SECTION 1. PURPOSE:
Fako America is a nonprofit, tax-exempt organization. Maintenance of its tax-exempt status is important both for its continued financial stability and for public support. Therefore, the IRS as well as state regulatory and tax officials view the operations of Fako America as a public trust, which is subject to scrutiny by and accountable to such governmental authorities as well as to members of the public.
Consequently, there exists between Fako America and its board, officers, and management employees and the public a fiduciary duty, which carries with it a broad and unbending duty of loyalty and fidelity. The board, officers, and management employees have the responsibility of administering the affairs of Fako America honestly and prudently, and of exercising their best care, skill, and judgment for the sole benefit of Fako America. Those persons shall exercise the utmost good faith in all transactions involved in their duties, and they shall not use their positions with Fako America or knowledge gained therefrom for their personal benefit. The interests of the organization must be the first priority in all decisions and actions.
SECTION 2. PERSONS CONCERNED