Faculty Practice Foundation Inc & Affiliates

“All officers and directors are employees of either the individual practice plan, boston university or boston medical center, related organizations. Certain officers and directors of the practice plans also serve as officers and trustees of boston medical center.”

“With the exception of those listed below, the sole corporate member of the organization is faculty practice foundation, inc. Bu surgical associates is the sole corporate member of the following: - boston university cardiac and thoracic surgical foundation, inc. - boston university general surgical associates, inc. - boston university neurosurgical associates, inc. - boston university orthopaedic surgical associates, inc. - boston university plastic surgery associates, inc. - boston university medical center urologists, inc. - bumc otolaryngologic foundation, inc.”

“Certain actions must be approved by the organization's sole corporate member, as set forth in the bylaws, including adoption of the budget, any merger, consolidation, liquidation or dissolution, any capital transaction, and incurrence of debt.”

“Prior to the filing of the form 990 with the irs, the form 990 was prepared by our outside tax consultants and reviewed by internal management. The audit and compliance committee of the boston medical center board of trustees then reviewed the return. Each member of the board of each plan was provided a copy of the final form 990 prior to filing.”

“Conflict of interest questionnaires for the fiscal year ending june 30, 2023 were distributed by the compliance department. The chief compliance officer or his designee queries trustees, officers, and directors on at least an annual basis regarding relationships that may create potential conflicts of interest. The chief compliance officer or his designee reviews all disclosures and determines whether there are actual or potential conflicts of interest. The chief compliance officer advises the board of trustees and officers of the corporation accordingly.”

“A committee composed of the president and ceo of boston medical center and the dean of boston university chobanian & avedisian school of medicine, the foundation's corporate members, approves the compensation for certain physician executives. A meeting of the committee was held to review and approve the fy2023 proposed compensation for the physician executives serving as presidents of the plans. For fy2023 the salary of each of the physician executives under consideration was provided to the committee. The committee evaluated and relied upon comparable data in making its decision. The comparable data consisted of compensation survey information from the association of american medical colleges for each specialty where available, listing both the fiftieth and seventy-fifth salary percentiles. The proposed compensation as submitted or amended by the committee was voted upon by the committee. The committee's assessment of these considerations is contained in the official minutes.”

“The plans do not make their governing documents or conflict of interest policy available to the public. The financial statements are made available through the massachusetts attorney general's office.”

“Shared service agreement the plans are affiliated with boston medical center ("bmc") and boston university chobanian & avedisian school of medicine ("chobanian & avedisian school"). The plans each entered into a common paymaster agreement with bmc and the trustees of boston university ("bu"). Under the terms of their physician practice agreements, faculty physicians and practitioners ("faculty members") are employed by the individual plans. The faculty members serve the benefit of both bmc (by providing clinical services) and chobanian & avedisian school (by serving as faculty members of chobanian & avedisian school). Each plan, with respect to each faculty member that the plan employs, pays bu a percentage of the faculty member's salary and reimbursement for fringe benefits and related payment fees. Boston university, as common paymaster, then makes salary payments and provides benefits to faculty members. The plans also pay for a portion of administrative salaries and fringe benefits for nonphysician employees of bmc, who provide services to them.”

“David beck is assistant clerk for all reporting entities except evans medical foundation and boston rehabilitation medicine associates, inc. For evans and rehab, he serves as clerk. For faculty practice foundation, inc. He is a former assistant clerk.”

“The faculty practice plans ("the plans") were established as not-for-profit corporations operating exclusively for the benefit of boston medical center and boston university chobanian & avedisian school of medicine. The plans' purpose is to provide, coordinate and facilitate the delivery of patient care services and to promote the development of an integrated system of delivery to more efficiently and effectively meet the health care needs of the communities served by the institutions. The plans provide ambulatory services ranging from primary adult and pediatric care to advanced specialty care; affiliated physicians also staff the largest 24 hour level 1 trauma center in new england.”

“Net asset transfer from affiliates 318,869.”