Lawrence General Hospital

“Form 990 is prepared and reviewed by the organization's external consultant and subsequently reviewed by the controller and organization's cfo. Once complete, the form and all schedules are made available to the board of trustees via a secure internet portal for review. The organization's cfo and senior vice president are available to facilitate the review as well as answer any questions regarding the form.”

“On an annual basis, the hospital distributes a conflict of interest policy to the board of trustees. The trustees are requred to disclose, in writing, any potential conflict that they are aware of. All known interests have been disclosed in schedule l.”

“The ceo's annual compensation is reviewed and approved by an executive compensation committee of the board of trustees. The compensation for the cfo, evp, and senior management are determined by the ceo and reviewed by the board of trustees. Independent surveys are also performed to determine salary resonableness.”

“The hospital makes the form 990 available to the general public upon request.”

“The hospital makes all documents, including copies of its by-laws, conflict-of interest policy, and financial statements available to the general public upon request. Form 990, part vii: subsequent to the end of fiscal year 2021, cfo michael s. Turilli left the organization.”

“During the hospital's fiscal year 2020 lawrence general hospital and the commonwealth of massachusetts executive office of health and human agreement calls for payment of the following amounts to the hospital: a sfy 2019; $11,360,000 for sfy 2020; $11,090,000 for sfy 2021; and $10,420,000 for sfy 2022. Payment of these amounts is subject to determination by eohhs that the hospital meaningfully participates in masshealth's aco program; determination by eohhs that the hospital meaningfully participates in masshealth's managed care networks by accepting appropriate contracting rates to the extent such arrangements have been offered by any masshealth managed care organizations; (c) satisfaction of all other requirements as set forth by masshealth; appropriation to, and availability of funds in, the safety net provider trust fund established under m.g.l.c. 29, 2aaaaa (safety net provider trust fund); all other necessary state approvals; and federal approval and the availability of full federal financial participation. In all years covered in the agreement, these amounts are reflected in "other operating revenue" on the hospital's financial statements and irs form 990.”

“To operate and maintain an acute care general hospital. Provide appropriate hospital and other related health services to all patients regardless of race, color, creed or national origin. Provide access to medically necessary services for area residents regardless of ability to pay. Assure the ongoing process of continuously improving patient care quality. Form 990, part iii, line 4d: other program service revenue primarily consists of cafeteria receipts, intercompany reimbursements, dsti waiver funds, dsrip funds, and occupational health clinic revenue.”

“Change in the value of net assets held by lgh charitable trust, inc. $2,173,344 capital grant to lghct $ 211,000 net asset transfer to community medical associates, inc. ($7,205,000) net asset transfer from lgh charitable trust, inc. ($6,483,000) contribution made ($80,000) g\l on sale of equipment ($60,000) other (2,545)”

“On january 30, 2020, the world health organization ("who") announced a global health emergency because of a new strain of coronavirus (the "covid-19 outbreak") and the risks to the international community as the virus spreads globally beyond its point of origin. In march 2020, the who classified the covid-19 outbreak as a pandemic, based on the rapid increase in exposure globally. As a result of the covid-19 outbreak, the organization has incurred, and is expected to incur for the foreseeable future, incremental and other covid-19 pandemic related expenses. Covid-19 related expenses consist of additional costs that the organization is incurring to protect its employees, contractors, and customers, and to support social-distancing requirements resulting from the covid-19 pandemic. These costs include, but are not limited to, new or added benefits provided to employees, the use of temporary staffing, the purchase of additional personal protection equipment and disinfecting supplies, additional facility cleaning services, and increased technology expenses to support remote working, where possible. The full impact of the covid-19 outbreak continues to evolve as of the date of this report. As such, it is uncertain as to the full impact that the pandemic will have on the organization's financial condition, liquidity, and future results of operations. Management is actively monitoring the global situation on its financial condition, liquidity, operations, suppliers, industry, and workforce. On march 27, 2020, the coronavirus aid, relief and economic security act (the "cares" act) was enacted. The cares act, among other things, has apportioned funds for the united states small business administration paycheck protection program ("ppp") loans that are forgivable in certain situations to promote continued employment, as well as economic injury disaster loan. The cares act also established funding to hospitals and other healthcare providers to be distributed through the provider relief fund. These funds are not required to be repaid provided the recipients attest to, and comply with, certain terms and conditions, including among other things, that the funds are being used for lost operating revenues and covid-19 related expenses. The covid-19 outbreak and healthcare staffing shortages continue to have a major impact on the hospital's revenues, expenses, and liquidity. As a result of covid-19 and the staffing shortages, the organization continues to rely on state and federal relief funding.”