Graniteone Health

“Historically, GraniteOne Health's Board was composed of representatives from its member hospitals, including the Catholic Medical Center, Huggins Hospital, and Monadnock Community Hospital. Effective May 2024, the hospitals filed amendments to their respective governing documents with the New Hampshire Secretary of State as well as the Statement of Dissolution of GraniteOne to complete the wind-down requirements of the GraniteOne system. Additionally, on September 26, 2023, the Catholic Medical Center, and by association its affiliated entities within the CMC Health System, executed a letter of intent with an affiliate of Healthcare Corporation of America (HCA) which provided a framework for the sale of substantially all the assets of the Medical Center to HCA. New Hampshire's attorney general approved the acquisition on January 6, 2025, and the parties closed and completed the transaction shortly thereafter. Through this period, the GraniteOne Health retained an independent public accounting firm to prepare its Form 990 tax return. However, as of the time of filing this Form 990, the Organization's Board of Directors, as it operated during the year ending September 30, 2024, has been fundamentally changed and largely disbanded due to the disaffiliation and merger agreements noted in the previous paragraphs. However, upon its completion, a draft of the Form 990 was still sent to the standing finance personnel, advisors, and executives overseeing the transition processes of the Medical Center into HCA as well as the wind-down of GraniteOne Health, the majority of whom were intimately familiar with the Medical Center's and GraniteOne Health's financial and tax reporting obligations, to ensure the tax return was subject to proper oversight and review procedures prior to its filing. Additionally, the Form 990 was made available to the Board of the Catholic Healthcare Trust, the successor charitable entity of the Catholic Medical Center.”

“All organization officers and directors are required to disclose any potential conflicts of interest upon joining the organization and annually thereafter. The Board Chair becomes familiar with the listed potential conflicts submitted by all officers and directors to guide his or her conduct if a conflict arises. Officers and trustees are also required to disclose any matter that comes before the Board or a committee that may give rise to a conflict of interest, whether or not it has been previously disclosed. To determine if a conflict exists, the interested person will leave the room and the remaining Board or committee members will determine if a conflict exists according to the guidelines outlined in the conflict of interest policy. In addition to disclosing all potential conflicts of interest, officers and trustees must annually submit a statement that they have received, read, and understood the conflict of interest policy and agree to be bound by its terms.”

“The organization does not directly compensate any officers or key employees. All officers are compensated by related organizations, which do include reviews, approval by independent persons, comparability data, and contemporaneous substantiation as part of their compensation determination processes.”

“GraniteOne Health makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“GraniteOne Health does not directly employ any staff members. However, all employees who provide services to GraniteOne Health are compensated by one of the hospitals supported by the filing organization and are covered by the written whistleblower and document retention/destruction policies of their respective employer.”

“On December 30, 2016, the Catholic Medical Center System became affiliated with Huggins Hospital (HH), a 25-bed critical access hospital in Wolfeboro, New Hampshire, and Monadnock Community Hospital (MCH), a 25-bed critical access hospital in Peterborough, New Hampshire, through the formation of a common parent, GraniteOne Health (GraniteOne). However, pursuant to the Affiliation Agreement that formed GraniteOne, the Medical Center, HH and MCH each had a right, after two years of participation in GraniteOne, to evaluate whether they would continue participation in the system. Upon review, each participant within GraniteOne concluded it was best to withdraw from GraniteOne and subsequently provided the required notice on October 28, 2022. On June 16, 2023, the parties submitted a Joint Notice to the Director of Charitable Trusts pursuant to New Hampshire RSA 7:19-b to the State of New Hampshire and received the Director of Charitable Trusts no action report on December 1, 2023, clearing the way for the parties to complete the disaffiliation. The parties' respective boards each approved changes to their governing documents to unwind the reserved powers and dissolve GraniteOne. On May 30, 2024, the parties filed amendments to their respective governing documents with the New Hampshire Secretary of State as well as the Statement of Dissolution of GraniteOne to complete the wind-down requirements of the GraniteOne system. Since these documents were amended and filed, GraniteOne Health's operations have consisted solely of winddown and administrative procedures, and occassionally forwarding its remaining net assets to the previously supported organizations. GraniteOne Health expects to be fully terminated with all operations concluded and net assets dissolved in the near future.”

“Consulting: Program service expenses 55,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 55,000.”

“Historically, GraniteOne Health's Board was composed of representatives from its member hospitals, including the Catholic Medical Center, Huggins Hospital, and Monadnock Community Hospital, and GraniteOne Health's operations were intrinsically connected to these hospitals. Accordingly, during its time affiliated with these hospitals, GraniteOne Health's financial statements would be audited in conjunction with the Catholic Medical Center. However, effective May 2024, all three hospitals filed amendments to their respective governing documents with the New Hampshire Secretary of State as well as the Statement of Dissolution of GraniteOne to complete the wind-down requirements of the GraniteOne system. Accordingly, GraniteOne Health's financial statements were not audited for the period covered by this Form 990, the tax year ending September 30, 2024, as a result of the disaffiliation transactions.”