Phillips Memorial Hospital

“Sean P. Faherty is the son of Philip J. Faherty, III. Both Trustees work in the same office building.”

“Each board member is provided with a copy of Form 990 either electronically or via mail between meetings (preferably) or at a scheduled meeting. All trustees are encouraged to review the form and ask any questions. If any questions remain unresolved during the meeting, they will be carried over and addressed at the next meeting.”

“The Organization regularly and consistently monitors and enforces compliance with the conflict of interest policy by having each trustee, principal officer and member of a committee with governing board delegated powers annually sign a statement which affirms such person has received a copy of the conflicts of interest policy, has read and understands the policy, has agreed to comply with the policy, and understands the Organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes.”

“Governing documents, conflict of interest policy, and financial statements would be made public upon request as required by law. The IRS and/or the State of NJ provide summary type information.”

“The top management official of the Organization is the President. He is an unpaid volunteer. Therefore, no process for determining his compensation is necessary.”

“The Organization was setup to provide money to pay for the hospital or medical care of needy individuals in the City of Lambertville, Township of West Amwell, Borough of Stockton and Delaware Township. In addition, the Organization administers the Amos Smith Fuel Fund which was setup to provide money to pay for fuel costs for heat for needy individuals who are residents of the City of Lambertville.”

“The Organization was setup to provide money to pay for the hospital or medical care of needy individuals in the City of Lambertville, Township of West Amwell, Borough of Stockton and Delaware Township. In addition, the Organization administers the Amos Smith Fuel Fund which was setup to provide money to pay for fuel costs for heat for needy individuals who are residents of the City of Lambertville.”

“The Organization's policy is to prepare its financial statements on the cash basis of accounting; consequently, revenues and the related assets are recognized when received rather than when earned and expenses are recognized when paid rather than when the obligation is incurred. Under this basis, no liabilities are recognized. Also, marketable securities are carried at their cost basis, and unrealized gains and losses are not reflected until the securities are sold. Accordingly, the accompanying financial statements are not intended to present financial position and results of operations in conformity with accounting principles generally accepted in the United States of America.”

“The Organization has not changed the process it uses to oversee the audit or the process of selecting an independent accountant. The Organization has no committee that assumes responsibility for overseeing the audit and selecting the independent accountant. Instead, these responsibilities lie with the entire Board.”