Island Hospital Foundation

“The finance committee reviewed the full form 990, including disclosures, prior to filing. A copy of the form 990 is also provided to the full board of directors once this review is complete.”

“Conflict of interest policy a. Policy statement the island health foundation (ihf) is a charitable organization whose board members and staff are chosen to serve the public purposes to which it is dedicated. These persons have a duty to conduct the affairs of ihf in a manner consistent with such purposes and not to advance their personal interests. The purpose of this policy is to protect ihf and its interests when it is contemplating entering into a transaction or arrangement that might benefit the private interests of an ihf board or staff member, or that may result in a possible excess benefit transaction. This policy is intended to supplement, but not replace, any applicable state and federal laws governing conflicts of interest application to nonprofit and charitable organizations. B. Definitions i. Conflict of interest: competing personal and professional interest, whereby personal interests may be in conflict with professional roles and responsibilities. Ii. Personal interest: motivated by personal gain, which may involve financial interests, personal relationships or activities outside of work. Iii. Financial interest: driven by the potential for personal financial gain. Financial interests may include stocks, bonds, securities, and other investments in which an individual, or someone with whom they have a personal relationship, has a financial stake. Iv. Outside activities: engaging in activities outside work that appear to be in conflict with professional roles. Examples include serving on the board of a competitor, working for a competitor or having a financial interest (ownership or investment) in a competitor. V. Interested person: any board director, ihf staff member, or member of a committee with governing board delegated powers, who has a direct or indirect financial interest, as defined below, is an interested person. B. Independent board director a board director shall be considered "independent" for the purposes of this policy if he or she is "independent" as defined in the instructions for the irs 990 form or, until such definition is available, the board director i. Is not, and has not been for a period of at least three years, an employee of island health foundation or any entity in which the ihf has a financial interest ii. Does not directly or indirectly have a significant business relationship with ihf, which might affect independence in decision-making iii. Is not employed as an executive of another corporation where any of ihf's officers or employees serve on that corporation's compensation committee iv. Does not have an immediate family member who is an executive officer or employee of ihf or who holds a position that has a significant financial relationship with ihf. C. Procedures i. Duty to disclose: in connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the board of directors or executive committee. Ii. Recusal of self: any board director may recuse him or herself at any time from involvement in any decision or discussion in which the director believes he or she has or may have a conflict of interest, without going through the process for determining whether a conflict of interest exists. Iii. Determining whether a conflict of interest exists: after disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the board or executive committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or executive committee members shall decide if a conflict of interest exists. Iv. Procedure for addressing conflict of interest a. An interested person may make a presentation at the board or executive committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or”

“The foundation has no compensated employees.”

“The organization's governing documents, conflict of interest policy and financial statements are available upon request.”

“Intercompany transactions 23,732.”