Holyoke Medical Center Inc

“Certain officers and directors of Holyoke Medical Center, Inc. are employed by a related tax-exempt organization with common officers and/or directors with the Medical Center. By virtue of this arrangement, certain individuals listed on this Form 990, Part VII have a business relationship with one another.”

“The sole member of Holyoke Medical Center is Valley Health Systems, Inc.”

“Valley Health Systems, Inc. elects the members of the governing body of Holyoke Medical Center, Inc. Valley Health Systems, Inc. also has the power to remove any member of the governing body, with or without cause, at any time by giving written notice to such governing body member.”

“Significant decisions of the governing body of Holyoke Medical Center, Inc. are subject to the approval of Valley Health Systems, Inc. as specified in the Organization's bylaws.”

“A copy of the Hospital's Form 990 was provided to each voting member of the governing body prior to its filing with the Internal Revenue Service. The Form 990 was prepared with the assistance of an independent public accounting firm and thoroughly reviewed by the Senior Vice President of Finance and CFO and key financial staff of the Hospital prior to distributing it to the governing body for review.”

“The conflict of interest policy of Holyoke Medical Center, Inc. (HMC) is monitored and enforced as part of the Valley Health Systems, Inc. System and is reviewed annually by the System's conflict of interest committee. HMC board members, officers, and key employees complete and sign a conflict of interest questionnaire annually. All signed questionnaires are then submitted to HMC and to Valley Health Systems, Inc. (parent) for review and monitoring.”

“The compensation committee of the Valley Health System, Inc. utilizes a market compensation survey to recommend to the Board the approval of its determination of the appropriate compensation of the Chief Executive Officer. During that process, the Committee also reviews the compensation levels of other senior management and key employees of the System. These individuals are not members of the compensation committee and do not participate in this process. The CEO, as a member of the Board of VHS, does not participate in the approval process of that officer's compensation.”

“The governing documents, conflict of interest policy, and financial statements of Valley Health Systems and Affiliates, which includes supplemental information of the filing entity, are available to the public upon request at the Organization's administrative office at 575 Beech Street, Holyoke, MA.”

“Holyoke Medical Center does not have a separate, formal joint venture policy. However, all joint venture arrangements and similar business agreements are subject to the review, approval, and oversight of the Organization's top management and operational officials, including the CEO and COO. The Organization's legal counsel also reviews all joint venture agreements or similar contracts to ensure the arrangements are in compliance with applicable law. Additionally, the Organization's CFO and Director of Financial Planning review any joint venture or similar activities closely and regularly. Accordingly, while there is no separate joint venture policy, any business arrangements that are similar in nature to a joint venture are thoroughly monitored and regularly reviewed to ensure that such activities are compliant with requisite laws and regulations, and that any such activities also contribute meaningfully to the Organization's ability to fulfill its charitable purpose.”

“Simon Ahtaridis, MD, and John Mazzucco, MD are listed on Form 990, Part VII as voting members of the Hospital's board of directors. In accordance with IRS instructions, each has reportable compensation and benefit information disclosed on Part VII. However, each person is a licensed, full-time physician-employee of the Hospital or one of its affiliates, and their compensation and benefits represents remuneration in their capacity as such. No part of their reportable compensation or benefits is paid in their capacity as board members of the Hospital.”

“All philanthropic and solicitation activity is carried out by Holyoke Medical Center affiliates. Therefore, no expenses have been allocated as fundraising expenses on Form 990, Part IX.”

“Net transfers (to)/from affiliates -1,210,000. Change in beneficial interest - VHS 586,357. Pension-related changes other than net periodic costs -2,774,233.”

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