(A) Purpose. University faculty and some staff members have taken on new and different functions in addition to the traditional roles of teaching, research, and public service. Spin-off companies transferring technology developed in the laboratory, extensive consultative activities, and various types of public service involvement are encouraged by both federal and state agencies, and by the university as necessary for the public good. Governmental agencies have become more concerned about the extent and type of these activities as they relate to funded and proposed research and scholarly activities of faculty and have issued regulations that require the establishment of standards and procedures to ensure that the design, conduct, or reporting of funded research will not be biased by any conflicting financial interest of the investigator. The regulations require universities to develop, publish, and enforce institutional policies which comply with the requirements for regular, timely, and full disclosure of actual or potential conflicts of interests as they relate to significant financial interests which could reasonably be seen by an impartial observer as affecting the design, conduct, or reporting of research or educational activities funded or proposed for funding by an external sponsor.