Lakewood Health System

“Tim rice, president/ceo, is married to lynn newton rice, vp of support services.”

“The preparer of form 990 emails a copy of the final 990 to the organization's cfo. The cfo performs a detail review of form 990 and provides each voting board member with a copy of form 990 before it is filed with the internal revenue service.”

“Any interests which were identified as part of the annual conflict of interest disclosure would be documented in the board of director meeting minutes. The officers, directors, and key employees complete a formal conflict of interest disclosure annually. Interests that arise between completing forms must be disclosed by the interested member to the rest of the board. For any board action that required a vote and could be influenced by a conflict, the affected board member is not permitted to vote on the action. The organization also considers whether other potential conflicts of interest could result for any of these individuals based on possible actions under consideration by the organization during the year.”

“For the ceo, initial compensation consideration is made based on a review of salary survey data compiled by the minnesota hospital association. This data is then reviewed by the compensation committee of the board of directors. After this review, the data is submitted to the full finance committee of the board of directors for review along with the entire annual budget package. Finally, the full budget package, along with all specific salary proposals is submitted to the full board of directors for final approval. At any time in this process, any of the committees or board could request additional independent salary information supporting the proposed salary. This compensation amount is included in the ceo employment contract which is prepared every other year with a two-year term. For the cfo, cmo and vp's, the process starts with a compensation survey performed by integrated healthcare strategies (ihs). Ihs is contracted biennially to complete a compensation market survey for these positions. This data is again then reviewed by the compensation committee with the remaining process being identical to that for the ceo.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. These documents can be requested from the organization's chief financial officer.”

“Operating room professional fees: program service expenses 852,076. Management and general expenses 0. Fundraising expenses 0. Total expenses 852,076. Surgical professional fees: program service expenses 361,673. Management and general expenses 0. Fundraising expenses 0. Total expenses 361,673. Technician professional fees: program service expenses 1,612,087. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,612,087. Behavioral health professional fees: program service expenses 927,183. Management and general expenses 0. Fundraising expenses 0. Total expenses 927,183. Emergency room professional fees: program service expenses 2,052,299. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,052,299. Rehab/therapy professional fees: program service expenses 2,334,182. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,334,182. Nursing professional fees: program service expenses 245,839. Management and general expenses 0. Fundraising expenses 0. Total expenses 245,839. Physician professional fees: program service expenses 8,440,571. Management and general expenses 0. Fundraising expenses 0. Total expenses 8,440,571. Other professional services: program service expenses 2,488,699. Management and general expenses 654,628. Fundraising expenses 18,000. Total expenses 3,161,327. Clinic & admin fees: program service expenses 0. Management and general expenses 529,564. Fundraising expenses 0. Total expenses 529,564.”

“Net assets released from restrictions -478,488. Change in cash surrender value of life insurance 59,579. Contributions released from restrictions 246,797.”

“The board of directors assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant through their audit committee. The audit committee is an extension of the finance committee and meets with the independent auditor prior to and after the completion of the audit.”