Mercy Ships International

“The Board of Directors of Mercy Ships International, a Texas nonprofit corporation shall appoint Directors from among nominees by a voice vote or written ballot.”

“The organization's Form 990 was prepared by an independent CPA firm and reviewed in detail by the Chief Financial Officer. The 990 was then provided electronically to all members of the board for their review and comment. Board members were then given at least one week to review the Form 990 and send comments to the Chief Financial Officer. After all comments and questions were addressed, the 990 was filed with the IRS.”

“Board members and senior staff including officers are required to complete a Conflicts of Interest Questionnaire on an annual basis. Disclosures are required to be updated with potential conflicts as they become known throughout the year. The signed Questionnaires are reviewed by the Audit and Finance Committee. If a conflict is identified by management or by the board, the person with a conflict recuses themselves from the decision-making process, and the board votes on whether or not to engage in the transaction, based on whether it is in the best interests of Mercy Ships.”

“The Mercy Ships Board of Directors establishes the compensation of the organization's top management. A compensation committee comprised of independent top management personnel reviews and approves all other compensation. Comparability data is used annually and the decisions rearched are documented in both the minutes of the board and committee and individual personnel files.”

“Mercy Ships makes its governing documents, conflict of interest policy, and financial statements available for public inspection at the International Support Center during regular business hours. Documents are also made available upon written request.”

“The board of directors may elect three or more persons from among its members to serve as an Executive Committee. The chairman of this committee shall be the chairman of the board of directors. The Executive Committee shall have and exercise the authority of the board of directors between meetings of the board of directors, as prescribed by the board, to supervise the affairs of the corporation, regulate its internal economy, approve expenditures and commitments, and act for and carry out the established policies of the corporation. All actions taken by the Executive Committee shall be reported to the board of directors at the meeting of the board next succeeding such action.”

“Chief Medical Officer Dr. Gary Parker, like other long-term crew members, is responsible for raising his own personal funding to support his full-time professional services on a hospital ship.”

“In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 12/31/2018. To date, Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $ 54,822,941 Line 29 - Net assets with donor restrictions $ 61,155,193 Total net assets $115,978,134”

“Unrealized Loss on Foreign Currency Translation -495,585.”

“The audit and finance committee of the board of directors is responsible for overseeing the audit and selecting the independent accounting firm. This process has not changed from the previous year.”