Sturdy Memorial Foundation Inc

“FORM 990, PART III, LINE 1 STURDY MEMORIAL FOUNDATION, Inc. IS ORGANIZED TO SUPPORT THE ADVANCEMENT OF THE KNOWLEDGE AND PRACTICE OF, AND EDUCATION AND RESEARCH IN MEDICINE, SURGERY, NURSING AND ALL OTHER SUBJECTS RELATING TO THE CARE, TREATMENT AND HEALING OF HUMANS, TO IMPROVE THE HEALTH AND WELFARE OF ALL PERSONS, AND TO SPONSOR, DEVELOP AND PROMOTE SERVICES AND PROGRAMS WHICH ARE CHARITABLE, SCIENTIFIC OR EDUCATIONAL AND WHICH ADDRESS THE PHYSICAL AND MENTAL NEEDS OF THE COMMUNITY AT LARGE. THIS CORPORATION SHALL OPERATE EXCLUSIVELY FOR THE BENEFIT OF STURDY MEMORIAL HOSPITAL, INC. AND ITS AFFILIATED ORGANIZATIONS, IN THE CONDUCT OF THEIR CHARITABLE, EDUCATIONAL AND SCIENTIFIC FUNCTIONS. IN ORDER TO FULFILL ITS HEALTH CARE MISSION IN THE TWELVE COMMUNITIES THAT IT SERVES, THE FOUNDATION SOLICITS FUNDS FROM A WIDE VARIETY OF RESOURCES. DURING THE PAST TWENTY FIVE YEARS, THE FOUNDATION HAS SPENT OVER $ 10.2 MILLION TO PURCHASE LAND, BUILD, AND MAINTAIN EIGHT NEW MEDICAL CENTERS IN THE TOWNS OF FOXBORO, NORTON, NORTH ATTLEBORO, REHOBOTH, AND IN THE CITY OF ATTLEBORO. THE FOUNDATION HAS ALSO PROVIDED $23,250,000 OVER THE PAST 32 YEARS TO THE STURDY MEMORIAL ASSOCIATES TO FUND THE START-UP COSTS FOR THE NOW EXISTING FIFTY-NINE PHYSICIAN GROUP PRACTICE. THE PHYSICIAN GROUP PRACTICE WAS DEVELOPED TO MEET THE NEED FOR PRIMARY CARE SERVICES IN OUR SERVICE AREA. program service accomplishments (Continued) FORM 990, PART III, LINE 4A During FY 2015, the Foundation raised approximately $1,796,991. Of the total contributions, $1,500,000 was an endowment donation whose income is restricted for the benefit of Sturdy Memorial Hospital. Of the remaining $296,991 in donations, $111,454 was raised in direct support of Sturdy Memorial Hospital, Inc. Employees reported on Form W-3 Form 990, Part V, Line 2a Study Memorial Hospital, Inc. is the common paymaster for Sturdy Memorial Foundation, Inc. Form W-3 is filed under Sturdy Memorial Hospital's employee identification number. Federal Employment tax Returns Form 990, Part V, Line 2b Sturdy Memorial Hospital, Inc. is the common paymaster for Sturdy Memorial Foundation, Inc. and files all required federal employment forms. Authority Delegated to Executive Committee Form 990, Part VI, Section A, Line 1a The by-laws of Sturdy Memorial Foundation, Inc. state that "the Executive Committee shall have the power to transact all regular business of the Corporation during the interim between the meetings of the Board of Directors except for such matters as are specified in Section 55 of the (Massachusetts) General Laws, Chapter 156B". The Executive Committee consists only of members of the Board of Directors of Sturdy Memorial Foundation, Inc. Business Relationship with Governing Body Form 990, Part VI, Section A, Line 2 Dennis Kelly and Patricia Cochrane have a business relationship.”

“Form 990, Part VI, Section A, Line 6 and 7a Foundation Members are eligible to attend all meetings of the Corporation and to hold office. New Members are elected to membership by the existing Members for 3 year terms. Members also vote for a President, Treasurer, and a Clerk for one year terms.”

“Form 990, Part VI, Section B, Line 11b The Form 990 is prepared by Sturdy Memorial's tax providers, Grant Thornton LLP, using information provided by management upon completion of the annual independent audit. The information provided is the responsibility of the CFO and the Sturdy Fiscal Services department. The return is reviewed by Grant Thornton LLP, the Controller and CFO, and compensation and benefit sections are specifically reviewed by the Vice President of Human Resources for Sturdy Memorial Hospital, Inc. Prior to filing the Form 990 with the Internal Revenue Service, the complete form and all schedules are provided to every board member and any questions are answered.”

