Akron Children'S Hospital Foundation

“The board of directors of children's hospital medical center of akron ("chmca") is the sole member of akron children's hospital foundation.”

“Chmca is the parent company of akron children's hospital foundation and chmca's board of directors has the right to elect or appoint members of the organization's governing body.”

“Subject to consultation with the board, the member shall have final decision-making authority with respect to the following corporate powers and responsibilities: (a) to approve amendments to the articles and regulations; (b) to approve, appoint or remove a member of the board with or without cause in accordance with the procedures set forth herein; (c) to approve the mission and philosophy according to which the corporation and all organizations controlled by the corporation shall operate and to approve any major fundraising initiatives and policies and conflict of interest policies to be adopted by the corporation; (d) to approve the annual budget and any consolidated operating, capital, and construction budgets for the corporation or any organization controlled by the corporation and changes in the budgets in excess of an amount established from time to time by the member; (e) to authorize and approve the incurrence of debt by the corporation or any organization controlled by the corporation (other than debt incurred for the acquisition of goods that are acquired in the ordinary course of business) and to grant any security interests, place any encumbrances, enter into any covenants, and execute any documents and take any actions necessary or appropriate in connection with the incurrence of such debt; (f) to approve contracts in which the corporation assumes financial risk in excess of an amount established from time to time by the member or with a term greater than one (1) year, including but not limited to managed care contracts; to approve the compliance plan, compliance policies, and any actions, changes in activities and decisions regarding compliance issues of the corporation; to approve the risk management and insurance programs and policies of corporation; and to approve contracts in excess of an amount established from time to time by the member or with a term greater than one (1) year; (g) to approve the creation, ownership or acquisition of or affiliation with, any other organization by the corporation; (h) to approve the overall strategic and long range goals and objectives of the corporation or any organization controlled by the corporation; (i) to appoint or remove the chair, vice chair, president, secretary, assistant secretary, treasurer, assistant treasurer or executive director of the corporation or any organization controlled by the corporation, in consultation with the board; (j) to merge, dissolve, or abandon the corporation or any organization controlled by the corporation; (k) to approve the lease or sale of any of the assets of the corporation or any organization controlled by the corporation in excess of an amount established from time to time by the member, and to approve the purchase or sale of any real estate; (l) to receive any funding from affiliated entities or disbursements to affiliated or other third parties; and (m) to approve the entering into, renewal, dispute resolution or termination of any agreements between the corporation and any entity which is affiliated with the corporation, or any entity owned in whole or in part by any physician employed by the corporation, including leases, management services and independent contractor relationships.”

“The form 990 is provided to the enterprise risk and compliance committee of chmca for review and discussion prior to filing the return with the internal revenue service. The enterprise risk and compliance committee is a committee of the board of directors and empowered to complete the review on behalf of the board of directors. A full copy of the 990 is provided to all foundation board members prior to filing.”

“The policies and procedures of akron children's hospital foundation are administered by chmca. It is chmca's policy that all board members disclose real or apparent conflicts of interest as a condition of employment. Chmca also requires that each board member disclose in writing, annually, a list of all businesses or other organizations in which he/she (or an immediate family member) is an officer, member, owner, shareholder, trustee or employee for which he/ she acts as an agent or might reasonably in the future enter into a relationship or transaction in which the employee could have a duality of interest. If a situation arises in which there is a duality of interest, and as such, potential for a conflict of interest, it is the primary responsibility of the individual directly involved to make immediate and complete disclosure to the appropriate supervisor. The chief human resources officer shall review all disclosure statements and forward those with recommendations to the chief legal officer. The chief legal officer refers selected issues or matters for consultation to the enterprise risk and compliance committee of the board. Additionally, annually, all members, directors, officers, board committee members and key employees of chmca and the foundation directors and officers must annually disclose their conflicts on the conflict of interest/ dual interest disclosure statement in accordance with the employee conflict of interest policy which applies to all employees of chmca and its subsidiaries, including the foundation.”

“Achf relies on the related organization, children's hospital medical center of akron, to establish the top management official's compensation.”

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

“Achf has made investments in limited liability or limited partner organizations on a limited basis, all joint ventures are reviewed to ensure exemption is not at risk.”

“Akron children's hospital processes all accounts payable through one pay company, this includes all fundraising expenses paid on behalf of the foundation.”

“Akron children's hospital foundation is part of the obligated group regarding the outstanding bond issues of children's hospital medical center of akron and therefore liable for servicing the debt and other obligations.”

“Transfers to hospital 934,865.”

“Achf through its parent company "chmca" has an enterprise risk and compliance committee that assumes the responsibility for oversight of the audit, review, or compilation of its financial statements and selection of an independent accountant. The process has not changed from prior year.”

“Akron children's hospital processes all accounts payable through one pay company. All 1099 forms for akron children's hospital foundation are filed under the children's hospital medical center of akron (fein: 34-0714357).”