Sturdy Memorial Foundation Inc

“Authority delegated to executive committee the by-laws of sturdy memorial foundation 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 relationships with governing body joseph casey, dennis kelly, patricia cochran, and edward dion-business relationship. Paul heroux and laura gignac-business relationship. In addition, other persons listed in part vii have a "business relationship" with one another due to the overlapping board structure of sturdy memorial foundation and its affiliates.”

“Members or stockholders sturdy memorial foundation's board of directors are members of the corporation.”

“Members or stockholders sturdy memorial foundation's board of directors are members of the corporation.”

“Form 990 review process the form 990 is prepared by sturdy memorial's tax firm, 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 chief human resources officer for sturdy memorial hospital, inc. The form 990 is then presented to the audit committee for review and recommendation of approval. 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.”

“Conflict of interest policy monitoring and enforcement sturdy memorial foundation, inc. Is the parent of sturdy memorial hospital, inc. And follows the hospital's conflict of interest policy. All foundation leadership and board members 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 respondent. In addition, these signed statements are reviewed by the integrity officer and any potential conflicts are addressed and resolved. The integrity officer and discusses disclosed potential conflicts with the employee and or officer of the hospital, so that they understand what constitutes an inappropriate business activity. Any gifts received that create a conflict or are in violation of the conflict of interest policy must be returned. Individuals with documented conflicts must abstain from any decision making specific to the identified area. An annual report is prepared and provided to the hospital's president and ceo as well as board of managers; this comprehensive report includes all integrity compliance issues as well as any newly identified conflicts of interest.”

“Process of determing compensation sturdy memorial hospital and sturdy memorial foundation share a board of directors. Compensation decisions for the organization's executive director, a hospital employee not compensated through the foundation, and key employee, who splits his duties between the hospital and foundation, are made through its board's executive committee. The executive committee consists solely of members who do not have a conflict of interest with regards to compensation matters. The board utilizes an independent outside consultant to determine executive compensation. The consultant presents national and regional comparability data for similar hospital organizations. The data includes comprehensive salary and benefits information for the executive director and key employee including comparison of base pay, incentive pay, benefits and total compensation. In addition, the committee is provided with performace information for massachusetts hospitals obtained through the center for health information and analysis. The executive committee reviews the comparative data for executive director and votes to approve his compensation. The executive director uses comparative market data to determine proposed base pay compensation increases and potential incentive pay for all other senior managers, including the foundation key employee, and presents this to the executive committee for their consideration. The executive committee reviews all relevant information and votes to accept the recommendations of the executive director for senior manager pay. All data presented, as well as compensation deliberation and votes, are documented in the executive committee minutes. The most recent compensation study was performed in october of 2020.”

“How documents are made available to the public 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 general public upon request. Impact of the covid-19 pandemic: the foundation supports sturdy memorial hospital. Below is the audited financial disclosure regarding the impact of covid-19 on sturdy memorial hosipital and affiliates: in march 2020, the world health organization declared covid-19, the disease caused by the novel coronavirus, a pandemic, which started to and continues to spread throughout the united states of america. As a result of the covid-19 pandemic, the hospital experienced a decline in patient visits, admissions, and medical procedures performed. Elective medical procedures were suspended by state government beginning in mid-march through may 2020, contributing to a significant decline in patient service revenue due to covid-19 when compared to historic and forecasted results for that period. Additionally, in response to the pandemic, the hospital incurred additional costs for testing, personal protective equipment, third-party contract services and other operating costs associated with ensuring employee and patient safety while operating during a pandemic. Since may 2020, the hospital has experienced slow increases in outpatient and emergency department visits and ancillary procedures. On occasion, covid cases in the commonwealth will increase to a level that results in temporary mandated reductions on inpatient elective procedures. This occurred from december 2020 into january 2021 and has recently occurred again. Management is actively monitoring operating revenue and expenses and based on the continued uncertainties of covid-19, it is unable to determine if it will have a material impact on its operations for the year ending september 30, 2022.”

“Form 990, part iii, line 1: sturdy memorial foundation, inc. Was organized to support the advancement of the knowledge, practice, education, and research of medicine, surgery, nursing and all other subjects relating to the care, treatment and healing of humans. With the goal of improving the health and welfare of all persons and sponsoring, developing and promoting services and programs which are charitable, scientific or educational; and which address the physical and mental needs of the community at large. This corporation 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. In 2020, sturdy memorial foundation began construction on a new medical building in attleboro to replace the building on county street. The building opened march 1, 2021 at a cost of approximately $11.2m. Sturdy memorial associates employed 84 physicians. The physician group practice was developed to meet the need for primary and specialty care services in our service area.”

“Employees reported on form w-3 sturdy memorial hospital is the common paymaster for sturdy memorial foundation. Form w-3 is filed under sturdy memorial hospital's employee identification number, therefore the foundation does not file a w-3. The total number of sturdy memorial foundation employees is 2, which is listed on line 2. Form 990, part v, line 2b: federal employment tax returns sturdy memorial hospital, inc. Is the common paymaster for sturdy memorial foundation, inc. And files all required federal employment forms.”

“Net assets released from restrictions -385,995. Equity transfer from affiliate 4,000,000.”