Porter Hospital Inc. Hcsr

“Prior to April 1, 2017, Porter Medical Center did have members; however, with the affiliation the University of Vermont Health Network became the sole member of Porter Medical Center.”

“The University of Vermont Health Network, as Porter Medical Center's sole member, has reserve powers that allow the University of Vermont Health Network to refuse the acceptance of new board members appointed by the Porter Medical Center Board of Directors if The University of Vermont Health Network does not agree with the choice of appointments. As a result, the process of appointing members to the governing body is a collaboration of the Porter Medical Center Board of Directors and the University of Vermont Health Network.”

“The University of Vermont Health Network has certain reserve powers that require it to approve certain decisions made the Porter Medical Center Board of Directors.”

“The completed Form 990 is presented to the UVMHN/PMC Finance Committee and management and an electronic copy is made available to all Board Members prior to filing.”

“The Organization's CFO and Controller are responsible for regularly and consistently monitoring and enforcing compliance with the conflict of interest policy. When bids are solicited to include the business of a Board member, those bids are reviewed by the Board of Directors to assure adherence to the Hospital's lowest bid policy. When an issue comes up to a vote and it is connected, in any way, to the business of a Board member, the member must recuse him/herself from the vote.”

“The Organization's executive committee reviews comparative data prepared by a consultant prior to referral of compensation to the board of directors. The board of directors review the findings of the consultant and vote to approve the salary of the CEO.”

“The Organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Porter Hospital significantly enhanced its Cardiology services by introducing Cardiac Rehabilitation to the community in June 2019. The primary goal of this enhancement was to allow patients to receive this much needed care locally rather than having to drive longer distances or more adversely, foregoing the treatment.”

“Section 1.263(a)-3(n) Election: Porter Hospital, Inc. 115 Porter Drive Middlebury, VT 05753 EIN 03-0181058 Porter Hospital, Inc. is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n).”

“Change in Net Assets to Recognize Funded Status of Pension Plan -2,010,477. Change in Beneficial Interest in Perpetual Trusts 32,960. Equity Transfer to Affiliate -3,450,000. Equity Transfer from Affiliate 341,200.”