Living Up To Fiduciary Responsibilities Defining Fiduciary and Fiduciary Responsibilities Tim Riley Kent Conservation District Dover, Delaware District.

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Presentation transcript:

Living Up To Fiduciary Responsibilities Defining Fiduciary and Fiduciary Responsibilities Tim Riley Kent Conservation District Dover, Delaware District Accountability for Public Credibility Mary Currier Rockingham County Conservation District Brentwood, New Hampshire

1.Of, relating to, or involving one that holds something in trust for another. 2.a. Of, relating to, or designating a trustee or trusteeship. b. Held in trust. 3.Originally comes from the Latin word fides, meaning faith. Fiduciary

The fiduciary duty is a legal relationship between two or more parties (most commonly a "fiduciary" or "trustee" and a "principal" or "beneficiary")trusteebeneficiary Fiduciary Duty

The fiduciary relationship is highlighted by good faith, loyalty and trust. A fiduciary is expected to be extremely loyal to the person they owe the duty (the "principal"): they must not put their personal interests before the duty, and must not profit from their position as a fiduciary, unless the principal consents. Fiduciary Relationship

“Fiduciary” / “Trustee” District Board Member Association Officer Manager Parent “Principal” / “Beneficiary” Constituents / Tax Payers District Employees Legislators Members Supervisors Employees Children Fiduciary Relationship

A fiduciary cannot have a conflict of interest. It is an inherent fiduciary duty to recognize potential conflicts of interest, and avoid anything that could even appear as a conflict. It does not matter whether the fiduciary had any ill- intent or dishonesty in mind. Personal ConflictsBusiness Conflicts

District Accountability for Public Credibility “Accountability” – “Credible” – entitled to belief or trust. the state of being accountable, responsible or liable.

Public Meeting Notices Posting Locations 2 Appropriate Places Newspaper Posting Timeframe 24 Hours Prior to Meeting

Meeting Minutes Regular Meeting and Non-Public Sessions Full and Accurate Records Distribution

Audits New Hampshire State Laws Federal Laws Specific Grant Rules

Grant Administration Applying Reporting Meeting Grant Requirements

Public Information Dictated By State Law Personnel Records (Y or N) Reproduction Costs

Professionals Advice and/or Consultation Legal Financial

Code of Ethics Payroll and Benefits

Any Questions?