Virtua Health Foundation Inc

“In connection with the coordinated approach of the entities as a health care system all account payable transactions are conducted by virtua-west jersey health system, inc. (21-0634532).”

“Virtua health, inc. Is the sole corporate member.”

“The governance committee of the board of trustees makes recommendations for new membership and the virtua health, inc. Board of trustees gives the final approval.”

“The chairs of the various committees of virtua health foundation, inc. Present their recommendations on significant matters to the full virtua health, inc. Board of trustees for their approval.”

“The form 990 is reviewed by in-house counsel, external tax consultants, and the board of trustees. A final copy of form 990 is provided to the board prior to filing.”

“Virtua health foundation inc, adopts the policies of virtua health inc. Regarding monitoring and enforcing a conflict-of-interest policy. Virtua health foundation requires each trustee, officer, key employee and member of a committee with board-delegated powers shall annually sign a statement in which they agree to comply with the conflict-of-interest policy. The board of trustees is responsible for ensuring that periodic reviews of operations are conducted so that the organization operates in a manner consistent with its charitable purposes and does not engage in activities that could jeopardize its status as an organization exempt from federal income tax. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of his or her financial interest and must be given the opportunity to disclose all material facts to the trustees and members of committees with board-delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining trustees or committee members shall decide if a conflict of interest exists. If it is determined that one does exist, the conflict is either mitigated, if possible, or the person is removed from the board.”

“Virtua health foundation inc, engages virtua health, inc. For management services and does not have employees. The executives receive compensation from virtua health, inc. (ein 22-3524939), a related entity. See schedule j, part iii (reference to schedule j, part i, line 3) for a description of the manner in which virtua health, inc. Utilizes to determine the compensation paid to the executives.”

“Virtua complies with legal requirements relative to making available its governing documents and conflict of interest policy. Financial statements are posted on the virtua health website at https://www.virtua.org/about/financial-information and also are available through the repository websites emma (electronic municipal market access system) and dac (digital assurance certification), or upon request.”

“One or more of the officers, directors, trustees, and key employees in the filing organization's part vii had transactions related to the "collateral assignment split dollar" (casd) program offered by virtua health. All transactions related to this program were between the individual and virtua health, inc. Ein 22-3524939, therefore, all part x and schedule l reporting related to these transactions are reported on virtua health's return. No board member is paid for being a trustee, rather the compensation disclosed is related to the individuals' provision of services to a related organization.”

“Each officer is compensated by virtua health, inc. (ein 22-3524939) or virtua medical group, p.a. (ein 27-1348772), which are related organizations. Some officers devote 40 hours a week to related organizations. The amount of time devoted to related organizations is dependent upon their involvement in those organizations. As a result, the total average hours per week for each officer may vary.”

“Trustee and officer changes anthony g. Sauerwein, md was listed as a trustee in 2023. He did not serve as a trustee in 2024. He will be reported as "former" on form 990 for the required five-year disclosure period. Key employee designation in prior years, virtua health foundation, inc. Determined the individuals that the form 990 would list as key employees from a global health system perspective, not on an entity-by-entity basis. Virtua health foundation, inc. Then proceeded to present some of those individuals as key employees on numerous forms 990. In 2023, more in accordance with the form 990 instructions, virtua health foundation, inc. Determined which individuals met the definition of key employee on an entity-by-entity basis for the entity they are employed by and only those individuals are presented in part vii as key employee. Virtua health foundation, inc. Will present the "former key employees" on the various forms 990 for the required five years. Sarah fawcett-lee was listed as a key employee in 2022.”

“Virtua foundation is the resource development arm of virtua, a non-profit healthcare system providing the best care for families across south jersey. The foundation serves to enhance virtua's mission through the development of philanthropic resources and the support of community health education and outreach.”

“The financial statements of virtua health foundation, inc. Include permanent endowment funds that are held by the related organziation virtua-memorial hospital burlington county, inc. (21-0634562). See also schedule d, part xiii for details.”

“Change in value mcdonnell unitrust 15,730. Major gift write- offs 1,375.”