Children'S Health Foundation

“Children's health foundation, inc. Is a virginia non-stock corporation and has a sole member. The sole member of children's health foundation, inc. Is children's health system, inc., a virginia non-stock not-for-profit corporation.”

“Children's health system, inc., the sole member of children's health foundation, inc., elects the directors who serve on the board of directors of children's health foundation, inc.”

“The following decisions of the board of directors of children's health foundation, inc. Are subject to approval by its sole member, children's health system, inc.: 1) amendments to the articles of incorporation and bylaws of the corporation; 2) annual capital and operating budgets; 3) the undertaking of unbudgeted operating expenditures, capital expenditures, borrowing of funds, lending of funds, and real property leases in excess of certain amounts, 4) creating any lien, mortgage, or other security interest in real property belonging to the corporation; 5) creation, reorganization or dissolution of a subsidiary corporation; 6) certain gifts, donations, or other transfers of assets or funds; 7) the selection of independent auditors and legal counsel; 8) general investment policies of the corporation; and 9) the adoption, alteration, amendment, or repeal of a capital plan, strategic plan or long-range plan.”

“The 990 is prepared using the annual financial statements that are reviewed by the board and audited annually as a part of the consolidated financial statements of children's health system, inc. Upon completion of the draft of the return, a detail review is performed by several members of staff and management. Prior to filing with the irs, the board is provided a copy to review.”

“Conflict policy considerations chf conflict of interest policy includes officers, members of the board of directors and board committees, key employees, all other employees, professional staff and substantial donors. Annually, a questionnaire is distributed and collected from officers, members of the board of directors and board committees and key employees. Responses to the questionnaires are reviewed by the legal and finance departments. For known conflicts, the person involved recuses himself or herself from deliberations regarding the transaction. Violations of the conflicts of interest policy are reported to the chf board chair or the chf compliance officer, as applicable, and may require corrective action up to and including termination of employment.”

“Compensation process considerations an independent compensation consultant approved and retained by the compensation committee of the board annually, usually in april, provides education and presents to the full board comparative salaries and salary ranges from a data base comprised of children's hospitals and other applicable hospitals for officers & executives for the board to review. The compensation committee with the aid of the consultant reviews and makes decisions as to executive salaries of chs and its subsidiaries. Those salary changes and approvals are documented by minutes maintained by the compensation committee and signed by the chairman of the board.”

“Financial statements (part of the consolidated financial statements of children's health system, inc.) along with governing documents of the organization including the conflict of interest policy are available to the public through direct inquiry and request.”