Texas Tech Physicians Associates

“The organization has one member; texas tech university health sciences center, an organization exempt under irc 170(b)(1)(a)(iv) (the member). This member may, at its discretion; hold an annual meeting at such date, time and location is designated by the member to transact any necessary business. The member may also call special meetings as deemed necessary. The member also has the sole and exclusive right to appoint members of the board of directors and any successor board member. Form 990, part vi, line 7b as stated in the bylaws of the organization, the member has the ability to ratify and approve the following: - annual operating and capital budgets; - any financial expenditure which deviates from the corporation's annual operating and capital budgets if the sum of the expenditure and all previous expenditures which themselves deviate from the operating and capital budgets, per fiscal year, exceeds $100,000; - the sale, lease, mortgage or other transfer or encumbrance of the real property of the corporation; -any sale, lease, mortgage, or other transfer or encumbrance of personal property and assets of the corporation, if the transfer exceeds $5,000; -merger, acquisition or consolidation of the corporation; -borrowing and lending of money or the creation of indebtedness through the guaranty of another's debt or similar action; -giving or seeking of grants; -settlement of claims or litigation; -appointment or removal of directors; -appointment or removal of officers; -creation, ownership or acquisition of, or affiliation with, any other organization; -approval of any strategic plan, business plan or mission plan of the corporation; -contract in which the corporation assumes financial risk, including but not limited to managed care contracts, employment contracts, and physician practice acquisition contracts and alteration, amendment or repeal of the bylaws of the corporation. Form 990, part vi, line 11b the governing body does not review the form 990 prior to submission to the irs. The form 990 is prepared by an external third party. A draft copy of the form 990 is provided to the organization's management by the tax preparer for review and discussion purposes. The filed version of the 990 is then made available upon request. Form 990, part vi, line 12c the conflict of interest policy is subject to a periodic review that coincides with the annual affirmation completed by the organization's officers, directors, trustees, and key employees. When certain transactions are considered by the board of directors, any officer or director is required to disclose such affiliation and recuse themselves from the meeting. The remaining board members then determine if an actual conflict exists and notify the affected board member of any action. Form 990, part vi, lines 13 & 14 the whistleblower and document retention policies for texas tech physician associates are maintained and administered by texas tech university health sciences center, the parent organization. Texas tech university health sciences center establishes various policies and it is then implied that the subsidiary organization will operate under these policies. Form 990, part vi, lines 15a & 15b the organization does not have any employees and does not compensate its officers or directors. All officers, directors and employees are compensated by the supported organization, texas tech university health sciences center. The supported organization determines the compensation of the organization's executives. Form 990, part vi, line 19 documents available to the public upon request.”

“Description:professional fees total fees:19976222”