Conflict of Interest

The board of directors of the Cleveland Foundation adopted a new conflict of interest policy on March 22, 2004, to reinforce its commitment to the highest ethical standards in the conduct of the foundation's affairs and the operation of its charitable programs. The policy governs the participation of the board and the foundation's officers in matters in which they may have a conflict of interest, including evaluating and approving grants and other transactions undertaken by the foundation.

The policy also mandates that a disclosure statement be completed annually by each director and is kept on file with the corporate secretary. Responsibility for the interpretation and implementation of the conflict of interest policy resides with the foundation's board governance committee.

The foundation has a separate conflict of interest policy that provides guidelines for staff so they can avoid situations that create an actual or potential conflict between personal interests and the interests of the foundation.