The Weld Trust

“The Organization has an Executive Committee which is able to exercise authority of the Board when the Board is not in session except as such authority is limited by statute or by resolution creating or otherwise controlling the Executive Committee. The membership of the Executive Committee shall include the Chair and President of the Board of the Corporation, the Chair of the Finance Committee, the Chair of the External Committee, the Chair of the Internal Committee and the Vice Chair of the Board. The Chair and President of the Board of the Corporation shall serve as Chair of the Committee. The Executive Committee shall not have the authority of the Board in reference to (i) appointing, removing or filling vacancies in the membership of the Board, Board Committees or Officers of the Corporation; (ii) amending the Articles of Incorporation; (iii) restating the Articles of Incorporation; (iv) adopting a plan of merger or consolidation with another corporation; (v) authorizing the sale, lease, exchange or mortgage of all or substantially all of the property and assets of the Corporation; (vi) authorizing the voluntary dissolution of the Corporation or revoking proceedings therefor; (vii) adopting a plan for the distribution of the assets of the Corporation or (viii) amending, altering or repealing any resolution of the Board which by its terms provides that it shall not be amended, altered or repealed by such Committee.”

“The Board Executive role is a service purchased by NCMC, Inc. and supervises all of their operations. Northstar Management Group Inc. is a management company of which Ken Schultz is a 50% owner. Parabola Corporation is solely owned by Jeff Carlson. Payments made to Northstar Management Group for professional fees in 2018 were $35,575. Payments made to Parabola Corporation for professional fees in 2018 were $182,502. Total compensation paid for Board Executive services in 2018 was $218,077. Expense reimbursements paid to the Ken Schultz and Jeff Carlson in 2018 totaled $13,992 and $5,070 respectively.”

“The NCMC Board of Trustees appoints a maximum of three (3) board members of NCMC, Inc. NCMC, Inc. is a supporting organization of NCMC Board of Trustees. NCMC Board of Trustees is a government body appointed by the county commissioners. Weld County owns the land on which the hospital is located.”

“Bond issues must be approved by Weld County commissioners and the Board of Trustees.”

“Jeff Carlson and the Finance Committee will review a copy of the draft Form 990 and then present it to the Board of Directors for approval prior to filing the final copy.”

“The conflict of interest policy covers the Board of Directors. The Board of Directors receives the conflict of interest policy at the annual meeting. Jeff Carlson receives the responses and forwards them to the general counsel of the board. If there are any items that come up for discussion in which a conflict of interest is present, the board member excuses him or herself and abstains from voting. The board has the option to allow the member to be part of the discussion.”

“The general public is allowed to view the documents on premises but not allowed to make copies and take them off of the premises.”

“Change in value of hedging interest rate swaps 730,055. Pension-related Changes Other than Net Periodic Pension Cost 734,651. Net gain/loss on non-hedging interest rate swaps 201,755.”