I. Purpose

The purpose of this Conflict of Interest Policy is to protect the interests of Ace Monster Toys dba Ace Makerspace (“the Organization”) when it is contemplating entering into a transaction or arrangement that might benefit the private interest of an officer, director, or key person. This policy is intended to supplement, but not replace, any applicable state and federal laws governing conflicts of interest applicable to nonprofit and charitable organizations.

II. Definition of Conflict of Interest

A conflict of interest arises when a person in a position of authority over the Organization may benefit, directly or indirectly, financially or otherwise from a decision they could influence. This includes, but is not limited to:

Financial interests in a transaction involving the Organization.
Personal relationships that could impair objectivity.
Situations where loyalty to another organization or individual may compromise decision-making on behalf of the Organization.

A person has a financial interest if they or a family member have, directly or indirectly:

An ownership or investment interest in any entity with which the Organization has a transaction or arrangement.
A compensation arrangement with the Organization or with any entity or individual with which the Organization has a transaction or arrangement.
A potential ownership, investment, or compensation interest in such an entity or individual.

III. Duty to Disclose

All directors, officers, and key persons must disclose any actual or potential conflicts of interest as soon as they arise. They must also complete and sign an annual disclosure statement affirming their understanding and compliance with this policy.

IV. Procedures for Addressing Conflicts

The interested person must disclose the conflict and all material facts to the Board of Directors or a designated committee.
After disclosure, the interested person must leave the meeting during discussion and voting on the transaction or arrangement.
The remaining disinterested board members will determine whether a conflict exists and whether the proposed transaction or arrangement is fair, reasonable, and in the best interest of the Organization.
If appropriate, the board shall explore alternatives to the proposed transaction to avoid the conflict.

V. Prohibition on Improper Influence

No person with a conflict may attempt to influence the deliberation or voting on any matter in which they have a conflict of interest.

VI. Documentation

All conflict disclosures, discussions, and decisions shall be recorded in the minutes of the meeting where the conflict was discussed and resolved.

VII. Annual Review and Acknowledgment

This policy shall be reviewed annually. Each director, officer, and key person shall sign a statement annually that:

They have received and read the Conflict of Interest Policy,
They understand the policy and agree to comply with it, and
They disclose any potential conflicts of interest as required.

VIII. Compliance with Laws

This policy is intended to comply with applicable federal and state laws and regulations and is not intended to supersede any legal requirements.
Annual Statement and Signature Page

I have received and read the Conflict of Interest Policy of Ace Monster Toys dba Ace Makerspace, understand it, and agree to comply with it. I understand that the Organization is a charitable organization and that in order to maintain its federal tax exemption, it must engage primarily in activities that accomplish one or more of its tax-exempt purposes. I agree to disclose any actual or potential conflicts of interest in accordance with the policy.

Please list any known actual or potential conflicts of interest below, or write “None” if none exist:

Disclosures:

Printed Name:

Title/Position: