Cole Foundation Inc

“Family and business relationships: director ami willenbecher-foust and director terry foust have a family relationship.”

“Members: the foundation's sole member is the hospital. The hospital will fulfill all duties as may be required by the member under the bylaws, the articles and the law. Unless provided otherwise, the hospital will act through its board of directors. The hospital will have the following reserved powers: - approval of the members of the foundation's board of directors according to the bylaws; - approval of amendments to the articles or bylaws; - approval of the strategic plan and annual operating and capital budgets of the foundation; - approval of all borrowing by the foundation (or any entity controlled by the foundation) for capital or operating purposes, and all guarantees of indebtedness; - approval of all loans to persons or entities; - approval of the merger or consolidation of the foundation (or any entity controlled by the foundation) or the creation or acquisition of any entity controlled by the foundation; - approval of the sale or transfer of more than ten percent (10%) of the assets of the foundation (or any entity controlled by the foundation); -approval of the dissolution of the foundation; and - any other approval for which member approval is required by law.”

“Review of form 990: the form 990 is prepared by an independent accounting firm based on the audited financial statements and information provided by the accounting department of the organization. The 990 is reviewed by the accounting department and the controller. It is then presented to the board of directors prior to the assistant secretary's final signature.”

“Monitoring compliance with conflict of interest policy: all board members are required to fill out the conflict of interest policy yearly. The executive director reviews these documents. Members are restricted from voting on any subject that may be viewed as a conflict of interest. Board meeting minutes reflect any abstention from voting where a potential conflict may exist.”

“Document disclosure: the organization's conflict of interest policy and governing documents can be viewed onsite through a written request to the organization's corporate compliance officer. Requests for financial statements and 990's are forwarded to the finance / accounting department and are open for public inspection.”

“Board member compensation: no members receive any compensation for their director duties. Patrice levavasseur is compensated by charles cole memorial hospital, a related organization, as executive director of community relations. A portion of her compensation is charged to the foundation from charles cole memorial hospital. Terry foust is compensated by charles cole memorial hospital, a related organization, as a physician. Edward pitchford serves as the ceo for charles cole memorial hospital, hendorn, inc., and cole care,inc., and serves as the assistant secretary/treasurer for cole foundation, inc. Mr. Pitchford is compensated by charles cole memorial hospital.”

“Organization's mission: cole foundation's vision as a philanthropic organization is to ensure our long-term goal of keeping our local healthcare system progressive and vibrant in order to best serve the medical needs of our diverse communities.”

“Common paymaster: charles cole memorial hospital, the organization's parent company, files all w-2's and related employee benefits, pension contributions, and payroll taxes. As such, cole foundation has no w-2 filings to report on form 990, part v, line 2a. The amounts shown on form 990, part ix, lines 7 & 9 are amounts allocated to the organization from the hospital.”