Virtua Health Inc

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

“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.”

“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 exists, the conflict is either mitigated, if possible, or the person is removed from the board.”

“Executive compensation is determined using market data and performance criteria. The compensation committee of the board, which is composed entirely of independent trustees with no conflicts of interest, reviews data from an independent human resources consulting firm, including benchmarks by job title, market trends, and competitive analysis. The committee establishes the salaries for the ceo and executive vice presidents. It also reviews and approves the salary recommendation by the ceo for all vice presidents. Each year the committee receives a reasonableness opinion confirming the appropriateness of the salary recommendations.”

“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 are also available through the repository websites emma (electronic municipal markey access system) and dac (digital assurance certification), or upon request.”

“No board member is paid for being a trustee, rather the compensation disclosed is related to the individuals' provision of services to the filing organization or a related organization.”

“Some officers and key employees devote 40 hours a week to virtua. 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 and key employees may vary.”

“Investment in virtua assurance -5,120,608. Split dollar investment 122,728. Net asset transfer - vmg -73,991,419. Net asset transfer - vhrcb -43,010. Net asset transfer - vhrcmh -36,956. Net asset transfer - cns -270,598. Net asset transfer - lcs -1,440,716. Net asset transfer - west jersey -209,692. Net asset transfer - memorial -34,881. Pension adjustment 7,640,946. Released from restrictions -4,141,103.”

“The organization has an audit and compliance committee to provide oversight of virtua health's financial, operational and compliance efforts with quarterly reports to the virtua health board of trustees. The committee reviews and approves financial information presented by the external auditors, internal audit plans, and systems of internal controls implemented by management. The committee is responsible for engaging external auditors. The committee also provides oversight of virtua health's compliance program.”