Georgetown Healthcare System

“The organization's tax return is prepared by an independent accounting firm. An initial draft of the form 990 is reviewed by the board of directors and management prior to finalization. After any changes resulting from the review have been made, the final version of the form 990 is filed and a copy of the filed form is distributed to the board.”

“The organization's board of directors and key employees review the conflict of interest policy annually. Each individual is required to complete and sign a document provided by the organization disclosing any interest they may have which could give rise to a conflict of interest. The organization compiles a list of all disclosures and reports it to all members of the board.”

“The compensation committee of ghs follows an executive compensation plan developed and ratified by the ghs board when determining annual compensation of the ghs chief executive. This philosophy is utilized to determine the annual compensation of the chief executive officer (ceo) and the chief financial officer (cfo). As part of this process, the ghs board contracted with overton consulting, inc. In 2023 to assist in the development of fair market value executive compensation. Overton consulting is a company that specializes in executive compensation issues in the non-profit area. Overton consulting created an executive compensation guideline for the ghs ceo and cfo using comparative data from eri (economic research institute), which is a survey that contains numerous compensation surveys and geographic survey data. The following labor market segments were used for the executive positions of ceo and cfo, since these positions perform responsibilities in all three areas: similar philanthropic and grantmaking organizations; health treatment facilities and hospitals; real estate development and management companies. Market salary averages (geographically factored) for both the ghs ceo and cfo were established using this data. The ghs compensation committee's recommendations for the ghs ceo was ratified by the full board of georgetown healthcare system.”

“The reporting organization's governing documents and conflict of interest policy are made available to the public upon request.”

“The organization's employees are contracted through a professional employment organization (peo). The organization has 12 employees, including officers listed in part vii, section a and schedule j, for which the peo handles the payroll duties, including the required federal and state reporting and withholding obligations.”

“The organization incurs all of the management and general expenses for its related organizations listed on schedule r, part ii of this form. As a result, its management and general expenses, as a percentage of total expenses, are higher than would otherwise be the case. The reporting organizations's financial statements were audited by an independent accounting firm as part of consolidated financial statements. The consolidated financial statements included georgetown healthcare system and georgetown healthcare community services.”

“The organization's oversight process and its process for selection of an independent accountant did not change during the tax year.”