Richmond Medical Center Foundation Inc

“Richmond medical center d/b/a richmond university medical center ("richmond university medical center") is the sole member of this organization. Richmond university medical center has the right to elect the members of this organization's board of directors and has certain reserved powers as defined in this organization's bylaws.”

“THE ORGANIZATION IS AN AFFILIATE WITHIN RICHMOND MEDICAL CENTER D/B/A RICHMOND UNIVERSITY MEDICAL CENTER ("RICHMOND UNIVERSITY MEDICAL CENTER") AND AFFILIATES; A TAX-EXEMPT INTEGRATED HEALTHCARE DELIVERY SYSTEM ("SYSTEM"). THIS ORGANIZATION'S BOARD OF DIRECTORS HAS A FINANCE COMMITTEE ("COMMITTEE"). THIS ORGANIZATION'S FEDERAL FORM 990 WAS PROVIDED TO EACH MEMBER OF THE ORGANIZATION'S FINANCE COMMITTEE FOR REVIEW AND THEREAFTER APPROVAL BY THE MEMBERS AT THE COMMITTEE MEETING. SUBSEQUENTLY, THE ORGANIZATION'S 990 WAS PROVIDED TO EACH VOTING MEMBER OF THE ORGANIZATION'S BOARD OF DIRECTORS, PRIOR TO FILING WITH THE IRS. THE ORGANIZATION'S FINANCE COMMITTEE HAS ASSUMED THE RESPONSIBILITY TO OVERSEE AND COORDINATE THE FEDERAL FORM 990 PREPARATION, REVIEW AND FILING PROCESS FOR THIS ORGANIZATION. AS PART OF THE ORGANIZATION'S FEDERAL FORM 990 TAX RETURN PREPARATION PROCESS THE SYSTEM HIRED A PROFESSIONAL CERTIFIED PUBLIC ACCOUNTING ("CPA") FIRM WITH EXPERIENCE AND EXPERTISE IN BOTH HEALTHCARE AND NOT-FOR-PROFIT TAX RETURN PREPARATION TO PREPARE THE FEDERAL FORM 990. THE CPA FIRM'S TAX PROFESSIONALS WORKED CLOSELY WITH THE SYSTEM'S FINANCE PERSONNEL AND SYSTEM INDIVIDUALS INCLUDING executive VICE PRESIDENT/CHIEF FINANCIAL OFFICER, SENIOR VICE PRESIDENT, LEGAL AFFAIRS & RISK MANAGEMENT, GENERAL COUNSEL & CHIEF COMPLIANCE OFFICER, VICE PRESIDENT, FISCAL AFFAIRS & ACCOUNTING, AND VARIOUS OTHER SYSTEM INDIVIDUALS ("INTERNAL WORKING GROUP") TO OBTAIN THE INFORMATION NEEDED IN ORDER TO PREPARE A COMPLETE AND ACCURATE TAX RETURN. THE CPA FIRM PREPARED A DRAFT FEDERAL FORM 990 AND FURNISHED IT TO THE INTERNAL WORKING GROUP FOR REVIEW. THE INTERNAL WORKING GROUP REVIEWED THE DRAFT FEDERAL FORM 990 AND DISCUSSED QUESTIONS AND COMMENTS WITH THE CPA FIRM. REVISIONS WERE MADE TO THE DRAFT FEDERAL FORM 990 WHERE NECESSARY AND A FINAL DRAFT WAS FURNISHED BY THE CPA FIRM TO THE INTERNAL WORKING GROUP FOR FINAL REVIEW AND APPROVAL. FOLLOWING THIS REVIEW, THE FORM 990 WAS THEN PRESENTED TO THE ORGANIZATION'S TREASURER AND PROVIDED TO THE ORGANIZATION'S FINANCE COMMITTEE AND GOVERNING BODY PRIOR TO FILING WITH THE IRS.”

“A board member with a conflict of interest will abstain from voting on the matter and will be excused from the portion of the meeting where the matter is discussed. The organization is in the process of coordinating the preparation and distribution of its conflict of interest policy and questionnaire for completion by each member of its board of directors.”

