The Thoracic Surgery Foundation

“The society of thoracic surgeons (sts) of chicago, illinois, maintains the books and records of the organization and performs other related managerial and administrative functions for which it is compensated.”

“During 2022, tsf updated its bylaws. These changes involved the creation of a resident director position and giving secretary certain contractual authority at times when the organization lacked an executive director.”

“The 990 is reviewed by the administrative staff of the management company (sts) and is then provided to the treasurer, and then governing body, for final review before it is filed.”

“Tsf has a formal conflict of interest policy. All board and committee members are required to sign the policy and disclose conflicts annually. The signed policy and disclosures are sent to tsf administration. They are recorded and monitored periodically throughout the year. If there is a conflict, it is brought to the attention of the board president for further action. The board president reads a disclosure statement at the beginning of each board meeting.”

“Compensation of the executive director is determined by a related organization, the society of thoracic surgeons of chicago. The related organization utilizes an independent compensation consultant, and compensation surveys or studies, to determine compensation of the executive director of tsf.”

“Form 990 is available to the public upon request at the administrative offices of the organization's management company (sts), and on the foundation's website.”

“The conflict of interest policy and financial statements are available to the public upon request at the administrative offices of the organization's management company.”

“Compensation reported for priscilla s. Kennedy and lee wiensch, tsf's former and current executive director, is paid by a related organization and common paymaster, the society of thoracic surgeons (sts) ein 36-3022713. Since all services performed by these individuals were for the thoracic surgery foundation, the compensation has been reported in column d as if paid by the filing organization. Sts has complied with payroll filing requirements.”

“During the 2022 year end audit, it was determined that previously presented endowments were not actual endowments. The presentation on schedule d, part v, has been updated in accordance with this change. Additionally, the accompanying financial statements for 2021 have been restated to properly present accumulated investment earnings as board-designated rather than donor-restricted. The presentation on form 990, part x, lines 27 and 28 have been updated in accordance with this change.”