ANNUAL STATEMENT OF DISCLOSURE
FOR THE BOARD OF DIRECTORS
AUTO DEALERS ASSOCIATION OF GREATER PHILADELPHIA
Duty to Promote Best Interests of Association
The Directors, officers and key employees serve the Association and have a clear obligation to fulfill their responsibilities in a manner consistent with this fact. All decisions of the Directors and officers are to be made solely on the basis of a desire to promote the best interests of the Association and to place such interests above their own personal familial or business interest in executing their duties as Directors or officers. The Association's integrity must be protected and advanced at all times. Men and women of substance inevitably are involved in the affairs of other institutions and organizations. An effective board and administration cannot consist of individuals entirely free from perceived conflicts of interest. Although most such potential conflicts are and will be deemed to be inconsequential, everyone has the responsibility to ensure that the Board of Directors is made aware of situations that involve personal, familial, or business relationships that constitute a real or perceived conflict of interest involving the Association. Thus, any Director, officer, or key employee who has an interest in a contract or other transaction presented to the Board of Directors or a committee thereof (collectively the "Board of Directors") for authorization, approval, or ratification shall make a prompt and full disclosure of his/her interest therein prior to Board action thereon. The disclosure shall include any known relevant and material facts which may be adverse to the Association.
The Internal Revenue Service strongly encourages the Directors of a charitable Association to annually review its conflict of interest policy and disclose possible personal, familial and/or business relationships that reasonably could give rise to a conflict of interest involving the Auto Dealers Association of Greater Philadelphia.
I acknowledge that is my responsibility, as a member of the Board of Directors of the Auto Dealers Association of Greater Philadelphia, to place the interests of the Auto Dealers Association of Greater Philadelphia above my own personal interests in executing my duties as a Director of the Association.
This statement is intended to provide full and complete disclosure of any existing or potential conflict of interest involving a Director or officer and the Auto Dealers Association of Greater Philadelphia, and nondisclosure should not rely on a strict interpretation of the language of the Auto Dealers Association of Greater Philadelphia Bylaws. The disclosure contemplated by the Internal Revenue Service under a non-profit Association conflict of interest policy relates not only to the Directors, but also covers any direct or indirect benefit received by a Director or family member of a Director, or by any business, firm or organization in which the Director is a director, officer, employee or through which the Director receives any financial benefit.