Holy Name Medical Center Foundation Inc

“Holy name medical center ("hnmc") is the sole member of this organization. Hnmc has the right to elect the members of this organization's board of trustees and has certain reserved powers as defined in this organization's bylaws.”

“The organization is an affiliate of and controlled by holy name medical center ("hnmc"). The organization's federal form 990 was provided to each voting member of the organization's governing body (its board of trustees) prior to the filing of the federal form 990 with the internal revenue service ("irs"). In addition the organization's audit committee assumed the responsibility to oversee and coordinate the federal form 990. As part of the organization's federal form 990 tax return preparation process the organization hired a professional cpa firm with experience and expertise in both healthcare and not-for-profit tax return preparation to prepare the federal form 990. The cpa firm's tax professionals worked closely with the organization's finance personnel including the chief financial officer, director of accounting and various other individuals to obtain the information needed in order to prepare a complete and accurate tax return. The cpa firm prepared a draft federal form 990 and furnished it to the organization's internal working group, including those individuals outlined above for their review. The organization's internal working group reviewed the draft federal form 990 and discussed questions and comments with the cpa firm. Revisions were made to the draft federal form 990 where necessary and a final draft was furnished by the cpa firm to the organization's internal working group for final review and approval. A meeting was also held to review the final draft of the federal form 990 with hnmc's audit committee for review and approval. Following this review the final federal form 990 was provided to each voting member of the organization's governing body prior to the filing of the tax return with the irs.”

“The organization is an affiliate of and controlled by holy name medical center ("hnmc"). The organization regularly monitors and enforces compliance with its conflict of interest policy. Annually all members of the board of trustees, officers and senior management personnel are required to review the existing conflict of interest policy and complete a questionnaire. The completed questionnaires are returned to the organization and the organization's chief compliance officer for review. Thereafter the organization's chief compliance officer prepares a summary of the completed questionnaires which contains information disclosed on an individual by individual basis. Thereafter, the organization's chief compliance officer presents this summary to the organization's governance committee for its review and discussion.”

“The organization is an affiliate of and controlled by holy name medical center ("hnmc"). Hnmc's board of trustees has an executive compensation committee ("committee"). The committee has adopted a written executive compensation philosophy which it follows when it reviews and approves of the compensation and benefits of hnmc's senior management, including the president/chief executive officer, executive vice president/chief financial officer and vice president of patient care services. Certain hnmc senior management personnel, including the president/chief executive offcier and executive vice president/chief financial officer also serve as officers of this organization. The committee reviews the "total compensation" of the individuals which is intended to include both current and deferred compensation and all employee benefits, both qualified and non-qualified. The committee's review is done on at least an annual basis and ensures that the "total compensation" of senior management of the organization is reasonable. The actions taken by the committee enable the organization to receive the rebuttable presumption of reasonableness for purposes of internal revenue code section 4958 with respect to the total compensation of certain members of the senior management team, including the president/chief executive officer, executive vice president/chief financial officer and vice president of patient care services. The three factors which must be satisfied in order to receive the rebuttable presumption of reasonableness are the following: 1. The compensation arrangement is approved in advance by an "authorized body" of the applicable tax-exempt organization which is composed entirely of individuals who do not have a "conflict of interest" with respect to the compensation arrangement; 2. The authorized body obtained and relied upon "appropriate data as to comparability" prior to making its determination; and 3. The authorized body "adequately documented the basis for its determination" concurrently with making that determination. The committee is comprised of members of the board of trustees each of who are independent and are free from any conflicts of interest. The committee relied upon appropriate comparable data; specifically the committee obtained a written compensation study from an independent firm which specializes in the reviewing of hospital and healthcare system executive compensation and benefits throughout the united states. This study used comparable geographic and demographic market data including but not limited to similar sized hospitals, # of licensed beds and net patient service revenue. The committee adequately documented its basis for its determination through the timely preparation of written minutes of the compensation committee meetings during which the executive compensation and benefits was reviewed and subsequently approved. The actions outlined above with respect to the committee and the establishment of the rebuttable presumption of reasonableness only applies to certain senior management personnel, including but not limited to the president/chief executive officer, executive vice president/chief financial officer and vice president of patient care services. The compensation and benefits of certain other individuals contained in this form 990 are reviewed annually by the president/chief executive officer with assistance from the organization's human resources department in conjunction with the individual's job performance during the year and is based upon other objective factors designed to ensure that reasonable and fair market value compensation is paid by the organization. Other objective factors include market survey data for comparable positions, individual goals and objectives, personnel reviews, evaluations, self-evaluations and performance feedback meetings.”

“The organization's filed certificate of incorporation and any amendments can be obtained and reviewed through the state of new jersey department of the treasury.”

“Part vii and schedule j reflect certain board members and officers receiving compensation and benefits from a related organization. Please note this remuneration was for services rendered as full-time employees of the related organization; not for services rendered as a voting member or officer of the organization's board of trustees.”

“Certain board of trustee members, officers and/or directors listed on core form, part vii and schedule j of this form 990 may hold similar positions with both this organization and other related affiliates. The hours shown on this form 990 for board members who receive no compensation for services rendered in a non-board capacity, represents the estimated hours devoted per week for this organization. To the extent these individuals serve as a member of the board of trustees of other related organizations, their respective hours per week per organization are approximately one hour. The hours reflected on part vii of this form 990, for board members who receive compensation for services rendered in a non-board capacity, paid officers and key employees, reflect total hours worked per week on behalf of all related organizations and this organization, in total.”

“Other changes in net assets or fund balances include: - net assets released from restriction for operations; temporarily restricted - ($1,206,278)”

“An independent cpa firm audited the consolidated financial statements of holy name medical center, inc. And affiliates, for the years ended december 31, 2013 and december 31, 2012; respectively. The audited consolidated financial statements contains consolidating schedules on an entity by entity basis. The independent cpa firm issued an unqualified opinion with respect to the consolidated audited financial statements. Holy name medical center's audit committee assumes responsibility for the audited financial statements and the selection of an independent auditor.”