Chmc Anesthesia Foundation Inc

“A majority of CHMC Anesthesia Foundation, Inc.'s (the Foundation's) board members are physicians who are not independent from the Foundation. However, the Foundation is part of an integrated delivery system with Boston Children's Hospital (the Hospital) which does have a community board. The Foundation was organized in 1980. At that time, the board was composed entirely of physicians, a board structure that was approved by the Internal Revenue Service. The Foundation has since adjusted the board structure to make it more responsive to the Hospital by adding the Physicians Organization at Children's Hospital, Inc. (the PO) as a member. See Schedule O, Part VI, Questions 3, 6, 7b, and 12 for more details on the PO's rights.”

“The Physicians Organization at Children's Hospital, Inc. (the PO) is a Class "C" member of CHMC Anesthesia Foundation, Inc. (the Foundation). The PO is responsible for providing management services to the Foundation. The PO has the power to approve the independent auditor and legal counsel of the Foundation from a list of firms mutually agreed to by the PO and the Foundation. The PO also has the right to review the annual budgets and the right to review and approve by-law changes of the Foundation. Lastly, Boston Children's Hospital has the right to review for compliance with applicable law, the general terms of and any modification to physician compensation and benefit plans for all physician employees of the Foundation.”

“CHMC Anesthesia Foundation, Inc. (the Foundation) has three classes of members. The Chief of the Department of Anesthesiology (the Department) of Boston Children's Hospital (the Hospital) is the Class "A" member. Each member (other than the Chief) who holds a medical staff appointment from the Hospital and a full-time faculty appointment under the auspices of the Anesthesiologist-in-Chief from Harvard Medical School (Harvard) is a Class "B" member of the Foundation. The Physicians Organization at Children's Hospital, Inc. (the PO) is a Class "C" member of the Foundation.”

“According to the Articles of Organization, the Chief of the Department of Anesthesiology (the Department) of Boston Children's Hospital (the Hospital) is the Class "A" member of CHMC Anesthesia Foundation, Inc. (the Foundation). Each person who holds a medical staff appointment from the Hospital and a full-time faculty appointment under the auspices of the Anesthesiologist-in-Chief from Harvard Medical School (Harvard) is a Class "B" member. The Class "A and "B" members of the Foundation elect the Board of Directors presented by the Executive Committee at their annual meeting. Each member is entitled to one vote per question at any meeting of the members.”

“The Physicians Organization at Children's Hospital, Inc. (the PO) is a Class "C" member of CHMC Anesthesia Foundation, Inc. (the Foundation). The PO is responsible for providing management services to the Foundation. The PO has the power to approve the independent auditor and legal counsel of the Foundation from a list of firms mutually agreed to by the PO and the Foundation. The PO also has the right to review the annual budgets and the right to review and approve by-law changes of the Foundation. Lastly, Boston Children's Hospital has the right to review for compliance with applicable laws, the general terms of and any modification to physician compensation and benefit plans for all physician employees of the Foundation. As a Class "C" member of the Foundation, the PO attends the Foundation's annual meeting.”

“The detailed review will be conducted by the President/Treasurer of the Foundation, Joseph P. Cravero, MD; the Senior Director of Foundation Financial Operations & Strategy Planning, Stacey Conrad; and the Director of Finance, Jaronid Jimenez. A copy of the Form 990 will be provided to the board prior to filing. The Physicians Organization at Children's Hospital, Inc. will review the Form 990 with the board members. The detailed review will be conducted before filing the return with the Internal Revenue Service.”

“The Physicians Organization at Children's Hospital, Inc. (the PO) and Boston Children's Hospital (the Hospital) administer an annual conflict of interest disclosure process to all of its member Foundations, which asks physicians (officers, top management, and highly compensated employees) and selected Foundation staff to disclose potential conflicts. A disclosure statement will be circulated annually to members of the PO. The audit committee shall determine those individuals (including medical staff members) who shall be required to complete the disclosure statement. The audit committee, at its discretion, may either: 1) refer any or all disclosure statements to the Board of Directors; 2) appoint an ad hoc committee to review and resolve any conflict of interest issues; or 3) review and resolve any conflict of interest issues personally or through a designee(s). Any person not receiving a disclosure statement nevertheless has an affirmative obligation to disclose to the PO President, PO General Counsel, or his/her supervisor whenever he/she believes he/she has or may have a conflict of interest. Similarly, each person completing a disclosure statement has an affirmative obligation to update the statement any time circumstances change and/or he/she believes that a conflict of interest may exist. In the event a conflict of interest is found to exist, the Foundation prohibits the member from voting on any matter to which the conflict relates or otherwise influence the voting on such matter.”

