Financial Conflict of Interest
Evaluating Financial Conflict of Interest (FCOI):
FCOI presents significant risks to Virginia Tech, including compromised integrity, biased decision-making, and reputational damage. It can undermine the objectivity of research, leading to skewed data, ethical violations, or loss of public trust, particularly in federally funded projects. In procurement and contract negotiations, FCOIs may result in unfair advantages, favoritism, or financial mismanagement, exposing the university to legal and regulatory penalties. Additionally, failure to properly disclose and manage conflicts can lead to loss of funding, accreditation issues, and reputational harm, impacting relationships with donors, industry partners, and government agencies
The follow procedure provides guidance on when requests for waivers of Financial FCOI will be taken to the Vice President for Finance (VPF), who has been delegated the authority, for review and approval. The Assistant Vice President for Finance and Director of Procurement in consultation with Virginia Tech Legal shall have the responsibility for evaluating requests for waivers and making a recommendation to the VPF.
When evaluating whether a waiver request should be taken to the VPF for approval the following factors will be used to assess if the waiver request is pertinent and necessary for the operations of Virginia Tech.
Is this the firm the only practically available source for the goods and/or services?
Will Virginia Tech be harmed by not being able to do business with this firm because it represents a strategic partnership?
Is the business a local firm that relies on Virginia Tech for the majority of its revenue and ceasing work with the firm could result in damage to the local economy?
The individual requesting the waiver has no ability to influence procurement decisions.
If the request for the waiver does not fall into one of these categories, the Assistant Vice President for Finance and Director of Procurement shall deny the request for the waiver.