“The organization is an affiliate within richmond medical center d/b/a richmond university medical center ("richmond university medical center") and affiliates; a tax-exempt integrated healthcare delivery system ("system"). Richmond university medical center's governing body, its board of trustees, has a compensation committee ("committee"). The committee has adopted a written executive compensation philosophy which it follows when it reviews and approves the compensation and benefits of all employees specified as having a substantial influence over the organization ("executive leadership"). The committee reviews the "total compensation" of these individuals which is intended to include both current and deferred compensation and all employee benefits, both qualified and non-qualified. The committee's review is done on at least an annual basis and ensures that the "total compensation" of executive leadership personnel is reasonable. The actions taken by the committee enable the organization to receive the rebuttable presumption of reasonableness for purposes of internal revenue code section 4958 with respect to the total compensation of certain members of the executive leadership team. The three factors which must be satisfied in order to receive the rebuttable presumption of reasonableness are the following: 1. The compensation arrangement is approved in advance by an "authorized body" of the applicable tax-exempt organization which is composed entirely of individuals who do not have a "conflict of interest" with respect to the compensation arrangement; 2. The authorized body obtained and relied upon "appropriate data as to comparability" prior to making its determination; and 3. The authorized body "adequately documented the basis for its determination" concurrently with making that determination. The committee is comprised of members of the organization's board of trustees each of whom are independent and are free from any conflicts of interest. The committee relied upon appropriate comparable data; specifically, the committee obtained a written compensation study from an independent firm which specializes in the reviewing of hospital and healthcare system executive compensation and benefits throughout the united states. This study used comparable geographic and demographic market data including but not limited to similar sized hospitals, # of licensed beds and net patient service revenue. The committee adequately documented its basis for its determination through the timely preparation of written minutes of the compensation committee meetings during which the executive compensation and benefits was reviewed and subsequently approved. The actions outlined above with respect to the committee and the establishment of the rebuttable presumption of reasonableness only applies to certain senior management personnel. The compensation and benefits of certain other individuals contained in this form 990 are reviewed annually by the president/chief executive officer with assistance from the system's human resources department. In conjunction with the individual's job performance during the year, compensation is based upon other objective factors designed to ensure that reasonable and fair market value compensation is paid. Other objective factors include market survey data for comparable positions, individual goals and objectives, personnel reviews, evaluations, self-evaluations, and performance feedback meetings.”

“The organization's filed certificate of incorporation and any amendments can be obtained and reviewed through the state of new york department of the treasury. In addition, the organization will make its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Core form, part vii and schedule j reflect certain board members and officers receiving compensation and benefits from a related organization. Please note this remuneration was for services rendered as full-time employees of the organization or a related organization and not for services rendered as a voting member or officer of this organization's board of directors.”

“The organization is an affiliate within richmond medical center d/b/a richmond university medical center ("richmond university medical center") and affiliates; a tax-exempt integrated healthcare delivery system ("system"). Certain board of director members and officers listed within core form, part vii and schedule j of this form 990 may hold similar positions with both this organization and other affiliates within the system. The hours shown on this form 990, for board members who receive no compensation for services rendered in a non-board capacity, represent the estimated hours devoted per week for this organization. To the extent these individuals serve as a member of the board of trustees of other related organizations in the system, their respective hours per week per organization are approximately the same as reflected in core form, part vii of this form 990. The hours reflected on core form, part vii of this form 990, for board members who receive compensation for services rendered in a non-board capacity or paid officers, reflect total hours worked per week on behalf of the system; not solely this organization.”

“Richmond medical center d/b/a richmond university medical center ("richmond university medical center") is the sole member of this organization. This organization's form 990 reflects no compensated individuals from this entity. Richmond university medical center; a related internal revenue code section 501(c)(3) tax-exempt organization issues forms w-2 to individuals who provide services at richmond medical center foundation, inc., and files the applicable forms with the internal revenue service. Richmond university medical center allocates these payments to this organization via an intercompany account.”

“DANIEL J. MESSINA, PH.D., MPA, FACHE SERVEs AS A VOTING MEMBER OF THE ORGANIZATION'S BOARD OF DIRECTORS; AN UNCOMPENSATED POSITION. MR. MESSINA is EMPLOYED BY AND RECEIVED A FEDRAL FORM W-2 FROM RICHMOND MEDICAL CENTER; A RELATED INTERNAL REVENUE CODE SECTION 501(C)(3) TAX-EXEMPT ORGANIZATION. ACCORDINGLY, HIS COMMON LAW EMPLOYER/EMPLOYEE RELATIONSHIP IS WITH RICHMOND MEDICAL CENTER (EIN: 74-3177454). RICHMOND MEDICAL CENTER FILED A 2024 FORM 4720 WHICH INCLUDED A REMITTANCE OF EXCISE TAX RELATED TO DR. MESSINA'S COMPENSATION IN EXCESS OF $1M.”

“OTHER CHANGES IN NET ASSETS OR FUND BALANCE INCLUDE: - Other changes in net assets - ($871,558).”

“An independent cpa firm audited the financial statements of the taxpayer for the years ended december 31, 2024 and december 31, 2023; respectively. In addition, the organization is an affiliate within richmond medical center d/b/a richmond university medical center ("richmond university medical center") and affiliates; a tax-exempt integrated healthcare delivery system ("system"). An independent cpa firm audited the consolidated financial statements of richmond university medical center and affiliates for the years ended december 31, 2024 and december 31, 2023; respectively. The audited consolidated financial statements contain consolidating schedules on an entity by entity basis. Richmond unversity medical center's audit and compliance committee has assumed responsibility for the oversight of the audit of both the separate and consolidated financial statements, which includes the selection of an independent auditor.”