Where the transaction involving a board member , trustee or officer exceeds five hundred dollars ( $500 ) .
Is less than five thousand dollars ( $5000 ) in a fiscal year , a two - thirds vote of the disinterested directors is required .
Where the transaction involving a board member , trustee or officer exceeds five hundred dollars ( $500 ) but is less than five thousand dollars ( $5000 ) in a fiscal year , a two - thirds vote of the disinterested directors is required .