Quarry Hill

“Pen bay healthcare (pbhc) (ein 22-2494475) is the sole member of quarry hill. Mainehealth (ein 01-0431680), as the sole member of pbhc, has the right to approve significant decisions of the governing body of pbhc and its subsidiaries.”

“The sole member, pen bay healthcare may elect the board of directors from a slate of nominees submitted by the corporation. The officers are elected by the board of trustees.”

“Decisions of the governing body such as budgets, business strategies, significant financial commitments, amendments to the articles of incorporation, and election of the president/ceo among other decisions, are subject to approval by pen bay healthcare & mainehealth.”

“The form 990 is made available to the full board. A final detailed review of the form 990 is performed by the regional cfo before signing and prior to filing.”

“At the beginning of board service, members are required to document any conflict of interest that may exist. They are required to report any additional conflicts that may arise. Board member conflict of interest forms are updated and reviewed annually.”

“The process followed for determining compensation of the ceo and other key administrative employees of the organization is a formal process performed annually by the executive committee of the board of directors. A related organization uses an outside firm, sullivan cotter, to perform an independent benchmark analysis for the ceo of the organization, along with other executives in the mainehealth system. The firm meets with the executive committee to review each executive's benchmark report. The committee then deliberates on mainehealth's written salary and incentive plan philosophy before making a final decision. All decisions and meetings are captured in minutes and there are appropriate approvals at all levels.”

“The member is responsible for an annual evaluation of the president/ceo and the other key administrative employees of the organization. Compensation is evaluated by the compensation committee appointed by the member, and the organization's board of trustees must approve the compensation. In addition, the organization utilizes the services of an independent compensation consulting firm and industry survey.”

“Documents that are required to be open for the public inspection are made available upon request.”

“Income earned on temp restricted net assets 30,216 realized gains on temp restricted investments 209,903 equity transfer from affiliates 2,000”