Per Board Policy, if a local public official has a substantial interest in a business entity or in real property, the official shall file, before a vote or decision on any matter involving the business entity or the real property, an affidavit stating the nature and extent of the interest and shall abstain from further participation in the matter if:

1. In the case of a substantial interest in a business entity, the action on the matter will have a special economic effect on the business entity that is distinguishable from the effect on the public; or
2. In the case of a substantial interest in real property, it is reasonably foreseeable that an action on the matter will have a special economic effect on the value of the property, distinguishable from its effect on the public.

The affidavit must be filed with the official recordkeeper of the district. 

A person has a substantial interest in a business entity if:

1. The person owns:
   1. Ten percent or more of the voting stock or shares of the business entity, or
   2. Either ten percent or more or $15,000 or more of the fair market value of the business entity; or
2. Funds received by the person from the business entity exceed ten percent of the person's gross income for the previous year.

"Business entity" means a sole proprietorship, partnership, firm, corporation, holding company, joint-stock company, receivership, trust, or any other entity recognized by law. 

A person has a substantial interest in real property if the interest is an equitable or legal ownership with a fair market value of $2,500 or more.

Additional information can be found in the SRISD Board Policy Manual – BBFA – Ethics: Conflict of Interest Disclosures.