“Form 990, Part VI, SECTION B, Line 12c Sturdy Memorial Foundation, Inc. is the Parent of Sturdy Memorial Hospital, Inc. and follows the hospital's Conflict of Interest Policy. Under the direction of the hospital's Integrity Officer, all managers and supervisors (including officers and key employees) must complete and sign an annual Conflict of Interest Disclosure Statement. The Statement requires disclosure of any outside Interests in any business, outside activity, gifts or entertainment that may have influenced the employee. In addition, the employee must disclose if they have shared any hospital information for their own personal advantage or if they had knowledge of any integrity or ethical issues not previously reported. These signed Statements are reviewed by the Integrity Officer and any potential conflicts are resolved. The Integrity Officer discusses disclosed conflicts with the reporter, so that the reporter knows what business activities they cannot participate in (e.g., purchasing decisions, board votes, etc.). Any gifts received that create a conflict or are in violation of the Conflict of Interest Policy must be returned or paid for by the individual at fair market value. Conflicted individuals are not allowed to vote on areas related to their conflict or participate in other decisions surrounding the entity they have a conflict with. The Integrity Officer reports annually to the Board of Directors of any new conflicts. Article V, Section 12 of the Foundation by-laws requires Board members to disclose any potential conflict. Board members, officers, and key employees must attest in writing each year, to any potential conflict. The conflict of interest statements are reviewed by the Hospital's President and Chief Financial Officer and any potential conflicts are resolved. DOCUMENT RETENTION AND DESTRUCTION POLICY Form 990, Part VI, Section B, Line 14 Sturdy Memorial Foundation, Inc. does not have a written document retention and destruction policy but does comply with Massachusetts law with respect to record retention requirements. Where state law does not require retention limits, the Foundation uses the "Business Records Retention Schedule" from the Office of the Federal Register and other relevant and reliable sources (such as attorney letters and recommendations from accounting firms). A formal policy is being considered.”

“Form 990, Part VI, Section B, Line 15a The CEO (Executive Director) is compensated entirely through Sturdy Memorial Hospital, Inc. which is why there is no compensation on Form 990, Part VII, Column D. The CEO is compensated on a merit system, as part of their compensation review in Sturdy Memorial Hospital, Inc. The CEO and senior managers prepare goals at the start of each fiscal year and are evaluated for merit increases based on those goals and their accomplishments relative to the goals. The CEO's accomplishments (relative to the established goals) are documented in an annual report which is submitted to the Chairman of the Board of Managers. The Board Chairman is provided with comparative market data, obtained through compensation surveys, prepared by an Independent consultant specializing in such matters. The comparative data is for similar hospitals in Massachusetts and is sent directly from the independent consultant to the Board Chairman. The data includes comprehensive salary and benefits information for CEOs and senior managers (key employees) including comparison of base pay, incentive pay, benefits and total compensation. In addition, the Chairman is provided with performance information for Massachusetts hospitals obtained through the Massachusetts Center for Health Information and Analysis. The Hospital's Vice President of Human Resources provides the Chairman with the CEO's current actual salary and benefits. The Chairman of the Board of Managers provides the above information along with the annual report of the CEO's accomplishments (relative to established goals including the hospital and the Associates) and a history of the CEO's compensation to the Executive Committee, which serves as the Compensation Committee for this purpose. The Executive Committee reviews the comparative data for CEO base salary, bonus and total compensation, along with the survey data for benefits. Based on the goals achieved and the comparative data provided, the Executive Committee votes to approve the salary, bonus and benefits of the CEO. A summary of the discussion and the decision of the Executive Committee are reflected in the meeting minutes. The Chairman of the Board of Managers communicates the decision regarding compensation changes in a letter to the Vice President of Human Resources to execute the change. The CEO uses comparative market data, obtained from an independent consultant, for the Foundation Director of Development. The CEO compares the Director of Development's current base salary and bonus (incentive pay) to the survey data. The Director of Development's performance is evaluated based on the goals established at the start of the year. The CEO determines the base pay amount and bonus for the Director of Development based on performance and the compensation survey. Base salary and bonus payments, including survey information, are reviewed with the Executive Committee by the CEO. The Executive Committee votes to accept the recommendations of the CEO.”

“Form 990, Part VI, SECTION C, Line 19 Sturdy Memorial Foundation, Inc. makes available copies of its by-laws, the conflict of interest policy of Sturdy Memorial Hospital, Inc. and financial statements to the public upon request. Other changes in net assets Form 990, Part XI, Line 9 Net assets released from restrictions: ($600) Contribution raised for Sturdy Memorial Hospital, Inc.: ($111,455) ------------- Total: ($112,054)”

“Form 990, part xi, line 9 transfer from affiliate 2,500,000”