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Flashcards in Financial Regulations Deck (4)

What is an employee-vendor relationship?

An employee-vendor relationship is any relationship between a library employee, a vendor, or and a proposed vendor that might create a conflict of interest; a vendor is an employee, owner, or representative of a company/firm that proposes to or does buy, sell, or lease goods or services. The relationship between a library employee and vendor may be professional in that business transactions are exchanged; personal if both individuals are already acquainted beyond the scope of contract negotiations or purchase decisions; and/or familial if the individuals are near-relatives of one another.


What is an example of a financial interest?

a financial interest is anything of monetary value, including, but not limited to, salary, consulting fees, honoraria, equity interests (e.g., stocks, stock options or other ownership interests), interests in real or personal property, dividends, royalties, rent, capital gains, intellectual property (e.g., patents, copyrights and royalties from such rights, including those paid by organizations) and forgiveness of debt


Are employees bound by any state/federal guidelines regarding conflicts of interest?

In New York State, municipal employees are defined as being employed in every type of local government entity including counties, cities (except for New York City), towns and villages, school districts, BOCES, public libraries, and others. Conflict of interest guidance for New York municipal employees is found in Article 18 of General Municipal law and “prohibits municipal officers and employees from having interests in contracts with the municipality for which they serve.”


Significant Financial Interest

Publicly traded entities:
Remuneration valued at $5,000 or more in the last 12 months; or
Equity interest valued at $5,000 or more; or
A combination of remuneration and equity that is valued at $5,000 or more.
Non-publicly traded entities:
Remuneration valued at $5,000 or more in the last 12 months; or
Any equity interest.
Intellectual property rights and interests:
Any income received related to such rights or interest.
Adopted by the Committee on Professional Ethics, June 30, 2014.