114. The National Association of Biology Teachers is a nonprofit, 501(c)(3) tax-exempt organization that represents the interests of 35,000 high school and college biology teachers. Recently, one of its members posted that the endowment of the organization, now nearly $35 million, is invested heavily in a private equity fund that manufactures assault weapons, including the one that was used in the murder of 20 school children in Newtown, CT in December 2012. The executive director insists that the association does not actually own the company, and that the purpose of the investment strategy of the association is to provide the highest, and most stable return possible on its investment. The chairman of the board has taken the opposite position, and advocates that the association should divest itself of any investments in products and services that are not socially responsible, including tobacco companies, gun manufacturing, and companies that are considered to either pollute the environment or engage in unfair labor practices. The board votes to overrule its board chair and continue with the investment.
a. Is the investment policy of the organization ethical?