A conflict of interest is a situation in which the concerns or aims of two different parties are incompatible. 

Within a condo association, this would entail a situation where someone - like a board member or property manager - is in a position to benefit personally from action or decisions made in their official capacity. 

Board members can be sued for breaching their fiduciary duty and must disclose any potential conflict. 

Undisclosed conflicts of interest, when eventually discovered, can be one of the biggest points of contention between residents and their board management teams, since it goes hand in hand with both a building’s finances, and the trust that residents place in the people running the building.

A policy of full transparency and disclosure around potential conflicts of interest goes a long way toward maintaining an atmosphere or trust and accountability between boards and the residents they serve. 

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