The Joint Venture Policy outlines the guidelines adopted by the Section Board of Directors of the American Society of Civil Engineers to ensure compliance with IRS regulations regarding joint ventures. It defines a 'Joint Venture' as any arrangement where the Section collaborates with another entity for shared business activities or asset ownership, encompassing both taxable and tax-exempt activities. The policy emphasizes the necessity for joint ventures to align with the Section's exempt purposes and mandates that all agreements be negotiated at arm's length to protect the Section's tax-exempt status, including specific control and ownership requirements based on the nature of the joint venture. Furthermore, the policy stipulates that the Section must maintain control over any joint venture, particularly in terms of tax-exempt activities, and ensures that contracts with partners are fair and equitable. It also prioritizes the Section's tax-exempt objectives over profit maximization and prohibits any actions that could jeopardize its tax-exempt status. In cases of uncertainty regarding potential risks to tax-exempt status, consultation with ASCE's legal or tax counsel is required before proceeding with any joint venture.