between any Responsible Party and MCRRC is prohibited. Business transactions on behalf of MCRRC in which a Responsible Party has an interest shall not be prohibited, but will be subject to close scrutiny. Such proposed transactions shall be reviewed carefully to determine that they are in the best interests of MCRRC and will not lead to conflict of interest. For the purposes of this policy, a Responsible Party has an interest in a proposed transaction if they have a financial interest in it, have a financial interest in any organization involved in the proposed transaction, or hold a position such as trustee, director, general manager, principal officer, or employee in any such organization. Prior to the start of any negotiations, or consideration of a grant request by MCRRC, the Responsible Parties are expected to make full disclosure to the best of their knowledge of any dual interest in a proposed transaction by submitting a report to the MCRRC President or other officer designated by the Board to handle such matters, supplying any reasons why the transaction might not be in the best interest of MCRRC. In matters requiring prior approval from the Board of Directors, the President or other officer shall forward copies of this disclosure report to the Board before its approval.
Responsible Parties with a dual interest in a proposed transaction shall not vote on the matter and, depending upon the circumstances, may be excluded from any discussion of the matter.
Responsible Parties shall not use inside information of MCRRC for their personal benefit, or use such inside information for their position as Responsible Party to the detriment of MCRRC. Inside information is considered information obtained through the Responsible Party’s position that has not become public information.
Each Responsible Party has a duty to place the interests of MCRRC foremost in any dealings involving MCRRC and has a continuing responsibility to comply with the requirements of this policy. On an annual basis, each member of the MCRRC Board of Directors is required to complete a Conflict-of-Interest Disclosure Statement.
Completed statements shall be returned to the MCRRC Executive Director for record retention. The Executive Director is responsible for:
- Assuring that all required statements are completed;
- Reviewing all statements for any concerns; and
- Forwarding all completed statements and concerns to the MCRRC Treasurer or, if applicable, an audit committee for their review. The Treasurer shall be responsible for retaining copies of all statements for at least three years, or as otherwise set forth by any record retention policies.
(Updated, March 2023)