“Faculty compensation must comply with the Boston Children's Hospital (the Hospital) Physician Compensation Guidelines. These guidelines are developed in consultation with an independent external compensation consulting firm and are approved by the independent Compensation Committee of the Board of Children's Medical Center Corporation and the Hospital. The guidelines set the maximum compensation limits based on a peer group analysis for the Foundation. The maximum compensation limits are based on pediatric specialty, sub-specialty, academic rank and include productivity adjustments. Any proposed compensation that exceeds the limits must be prospectively approved by the independent Compensation Committee of the Board of the Hospital. Annual compensation for individual faculty members is set by the President of CHMC Anesthesia Foundation, Inc. (the Foundation), reviewed and approved by the Foundation in accordance with the Foundation's compensation policies and procedures. The Foundation's President's compensation is reviewed and approved annually on a prospective basis by the Boston Children's Hospital President/Chief Executive Officer.”

“The Foundation maintains all financial statements, conflict of interest policies, and governing documents at its main office at 300 Longwood Avenue, Boston, MA 02115. The documents are available upon request.”

“Pension adjustment 3,818,038.”

“The Foundation is amending its 2021 Form 990 for the period ending September 30, 2022 to reflect necessary changes in its financial activity and holdings for the period in question that came to light after the return was originally filed. The original Form 990 filing reported transfers of investment holdings to CHMC Anesthesia Foundation Charitable Trust (the Trust), a supporting organization of the Foundation, whose transfer was not completed prior to or during the period as originally reported. Specific changes made to the Foundation's amended 2021 Form 990 from its originally filed return are as follows: Heading Box G: was chnaged from $132,361,641 to $132,757,698 Part I, Line 10: was changed from $8,617,209 to $9,013,266 Part I, Line 12: was changed from $122,037,360 to $122,433,417 Part I, Line 17: was changed from $15,098,445 to $15,259,306 Part I, Line 18: was changed from $127,003,746 to $127,164,607 Part I, Line 19: was changed from -$4,966,386 to -$4,731,190 Part I, Line 20: was changed from $215,533,982 to $283,048,096 Part I, Line 22: was changed from $125,438,954 to $192,953,068 The Prior Year columns of the above referenced lines were also updated to reflect changes based on the Foundation's prior year return which was also amended. Part VIII, Line 3: was changed from $3,641,490 to $4,037,547 Part VIII, Line 12: was changed from $122,037,360 to $122,433,417 Part IX, Line 11f: was changed from $914,646 to $1,075,507 Part IX, Line 25: was changed from $127,003,746 to $127,164,607 Part X, Line 2: was changed from $29,724,250 to $46,261,609 Part X, Line 12: was changed from $16,620,756 to $67,597,511 Part X, Line 16: was changed from $215,533,982 to $283,048,096 Part X, Line 27: was changed from $124,000,136 to $191,514,250 Part X, Line 32: was changed from $125,438,954 to $192,953,068 Part X, Line 33: was changed from $215,533,982 to $283,048,096 The Prior Year columns of the above referenced lines were also updated to reflect changes based on the Foundation's prior year return which was also amended. Part XI, Line 1: was changed from $122,037,360 to $122,433,417 Part XI, Line 2: was changed from $127,003,746 to $127,164,607 Part XI, Line 3: was changed from -$4,966,386 to -$4,731,190 Part XI, Line 4: was changed from $137,973,129 to $217,538,272 Part XI, Line 5: was changed from -$11,385,827 to -$23,672,052 Part XI, Line 10: was changed from $125,438,954 to $192,953,068 Schedule A, Part III, Line 10a: was changed from $3,642,589 to $4,037,547 Schedule A, Part III, Line 10c: was changed from $3,696,482 to $4,091,440 Schedule A, Part III, Line 13, 2020 Column: was changed from $117,061,641 to $117,456,599 Totals in Schedule A, Part III, Column (f) were updated accordingly The Prior Year columns of the above referenced lines were also updated to reflect changes based on the Foundation's prior year return which was also amended. Schedule A, Part III, Line 15: was changed from 98.37% to 98.15% Schedule A, Part III, Line 17: was changed from 2.26% to 2.48% Schedule D, Part VII, Line 3: Investment in the P.O. Pooled Investment Fund, LLP was changed from $16,620,756 to $67,597,511.”

“The audit process and scope has not changed from the prior year.”