Franciscan Hospital for Children

“Children's Medical Center Corporation, acting through its Board of Directors, shall be the sole member of Franciscan Children's Hospital.”

“Children's Medical Center Corporation is the sole member of the Franciscan Hospital for Children ("the Hospital"). As stated in the Hospital's By Laws, Children's Medical Center Corporation has the powers and rights: -To approve amendments to the Articles of Organizaiton and Bylaws of the Hospital; -To approve or remove officers of the Hospital; -To approve renewals and new members of the Board of Trustees proposed by the Nominating and Governance Committee of the Board, and prior to the new nominations by the Nominating and Governance Committee, to review the list of candidates with the Nominating and Governance Committee of the Board of the Member; -To approve the purchase, sale, mortgage or lease of real property or any part or parcel thereof, and/or of buildings, of the Hospital; -To approve the capital and operating budgets of the Hospital; -To approve the incurrence of debt other than trade debt, the disposition of any other capital asset of the Hospital, and the construction of buildings by or for the Hospital, in each case if not addresssed in the annual capital budget and involving a value in excess of two hundred thousand dollars ($200,000); -To approval material contracts not included in the approval annual capital and operating budgets or that present significant risk, including financial, reptutational, business or regulatory risk to the Hospital; -To approve the initiation or settlement of material litigation that is not covered by insurance and may involve a value in excess of two hundred thousand dollars ($200,000); -To approve the addition or discontinuation of any service line, material modification of licensure, or the filing of a determination of need of the Hospital; -To approve the strategic plan of the Hospital to ensure consistency with overall enterprise goals; -To approve the selection of the Hospital's auditors; and -To approve the merger, consolidation, or affiliation of the Hospital with another corporation, organization or program (consistent with Massachusetts law concerning corporations organized for charitable purposes, including Chapter 180 of the Massachusetts General Laws), the formation of any subsidiaries, or any bankruptcy or similar filing by the Hospital.”

“The Form 990 and supplemental schedules were prepared by the organization's staff and reviewed by management (including the VP of Finance and other relevant departments of the organization), along with the outside accounting firm of Ernst & Young. A copy was made available to the Board prior to filing.”

“The organization mandates that all board members, officers, and members of any board committees disclose in writing any business or other relationships that could potentially create a conflict of interest, as defined by the organization's policy. These disclosures must be updated annually. The written disclosure must detail any significant conflicts of interest arising from the individual's external activities. The conflict of interest policy is reviewed by the legal department to ensure that individuals with external relationships do not improperly influence business decisions where their independence may be compromised. This process helps safeguard the integrity of the organization's decision-making.”

“All compensation for the CEO, senior management, officers & key employees is determined and reviewed by the board of directors. To ensure impartiality, the board has established a compensation committee composed of independent trustees. The compensation committee conducts annual evaluations to review and approve executive compensation as well as compensation for officers and key employees, ensuring that it aligns with industry standards and the organization's goals.”

“The organization provides its governing documents, conflict of interest policy, and financial statements to the public upon request. Additionally, the organization's financial statements are accessible on the public charities website maintained by the Commonwealth of Massachusetts Attorney General, ensuring transparency and accountability.”

“Catering services: Program service expenses 0. Management and general expenses 30,120. Fundraising expenses 0. Total expenses 30,120. Consulting services: Program service expenses 0. Management and general expenses 3,922,715. Fundraising expenses 0. Total expenses 3,922,715. Employment agency services: Program service expenses 263,141. Management and general expenses 133,001. Fundraising expenses 12,547. Total expenses 408,689. Purchased medical services: Program service expenses 982,253. Management and general expenses 0. Fundraising expenses 0. Total expenses 982,253. Miscellaneous purchased services: Program service expenses 5,141,232. Management and general expenses 2,490,012. Fundraising expenses 23,500. Total expenses 7,654,744. Temp agency services: Program service expenses 731,507. Management and general expenses 354,285. Fundraising expenses 3,344. Total expenses 1,089,136.”

“Net transfers to (from) Medical Center 569,434.”