Southcoast Ventures Inc

“Certain officers and trustees of scv are officers and trustees of related organizations. Individuals with reportable compensation from related organizations in part vii, section a, column (e) are employees of related organizations.”

“Scv's parent corporation, southcoast health system, inc. (shs), serves as the sole corporate member or sole corporate stockholder of each of its affiliates.”

“Scv's parent corporation, shs, elects the trustees of directors of each affiliate and with respect to certain of the affiliates, exercises specified reserved powers and is governed by a board of trustees.”

“The role of the shs board is to maintain a system perspective with a regional emphasis and a broad focus across all activities in the organization. Primary functions of the shs board include strategic planning, network growth and development, and overall fiscal responsibilities. Each affiliate board is expected to focus on its own activities addressing community needs with its scope of services.”

“The governing board of shs reviews form 990 and all of its related schedules prior to filing. The review is performed by the governing board as it provides oversight for compensation and conflict of interest matters on its own behalf and on behalf of its affiliates on a system wide basis. A complete copy of the 990 and its schedules are posted to the shs board website portal for all board members to review, make inquireies and have any adjustments made prior to filing.”

“Shs has conflict of interest, legal compliance, and code of conduct policies that apply to all trustees, officers, directors, and employees (referred to as "members"), on an annual basis, each member will complete the conflict of interest questionnaire which affirms that each person has: (1) received a copy of the policy, (2) read and understand the policy, (3) agreed to comply with the policy, and (4) understand that the system entities are charitable organizations and that to maintain their federal tax exemption, such entities must engage primarily in activities which accomplish one or more of its tax-exempt purposes. To ensure the system operates in a manner consistent with its charitable purposes, does not engage in activities that could jeopardize its status as an organization exempt from federal taxation, and in connection with its compliance program, system's management shall conduct periodic reviews of the conflict of interest policy and the operation and application of it. Members shall disclose any interest or activities in which they are involved or become involved that do result, or may appear to result in a conflict of interest or potential conflict of interest and shall comply with, and make all required disclosures under the conflict of interest policy prior to commencing, continuing, or consummating any activity or transaction which raises a conflict of interest or potential conflict of interest. Each member is under an ongoing duty to update and keep current information contained in their questionnaire at least annually, or as necessary based on disclosures. The general counsel will summarize and report all disclosures to the president and ceo and the chairman of the board of trustees (or his/her designee). Upon disclosure of financial or non-financial interests ("interests") and all material facts related thereto by member or an interested person, the chair of the system's governance committee shall determine in conjunction with the general counsel whether a conflict of interest exists. The governance committee can continue to discuss the issue with the member or interested person to clarify or obtain additional information. However, before the governance committee discusses or determines whether the member or other interested persons interest constitute a conflict of interest, the member or interested person must leave the meeting. In the event the interest involves the chair or ceo, the remaining governance committee members shall appoint one or more disinterested trustees to make such a determination. Once the determination of the conflict of interest is made by the governance committee, such determination, along with appropriate mitigation plans, will be submitted by the governance committee for review and approval. If any board or board committee has reasonable cause to believe that a member has failed to disclose an actual conflict of interest or a potential conflict of interest, it shall inform such person of the basis for such belief and afford such a member an opportunity to explain the alleged failure to disclose it. If, after hearing the response of such person and making further inquiry or investigation as warranted by the circumstances, the board or board committee determines that such person has in fact failed to disclose an actual conflict of interest or a potential conflict of interest, the appropriate disciplinary and corrective action shall be taken.”

“Scv does not have any employees. Compensation for the scv president and ceo was established by southcoast hospitals group, inc. (shg), a related entity. Compensation for all vice presidents and higher level executives who may serve as officers and directors is established using the following procedures: (1) review and approval by the compensation committee of shs, without the involvement of persons with a conflict of interest with respect to the compensation arrangement at issue, (2) use of data as to comparable compensation for similarly qualified persons in functional comparable positions at similarly situated organizations. The compensation committee engaged the services of an independent human resource consulting firm ("consultant") to provide updated compensation data and assess the reasonableness of the total compensation provided to shs' executives. This included relevant competitive market practice information for the northeast region market obtained from two healthcare executive compensation surveys that were prepared by independent firms. The consultant also compiled national market data from three commercially available healthcare executive compensation surveys prepared by independent firms, and (3) contemporaneous documentation and record keeping with respect to deliberations and decisions regarding the compensation arrangement.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Trustees and officers are compensated for their roles outside of their capacity as trustees and officers.”

“Financial results for southcoast ventures, inc. (scv) are included in the southcoast health system, inc. And affiliates consolidated financial statements as of and for the years ended september 30, 2024, and 2023 which were issued with an independent auditor's report with an unqualified audit opinion. Included in these audited financial statements is supplemental consolidated information for the year ended september 30, 2024. No stand alone audited financial statements were issued for scv for the year ended september 30, 2024.”

“Financial results for southcoast ventures, inc. (scv) are included in the southcoast health system, inc. And affiliates consolidated financial statements as of and for the years ended september 30, 2024, and 2023 which were issued with an independent auditor's report with an unqualified audit opinion. Included in these audited financial statements is supplemental consolidated information for the year ended september 30, 2024. No stand alone audited financial statements were issued for scv for the year ended september 30, 2024.”