Umass Chan Medical School Foundation Inc

“The filing organization has no independent members of the governing body because members of the governing body are compensated by a related organization.”

“JOHN R. HAYES JR., TREASURER & CLERK, AND MICHAEL F. COLLINS, M.D., PRESIDENT /CHIEF EXECUTIVE OFFICER, ARE COMPENSATED BY THE UNIVERSITY OF MASSACHUSETTS, A RELATED ORGANIZATION OF THE UMASS CHAN MEDICAL SCHOOL FOUNDATION, INC. - Business relationship”

“There are no sub committees with authority to act on behalf of the governing body.”

“Once the umass chan medical school foundation, inc.'s form 990 is completed, it is reviewed by umass chan medical school's advancement and financial management teams. The completed form 990 is provided to all members of the board of directors prior to the form being filed with the irs.”

“Monitoring and dealing with potential or actual conflicts the umass chan medical school foundation, inc. (the foundation) adopts the policies of the umass chan medical school ("umass chan") including a conflict of interest policy. Individuals covered under the umass chan conflict of interest policy have an affirmative duty to disclose the existence or possibility of a conflict of interest and shall be given the opportunity to disclose all material facts to the umass chan conflicts committee. The umass chan conflict of interest policy provides that annually, each covered person shall sign a statement affirming that such person received a copy of the conflict of interest policy, read and understands the policy and agrees to comply with the policy. The signed statement affirms that the person understands the foundation is a charitable organization and that in order to maintain its tax-exempt status, the foundation must engage in activities which accomplish one or more of its tax-exempt purposes. Who is covered the conflict of interest policy covers all directors, officers, members of committees with board delegated powers, persons serving in senior staff positions, and any other person who is in a position to exercise substantial influence over the affairs of any of the organization or any of its affiliates. Level at which determinations of conflict are made and which actual conflicts are reviewed the umass chan conflicts committee is responsible for determining if a conflict of interest exists and evaluating whether the organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a transaction that would not give rise to a conflict of interest. The conflicts committee reports its findings to the umass board of directors who are responsible for making a final determination on the conflict. Restrictions on conflicted persons all covered persons are restricted from entering into a transaction without disclosing the actual or potential conflict to the umass chan conflict committee and obtaining approval of the board of directors. Covered persons with a conflict must leave the room when transactions giving rise to the conflict are under discussion by the board of directors.”

“The umass chan medical school foundation, inc. Makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“The umass chan medical school foundation, inc. (the foundation) is organized and operated exclusively for charitable purposes within the meaning of section 501(c)(3) of the internal revenue code of 1986, as amended, to receive and distribute charitable gifts and to provide advice and assistance to the advancement office of the university of massachusetts worcester, particularly with respect to fundraising and philanthropic activities intended to benefit the umass chan medical school (umass chan), the university of massachusetts foundation, inc (umf), and any or all of its non-profit subsidiaries and affiliates, and to carry on any other activity that may be lawfully carried on by a corporation formed under chapter 180 of massachusetts general laws and which is not inconsistent with the corporation's qualification as an organization described in section 501(c)(3) of the internal revenue code. On november 14, 2019, the university of massachusetts, acting by and through its university of massachusetts chan medical school (umass chan) and umass memorial healthcare inc., (umass memorial) entered into an agreement to amend certain provisions, terms and conditions of the existing umass memorial foundation, inc. Agreement, and the organization's name was subsequently changed to the umass chan medical school foundation, inc. As a result, commencing on january 1, 2020 and continuing through december 31, 2029, the foundation no longer receives or administers charitable gifts on behalf of umass memorial, nor does it provide fundraising and philanthropic advice and assistance to umass memorial.”

“The umass chan medical school foundation, inc. (the foundation) receives and distributes charitable gifts and provides advice and assistance to the advancement office of the university of massachusetts worcester, particularly with respect to fundraising and philanthropic activities intended to benefit the umass chan medical school (umass chan), the university of massachusetts foundation, inc, (umf), and any or all of its non-profit subsidiaries and affiliates. On november 14, 2019, the university of massachusetts, acting by and through its university of massachusetts chan medical school (umass chan) and umass memorial healthcare inc., (umass memorial) entered into an agreement to amend certain provisions, terms and conditions of the existing umass memorial foundation, inc. Agreement, and the organization's name was subsequently changed to the umass chan medical school foundation, inc. As a result, commencing on january 1, 2020 and continuing through december 31, 2029, the foundation no longer receives or administers charitable gifts on behalf of umass memorial, nor does it provide fundraising and philanthropic advice and assistance to umass memorial. Accounting and treasury services and space are donated by umass chan medical school. Total donated services and space received were $646,234.”