A policy governing conflicts of interests is perhaps the most important policy a chapter or council can adopt. To have the most impact, the policy should be in writing, and the board should review the policy regularly. Keep in mind that the IRS Form 990 asks not only about whether the nonprofit has a written conflict of interest policy, but also about the process that the nonprofit uses to manage conflicts, as well as how the nonprofit determines whether board members have a conflict of interest.
Sample_Conflict_of_Interest_Policy_for_TU_Chapters_and_Councils.pdf