Wordsworth Academy

“The affiliation between the organization and phmc creates a "membership model" whereby phmc is the sole member of its affiliates.”

“Per the affiliation agreement between the organization and phmc, phmc has the authority to elect and remove affiliate board members.”

“Per the affiliation agreement between the organization and phmc, phmc has the authority to elect and remove affiliate board members.”

“Phmc integrated's board of directors is responsible for the organizations oversight as related to financial reporting process. The board will review and approve the organization's audit and form 990 tax return. The board will review with management and independent auditors all matters required to be communicated to the board under gaas including audit findings and comments and form 990 concerns, if any.”

“Phmc integrated has a conflict of interest policy to include directors, officers, executive director, and key management employees. Such individuals, as described above, must disclose actual or potential conflicts of interest by completing an annual conflict of interest statement and disclosure form, and must update the disclosure form on an ongoing basis as any new activities or relationships arise. The policy extends to the individual's immediate family members (spouse, partner, siblings, parents and children), if an actual or potential conflict arises, the matter is discussed at the appropriate board level. The board or designated committee shall review each conflict within one month to determine if a conflict exists. If a conflict exists, the interested party must abstain from participating in discussion or decision-making on this matter. The minutes of the board shall record the names of the persons who were found to have an actual or potential conflict of interest, the nature of the conflict, follow up, and boards decision as to whether a conflict of interest in fact existed. The minutes will also record the board vote and persons who abstained and any alternative to the proposed transaction or arrangement. Intentional violation of this policy constitutes cause for termination or removal.”

“Phmc has developed an executive management compensation policy to ensure that phmc and affiliates' ceo and top management compensation levels are reasonable and comparable with similar organizations. On a periodic basis, phmc hires an independent executive compensation consultant to assess phmc's pay competitiveness, with the objective that phmc compensation should be at or approaching median salary for comparable nonprofit organizations. This study is reviewed and approved by phmc personnel committee and board of directors, and the review process is included as part of the personnel committee minutes. Phmc maintains a formal compensation program and pay philosophy for affiliates' executive and program directors and other employees. This policy sets salary at approximately the median or 50th percentile of salary levels maintained by other organizations with whom phmc regularly competes. The structure consists of a series of pay grades and salary ranges all defined by a midpoint, minimum and maximum.”

“Phmc integrated makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

“Reorganization expense -143,422. Bad debt expense -298,254.”