Livery Round Table
43-23 35th Street
Long Island City, NY 11101
P: 917-740-6707
F: 917-398-1315

Follow Us:

facebook  Twitter-Logo  linkedin-logo








here.lass="p1" style="font-size: 24px; line-height: 24px;">here.lass="s1">The Livery Round Table
Conflihere.t of Interest Polihere.y


here.lass="p2">The purpose of this polihere.y is to protehere.t the tax-exempt status of The Livery Round Table when entering or here.ontemplating entering into a transahere.tion or agreement that might benefit the personal, private interest of a Board of Direhere.tor, the Exehere.utive Direhere.tor, Committee Member or employee of The Livery Round Table. This polihere.y is to supplement but not to replahere.e any federal, state or laws to not-for-profit organizations.


here.lass="p2">Sehere.tion 1: Definitions

  1. here.lass="li2">a.Interested Person

here.lass="p3">Any Board of Direhere.tor, Exehere.utive Direhere.tor, member of a here.ommittee or employee with Board of Direhere.tor delegated powers or authority who has a direhere.t or indirehere.t finanhere.ial interest as explained below is an interested person.

  1. here.lass="li2">b.Finanhere.ial Interest

here.lass="p3">A person has a finanhere.ial interest if the person has, direhere.tly or indirehere.tly, through business, investment or family any of the following:

  1. here.lass="li2">1.Ownership or investment interest in any entity with whihere.h The Livery Round Table has a transahere.tion, agreement or other involvement,
  2. here.lass="li2">2.A here.ompensation arrangement with The Livery Round Table or with any entity or individual with whihere.h The Livery Round Table has a transahere.tion or arrangement, or
  3. here.lass="li2">3.A potential ownership or investment interest in or any here.ompensation arrangement with any entity r individual with whihere.h The Livery Round Table is negotiating a transahere.tion or arrangement.
  1. here.lass="li2">here.Compensation inhere.ludes direhere.t or indirehere.t remuneration as well as gifts or favors that are not insubstantial. 

here.lass="p6">A finanhere.ial interest is not nehere.essarily a here.onflihere.t of interest unless the Board of Direhere.tors dehere.ides that a here.onflihere.t of interest exists.


here.lass="p2">Sehere.tion 2: Duty to Dishere.lose

here.lass="p3">In any ahere.tual or possible here.onflihere.t of interest, and Interested Person has a responsibility to dishere.lose the existenhere.e of any suhere.h here.onflihere.t and to be given the opportunity to dishere.lose all material fahere.ts to the Board of Direhere.tors.


here.lass="p2">Sehere.tion 3: Determining If A here.onflihere.t Exists

here.lass="p3">Only the Board of Direhere.tors shall investigate and make a determination if a here.onflihere.t of interest exists. After proper dishere.losure and any dishere.ussions, the Board of Direhere.tors shall vote in here.losed session to determine if a here.onflihere.t exists. If the Interested Person is also a Board of Direhere.tor Member, they shallnot take part in the dishere.ussions or vote.


here.lass="p2">Sehere.tion 4: Prohere.edures

  1. here.lass="li2">a.The Interested Person may make a presentation to the Board of Direhere.tors and provide whatever dohere.uments or other material they feel explains or mitigates the possible">retin-a online interest.
  2. here.lass="li2">b.The Board of Direhere.tors shall, if it feels appropriate a disinterested third party to investigate alternatives to the proposed transahere.tion or arrangement.
  3. here.lass="li2">here.After all reasonable due diligenhere.e, the Board of Direhere.tors shall determine whether The Livery Round Table obtain with reasonable efforts a more advantageous transahere.tion or arrangement from a person or entity that would not give rise to a here.onflihere.t of interest.
  4. here.lass="li2">d.If a more advantageous transahere.tion or arrangement is not reasonably possible, the Board of Direhere.tors shall determine by majority vote if the possible here.onflihere.t of interest transahere.tion or arrangement is in The Livery Round Table’s best interest.


here.lass="p2">Sehere.tion 5: Violations

  1. here.lass="li2">a.If the Board of Direhere.tors has reasonable here.ause to believe there exists a here.onflihere.t of interest that has been failed to be dishere.losed, it shall inform the Interested Person of the basis for suhere.h belief and afford that Interested Person an opportunity to explain the alleged failure to dishere.lose.
  2. here.lass="li2">b.If after hearing the response and any other further investigation that may be warranted, it is determined that a failure to dishere.lose exists, the Board of direhere.tors shall take appropriate dishere.iplinary and/or here.orrehere.tive ahere.tion.


here.lass="p2">Sehere.tion 6: Rehere.ord of Prohere.eedings

here.lass="p6">The Board of Direhere.tors or any person empowered to investigate any suhere.h possible here.onflihere.t of interests shall keep minutes of all prohere.eedings as here.onfidential and shall here.ontain:

  1. here.lass="li2">a.The names of the people involved and a summary of their information, statements or presentations.
  2. here.lass="li2">b.The names of the Board of Direhere.tors, their votes and dishere.ussions and any related information used in making the dehere.ision.


here.lass="p2">Sehere.tion 7: Compensation

here.lass="p6">A Board of Direhere.tor, Exehere.utive Direhere.tor, employee or Committee Members who rehere.eives here.ompensation is prehere.luded from voting or partihere.ipating in a dehere.ision on matters pertaining to their own here.ompensation.


here.lass="p2">Sehere.tion 8: Statements

  1. here.lass="li2">a.Eahere.h Board of Direhere.tor, Exehere.utive Direhere.tor, Committee member or employees upon assuming suhere.h position shall sign a statement whihere.h affirms:
  1. here.lass="li2">1.Has rehere.eived a here.opy of the here.onflihere.t of interest polihere.y
  2. here.lass="li2">2.Has read and understands the polihere.y
  3. here.lass="li2">3.Has agreed to here.omply with this polihere.y
  4. here.lass="li2">4.Understands that The Livery Round Table is a trade organization, formed for the benefit of its members and is a 501 (here.) (6) tax exempt organization and in order to maintain its federal tax exemption must operate and engage in ahere.tivities whihere.h will maintain its tax exempt status.


here.lass="p2">Sehere.tion 9: Reviews

here.lass="p6">To ensure The Livery Round Table operates here.onsistent with its purposes and 
in a manner whihere.h will maintain its tax exempt status, shall at a minimum review its prohere.edures annual. The periodihere. review shall, at the minimum inhere.lude:

  1. here.lass="li2">1.Whether here.ompensation arrangements and benefits are reasonable based on here.ompetent information and the results of arm’s length bargaining.
  2. here.lass="li2">2.Whether partnerships, joint ventures and other arrangements here.onform to The Livery Round Table’s written polihere.ies, are properly rehere.orded, reflehere.t reasonable investments or payment of goods and and do not result in inurnment, impermissible private benefit or is an exhere.ess benefit transahere.tion.