Hendrick Medical Center Foundation

“The hendrick medical center board of trustees has the authority to approve and remove members of the organization's governing board.”

“Foundation board members elected are subject to approval by the board of trustees of the hospital and may be removed at any time for any reason by said board.”

“The organization engages an outside accounting firm to prepare form 990. Once prepared, the form is reviewed by the organization's internal accountants and administrative management prior to filing.”

“The organization sends out a conflict of interest questionnaire annually to all trustees of the board and to the executive employees. The questionnaires are reviewed by our outside auditors prior to the annual audit and by the organization's director of compliance to identify possible conflicts of interest and other financial relationships under the conflict of interest policy.”

“A comprehensive review of compensation was conducted in fall of 2023 by gallagher benefit services, inc., an independent party. It is our policy to conduct such a review every three years. This report presents the results of the analysis of salary, incentive, total cash compensation (salary plus incentive), benefits, and total compensation (total cash and benefits). Integrated healthcare strategies (ihs) works with the personnel committee to formally define an executive total compensation philosophy. Hendrick health system's current philosophy is to use ranges built around the median of the market with a 50% spread from minimum to maximum. Incentive opportunity levels are competitive with practices of peer groups and benefits will be delivered at market competitive levels. Severance and perquisites reflect a conservative philosophy. The committee determined that the peer group would be primarily regional not for-profit hospitals of similar size and complexity. National peer group will be used for reference purposes where appropriate. The hendrick health system personnel committee is delegated the responsibility for the executive compensation program by the board of trustees. The committee: sets the overall executive compensation philosophy to be implemented by hendrick reviews, discusses and makes decisions based on the president and ceo's recommendations for his direct reports; reports a summary of the process back to the board of trustees along with the actual compensation approved for the president and ceo; and approves all incentive goals and awards.”

“A comprehensive review of compensation is conducted by an independent party at least every three years.”

“Per our bond covenants financial information is posted quarterly via the electronic municipal market access system (emma) website. All other documentation is available upon request.”

“Annuity valuation adjustment - 88363; equity contribution from hmc - -7778936; net assets released from restrictions - -665856;”