Rumford Community Home Corporation

“Delegation of management: day-to-day operations are performed by a management company, under the direction of the board of directors.”

“Members of stockholders: the member of the corporation shall be central maine healthcare corporation, a corporation duly organized under the laws of the state of maine. The member has the right to approve the election of members of the board of directors, to remove members of the board of directors, to change the number of directors constituting the board of directors, to restate, amend or modify the articles of incorporation, to authorize the sale or other disposition of all or substantially all of the assets of the corporation, to develop and modify the annual operating budget, capital budget, and long range and strategic plans, and other rights as outlined in the bylaws of the corporation. In addition, the bylaws may be amended or repealed only by vote of the member in accordance with the bylaws.”

“Form 990 review process: all affiliated form 990's and applicable schedules are prepared by an independent public accounting firm in cooperation with the finance department. The completed returns are reviewed with the vice president of finance then with the cfo following that review; they are presented to committee of the central maine healthcare board of directors, which has representatives from all affiliated boards. Once this review is completed, any necessary changes are made and the final return is presented to its respective board.”

“Monitoring compliance with conflict of interest policy: officers and directors complete an annual conflict of interest statement which is reviewed by the chairman of the board and conforms to the conditions contained within the corporation's bylaws, which meet or exceed the current irs reporting thresholds. In areas of conflict by the chairman, the vice-chairman reviews. Additionally, as part of the annual form 990 preparation process, a separate questionnaire is provided, which includes distributions to key employees, covering reporting areas of loans, grants, business relationships, and other conflicts. These questionnaires are reviewed by the finance department for reportable items for the form 990. In the case of a possible conflict, the board would review the situation and take actions deemed appropriate for the possible or actual conflicts of members of the board or the executive officers. In the case of key employees, the review and actions taken would be performed by their direct supervisor.”

“Executive compensation policy: a standing executive compensation committee (ecc), comprised of independent members of board leadership, exists to undertake the process of determining compensation for the chief executive officer, chief financial officer, chief medical officer, president of central maine medical center, physician practice executive, president of rumford hospital, and president of bridgton hospital. The process guidelines and authority of the ecc are set out in the executive compensation philosophy and responsibilities charter which was approved by the cmhc board. The entire cmhc board participates in the annual performance evaluation of each executive, including a review of accomplishments relative to goals and objectives derived from the strategic plan. The ecc reviews the results of the annual performance evaluation and appropriate comparability data based on several factors recommended by an independent executive compensation consultant, who specializes in not-for-profit hospitals and health systems, and our attorneys. Factors used in determining comparability to the organization include size, geography, organizational complexity, facility type, ownership type, and any other factors deemed relevant by the committee, its consultants, or its attorneys. Using this information, the ecc annually reviews the executives' compensation to determine if modification to base salary is warranted, and reviews the executives' accomplishments to determine if any variable pay is to be awarded. The entire process is then documented contemporaneously with the decision-making process and approved thereafter in accordance with the requirements of the irs.”

“Public disclosure: the organization's governing documents and conflict of interest policy are available upon request in the organization's administrative offices. The financial statements of the organization are included in the most recently filed form 990 and provided, upon request, in that format unless the specific request deems a different format more appropriate.”

“Other changes in net assets: $ (2,289) net assets released from restrictions”