Part 10 Subpart 10-3 Conflicts of Interest Involving Other Officers and Employees of the University

Sec. 10-303. Contracts Between the University and a Related Party.

No related person, as defined in Sec. 10-304, shall be a party, directly or indirectly, to any contract between himself or herself and the University (other than an employee's contract of employment by the University), nor directly or indirectly interested, as defined in Sec. 10-304, in any contract with the University, unless the contact meets all of the following requirements.

  1. The employee involved promptly discloses any pecuniary interest in the contract to the Board, and the details of such disclosure are included in the minutes.
  2. Unless the employee will directly benefit from the contract in an amount less than $250.00 and less than 5% of the public cost of the contract and the employee files a sworn affidavit to that effect with the Board or the contract is for emergency repairs or services, the disclosure required by subsection (1) shall be made in one of the following ways:
    1. If the amount of the direct benefit to the employee is $5,000.00 or less, the employee may promptly disclose in writing to the Board Chair the employee's pecuniary interest in the contract at least 7 days prior to the public formal session at which the Board will vote on the contract. A written disclosure made under this subsection (a) shall be made public in the same manner as the public notice of the formal session is given.
    2. If the amount of the direct benefit to the employee is over $5,000.00, or if the amount of the direct benefit to the employee is $5,000.00 or less but the employee has not complied with the disclosure requirements of subsection (a), the employee shall disclose the pecuniary interest at a public formal session of the Board. Any vote on the contract shall be taken at a public formal session of the Board held at least 7 days after the public formal session at which disclosure is made under this subsection (b).
  3. The contract is approved by a vote of not less than two-thirds (2/3) of the Trustees then in office in open session.
  4. The minutes include the following information:
    1. The name of each party involved in the contract.
    2. The terms of the contract, including the following:
      1. the duration;
      2. financial consideration between parties;
      3. facilities or services of the University included in the contract; the nature and degree of assignment of employees of the University for fulfillment of the contract.
    3. The nature of any pecuniary interest of the employee.