Sociedad Espaola De Auxilio Mutuo

“The members of the board of trustees are subject to the following requisites at the date of their election: -should have been members of the organization's health plan for at least two consecutive years prior to their nomination. -should have served as consultant or counselor of any of the organization's board commissions or have been director of any of the departments or affiliates of the organization for at least two consecutive years prior to their nomination. -the president, vice-president, treasurer, sub-treasurer, secretary and sub-secretary should have been foundation members and be at least 33 years old. -the eighteen vowels should be at least 25 years old. Every three years a president should be selected for a three year term. Each year 1/3 of the vowels is selected for a term of three years. The president selects and nominates annually from the vowels, a first vice-president, and five vice-presidents which should be ratified by the board. The president upon taking possession of his position, should designate from the vowels, one treasurer, one secretary and their replacements. The election for the members nominated to the board should be made at the annual assembly. The members at the assembly will provide secret vote which will be deposited at a designated box. The president will nominate a committee which eventually report the results to the assembly. For further information as to the board member rights, including their authority, obligations and responsibility, the bylaws of the organization are available upon request.”

“The review process of the form 990 is under the responsibility of the board of directors finance committee. Such committee at the time, delegates this task to the finance director, who performs the review of the form 990 and is authorized to provide the release for the final issuance of the form.”

“The members of the board of trustees are subject to the following the following policy of duality and conflict of interest is hereby adopted: 1) any board member or board of the "trustee" that could have a duality or possible conflict of interest on any matter should not vote or use his personal influence on the matter, and he or she should not be counted in determining the quorum for the meeting, even where permitted by law. Also, this will be applicable to administrative employees.”

“The organization makes its governing document or bylaws available to the members of the board of directors and top management. The policy of conflicts of interest is available to the organization's board of directors, top management and employees in order that all are aware of such in the performance of their functions. In case of the financial statement, these are made available to certain parties in addition to the organization's management, such as bondholders, creditors and the federal government.”

“Sociedad espaola de auxilio mutuo y beneficencia de puerto rico (the company) had been previously filing as a 501 (c) (3) organization. On april 29, 1992 a new nonprofit organization was created to continue providing the hospital and health care services previously provided under the legal name of the company. On august 20, 1992 this change was reported to the exempt organizations branch of the internal revenue service. The irs was informed that the company would become a controlling affiliate that would owned the real property and would transfer its funds (income less expenses) for use in a manner consistent with the exemption. On september 30, 1992 the irs informed that the company is not required to file a new application for tax exemption as a title holding corporation. The company also administers a health plan under which individuals in the community (without exceptions) may become members with the right to receive hospital and health care services at the facilities of hospital espaol auxilio mutuo de puerto rico, inc. (the new non-profit hospital that provides the services that were previously provided under the legal name of the company). Am acquisition i llc will operate hospital facilities in order to provide medical services for the diagnosis and treatment of diseases, as well as health services to patients in puerto rico. The organization seeks to promote health benefits for the community.”

“During the year, the organization acquired a wholly-owned disregarded entity that operates a hospital facility. The hospital provides inpatient and outpatient medical services to the community, consistent with the organizations exempt purpose of promoting health. This activity represents a significant new program service not conducted in the prior year.”

“Provide hospital and health care services.”

“EQUITY TRANSFER 139,078”