Somc Medical Care Foundation Inc

“Somc medical care foundation has a single share of stock owned by dr. Kendall stewart, president & ceo. The organization was required to have a shareholder upon its formation, in order to qualify as a professional association. Dr. Stewart represents the trustee who holds legal title to the share but the beneficial owner of the share, is southern ohio medical center. Dr. Stewart has signed an agreement stating he holds the share only because a physician is required to, and that all duties rest with southern ohio medical center.”

“Somc medical care foundation's board of directors are elected by southern ohio medical center's board of directors.”

“Somc medical care foundation's decisions that are made by their board of directors can be overruled by southern ohio medical center's board of directors.”

“Form 990 information is compiled in the accounting department then sent to the independent tax accountants to analyze the information and complete the tax return. The final form is then reviewed by financial staff, tied out to the trial balance, and e-mailed to the board. In addition, the cfo presents form 990 to the board executive compensation committee before filing with the irs.”

“The organization follows the related organization's, southern ohio medical association (somc), policy. Conflict of interest statements are filled out annually in january for officers and for new and returning board members. Completed conflict of interest statements are reviewed by the audit & compliance committee. Any conflicts are documented in the minutes and addressed. Conflicts of interest are raised by officers or board members once they are known by the individual. Board members abstain from voting if a conflict is identified that the board member is involved with during the fiscal year. We monitor compliance through the annual conflict of interest survey process. It makes the conflict known so somc can ensure the conflict is not a compliance problem. When conflicts arise we use the rebuttable presumption of reasonableness process to address the conflict.”

“The related organization, somc conducts the compensation reviews. On an annual basis, an independent consultant, gallagher/integrated healthcare strategies (ihs), provides the board compensation committee with comparable data and other facts which are used by the committee to determine executive pay philosophy. The independent consultant uses both national and regional executive compensation surveys for comparable data to determine executive compensation recommendations. The executive compensation committee reviews and deliberates the independent consultant's recommendations and through contemporaneous substantiation, reaches a decision that is both market competitive and reasonable. The decisions for ceo and executives compensation are documented in the board compensation committee minutes, as well as the board meeting minutes. This committee determines the ceo's pay and sets pay ranges for the other executives. The process was last undertaken during 2021.”

“Somc medical care foundation, inc. Provides its financial statements to the public through its bond disclosure. Governing documents and the conflict of interest policy are made available to the public on southern ohio medical center's website.”

“We will make a difference. At somc, our mission is to make a difference. We strive to live out that mission by providing our region with the highest quality of care, delivered by professionals who are among the best in their fields. We extend that care and passion to make a difference in the community by being a very good neighbor, employer, and community supporter. Somc medical care foundation is organized and operates exclusively for charitable, educational and scientific purposes within the meaning of section 501(c)(3) of the internal revenue code of 1986, as amended, or any successor statute by rendering any type of professional service in the practice of medicine or surgery or any of its branches, authorized under chapter 4731 of the ohio revised code, for the benefit of somc, an ohio non-profit corporation including (a) providing medical, surgical and other health care and treatment of the sick, disabled, and injured, regardless of race, color, religion, national origin, age, handicap, sex, or the ability to pay for services; (b) conducting educational activities related to healthcare and treatment of the sick, disabled, injured and to promote and carry on medical, scientific and clinical research related to health care and treatment of the sick, disabled, and injured; and (c) engaging in any lawful activities for which corporations may be formed under chapter 1785 of the ohio revised code that are not consistent with the foregoing.”

“Contract services: program service expenses 13,511,361. Management and general expenses 0. Fundraising expenses 0. Total expenses 13,511,361. Medical director fees: program service expenses 365,828. Management and general expenses 0. Fundraising expenses 0. Total expenses 365,828.”

“Transfer from southern ohio medical center 39,785,888.”

“The organization has a committee responsible for oversight of the audit and selection of an independent accountant. The process has not changed from the prior year.”