New England School of Acupuncture Inc

“The organization's executive committee membership consists of the chairman of the board of trustees and other members of the board of trustees as nominated by the chairman. The full board of trustees has voted to delegate to the executive committee all the powers of the trustees except those powers which by law, by the organization's charter, or the organization's by-laws are prohibited from delegating. Such powers may be exercised during intervals between the meetings of the full board, and the executive committee shall report the exercise of any such powers to all trustees within a reasonable time thereafter.”

“On june 1, 2015, articles of amendment to the articles of organization of new england school of acupuncture, inc. ("nesa") were filed with the massachusetts secretary of state, at which time mcphs university ("mcphs") became the sole member of nesa.”

“Mcphs university is the sole member of nesa. The members of the mcphs corporation elect members of the board of trustees of mcphs university.”

“A copy of the organization's completed form 990 is distributed to all trustees prior to filing. The form 990 is also reviewed annually by the compensation committee of the board of trustees, whose members substantially represent the finance committee of the board of trustees. This review provides for detailed oversight among individuals governing organization finances and officer compensation. Form 990 is also reviewed by the organization's executive management and independent advisors from a regional accounting firm.”

“Officers, trustees, and key employees are required annually to complete a statement disclosing all business and family relationships that could create a conflict of interest within the organization. All potential conflicts are reviewed by the trustees independent of the person concerned, and resolutions are voted preserving the organization's interests while the person with the potential or actual conflict is recused.”

“Compensation of the organization's officers is reviewed and authorized by the compensation committee, whose members are independent trustees also serving on the organization's finance committee. No persons with a conflict of interest with respect to compensation arrangements serve on the committee. A compensation consultant provides the group with data and recommendations including comparable compensation for qualified persons in comparable positions at similar institutions. Committee minutes, decisions, and compensation arrangements are all contemporaneously documented.”

“The organization's governing document is provided upon request. The organization's conflict of interest policy applicable to trustees is part of the organization's by-laws and is available upon request. The organization's audited financial statements are available to the public at the office of the attorney general of massachusetts, as filed annually with massachusetts form pc - report of public charities. Audited financial statements are also provided on request.”

“Certain officers of new england school of acupuncture ("nesa") received compensation from a related organization, mcphs university ("mcphs"). Because nesa was related to mcphs for only a portion of the tax year (a period of nine months), only the compensation paid or accrued by mcphs to these officers during that time period has been reported.”

“Loss on lease termination -619,233. Merger with mcphs -826,068.”