The Grace Foundation for Health

“The executive committee of the board of directors consists of the officers of the board and up to two other directors. The executive committee has the power to transact all regular business of the organization during the period between meetings of the board of directors. The executive committee may initiate long-range planning activities; improvements to facilities and equipment; community relations programs; and day-to-day operational adjustments as it deems necessary. The executive committee makes recommendations of persons to stand for election as elected directors. The executive committee may make recommendations for revisions to the code of regulations. All actions of the executive committee are reported at the next regular meeting of the board of directors.”

“The hospital contracted with an outside accounting firm for the preparation of the form 990. The hospital provided material based on requests from the accounting firm. Most of the information was provided by the director of finance. The final form was reviewed by the director of finance and the ceo. A copy of the form 990 was provided to the board of directors prior to filing.”

“The organization's conflict of interest policy applices to directors, officers, employees, agents, volunteers, and any medical staff members with administrative responsibilities. Any individual who has an interest, direct or indirect, in a contract or other transaction that is presented to the board of directors or a committee thereof, is required to give prompt, full and frank disclosure of their interest prior to the body's acting on such contract or transaction. The contract or transaction will be authorized, approved or ratified only upon a favorable vote of at least two-thirds of directors present. The interested person may not vote on, use their personal influence on, nor participate (other than to present factual information or to respond to questions) in the discussions regarding the contract or transaction. The board members completed conflict of interest statements in october 2019.”

“The foundation has no employees but the compensation of the president & ceo is determined by the board of directors.”

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

“As of august 2024, specialty hospital of lorain has ceased operations. At the time of this filing the organization has not fully dissolved financially or filed a final tax return.”