Absolutely! Conflicts of interest are common in the course of running a foundation, given that board members and staff tend to be connected with many others in their communities on a personal and professional basis. Conflicts of interest can be easily managed with a conflict of interest policy.
Find sample conflict of interest policies and more discussion of conflicts of interest.
For other helpful foundation policies, you may also wish to download (free to members) our publication Policymaking Made Clear: Eleven Foundation Policies Your Board Should Consider.