Spectrum Health Services Inc

“Form 990 review process: the form 990 is prepared by an independent accounting firm based on the audited financial statements and information provided by the accounting department of the organization. The 990 is reviewed with the cfo and ceo. The final 990 is provided to the full board prior to filing with the irs.”

“Monitoring compliance with conflict of interest policy: the purpose of the conflict of interest policy is to protect the corporation's interest when it is contemplating entering into a transaction or arrangement that might benefit the private interest of an officer or director of the corporation. Any director, officer, member of a committee with board delegated powers, employee or agent who has a direct or indirect financial interest is an interested person. An interested person has a duty to disclose any actual or possible conflicts of interest. They must disclose the existence of his/her financial interest and must be given the opportunity to disclose all material facts to the directors considering the proposed transaction or arrangement. Family and business relationships are expressly mentioned as potential sources of conflict. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the board meeting while the determination of a conflict of interest is discussed and voted upon. An interested person may make a presentation to the board, but after such presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement that results in the conflict of interest. If the board has reasonable cause to believe that an individual has failed to disclose actual or possible conflicts of interest, the board shall inform the individual of the basis for such belief and afford the member opportunity to explain. If the board determines that the individual has in fact failed to disclose, the board shall take appropriate disciplinary and corrective action.”

“Compensation determination: there is a salary compensation plan that is in place that is periodically reviewed and compared against comparable salary data at the regional and local levels by an outside consultant. The process: market pricing - the consultant uses job descriptions to match jobs to the external market. The consultant uses a mix of non-profit and for-profit data from regional and local salary surveys as well as health care data. The consultant searches for market data that matches the organization's positions and then abstracts salary data from the 25th, 50th and 75th percentile of the market for each position. This data is then used for salary structures. A comparison is made of the median market values to the midpoint of the current pay structures, which indicates where the position falls within the market. Ceo, cfo, directors, and key employee compensation was last reviewed and documented by the board in july 2020.”

“Document disclosure: the agency makes its governing documents, conflicts of interest policy, and financial statements available to the public upon request.”

“Professional fees: program service expenses 1,443,987. Management and general expenses 1,089,323. Fundraising expenses 0. Total expenses 2,533,310. Lab services: program service expenses 47,956. Management and general expenses 36,177. Fundraising expenses 0. Total expenses 84,133.”

“Change in value of interest rate swap 94,887.”