Navigation Links
Board Members of Five Massachusetts Companies Should Use Sarbanes-Oxley Disclosure Rules in Non-Profit Role, Asserts 1199 SEIU
Date:2/6/2008

Union asks board members to seek restatement of Beth Israel Deaconess Medical Center audit

BOSTON, Feb. 6 /PRNewswire-USNewswire/ -- Staples director Martin Trust should apply the same Sarbanes-Oxley standards used by Staples and other publicly traded companies to his role on the board of Beth Israel Deaconess Medical Center (BIDMC), according to labor group 1199 SEIU United Healthcare Workers East. Four other Massachusetts company directors should take similar action, says a letter sent today by 1199 SEIU to the following board members of BIDMC and CareGroup, BIDMC's parent organization:

Boston Properties executive and director Douglas T. Linde

Brooks Automation CEO and director Robert Lepofsky

Massbank director Allan Bufferd

Charles River Laboratories International director Stephen Chubb.

Robert M. Melzer, a director at Connecticut-based Genesee & Wyoming will also receive a letter. 1199 SEIU asserts that board members who serve on publicly traded companies covered by Sarbanes-Oxley should apply their knowledge of Sarbanes-Oxley disclosure standards in their nonprofit roles.

Sarbanes-Oxley does not apply directly to nonprofit organizations. However, under Massachusetts law, nonprofit directors must use their specialized knowledge and experience in their role as nonprofit fiduciaries (Mass. Gen. Laws ch. 180 6C).

BIDMC's audit disclosures appear to commingle bad debt and charity care, a practice under scrutiny by the IRS and Congress. Charity care is a key metric for non-profits.

If Sarbanes-Oxley were applied to nonprofit organizations, BIDMC's reporting would likely not meet the "real time" and "plain English" requirements of Sarbanes-Oxley (SOX 409) in disclosing charity care and bad debt. Inadequate charity care disclosure may endanger a hospital's state or local tax exemptions or expose the institution to other regulatory consequences.

The letters sent to Sarbanes-Oxley affected members of the boards of BIDMC and its parent organization CareGroup reads, "Your breadth of experience in the private sector combined with your service on non-profit BIDMC's board of directors uniquely positions you to recognize the deficiencies in BIDMC's financial reporting." The letter asks that fiduciaries request the withdrawal and revision of BIDMC's 2005 and 2006 audits in order to meet the higher Sarbanes-Oxley standards.

"As America gets serious about healthcare reform, hospital fiduciaries need to ensure that an institution accurately discloses how much charity care it provides," said Mike Fadel, Executive Vice President of 1199 SEIU.

CareGroup is expected to issue $282 million in new debt in April 2008. CareGroup currently has $220 million of tax-exempt fixed-rate debt (CUSIP Nos. 57585JWL1, 57585JWP2, 57585KTZ1, 57585JWU1, 57585JWT4, 57585JWN7, 57585JWM9, 57585JWV9) and $340 million of tax-exempt, variable auction rate debt (CUSIP Nos. 57585JWR8, 57585JWS6, 57586CDH5, 57586CDJ1, 57586CDK8, 575851JR2, 57585JLN9, 57585JLP4) outstanding.

With over 300,000 members in Massachusetts, Maryland, Washington D.C. and New York State, 1199 SEIU United Healthcare Workers East is the largest and fastest growing health care union in the country. Our mission is to achieve affordable, high quality healthcare for all. 1199 SEIU is part of the Service Employees International Union, which has over 1.9 million members.


'/>"/>
SOURCE 1199 SEIU United Healthcare Workers East
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Philip Coelho Joins Mediware Board
2. Massbank Board Member Should Use Sarbanes-Oxley Disclosure Rules in Non-Profit Role, Asserts 1199 SEIU
3. Genesee & Wyoming Board Member Should Use Sarbanes-Oxley Disclosure Rules in Non-Profit Role, Asserts 1199 SEIU
4. Boston Properties Executive and Board Member Should Use Sarbanes-Oxley Disclosure Rules in Non-Profit Role, Asserts 1199 SEIU
5. Brooks Automation Executive and Board Member Should Use Sarbanes-Oxley Disclosure Rules in Non-Profit Role, Asserts 1199 SEIU
6. Charles River Laboratories International Board Member Should Use Sarbanes-Oxley Disclosure Rules in Non-Profit Role, Asserts 1199 SEIU
7. Otter Tail Corporation Reports Record Revenues and Net Income From Continuing Operations for 2007; Earnings Per Share of $1.78; Board Approves Dividend Increase
8. The Advisory Board Company Reports Fiscal Year 2008 Third Quarter Results
9. Nastech Appoints MDRNA, Inc. Directors Strategic Advisory Board
10. Naviscan Announces a New Chairman and Board Member
11. Medical Simulation Corporation and the American Board of Internal Medicine Introduce New Simulation for Physician Assessment and Evaluation
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/21/2017)... ... 21, 2017 , ... With ProSlideshow Portrait from Pixel Film Studios creating a ... select from up to two layers of subject matter along with fully customizable backdrop ... Final Cut Pro X. , With ProSlideshow Portrait each user are given ...
(Date:9/21/2017)... Falls Church, VA (PRWEB) , ... September 21, ... ... **An FDAnews Webinar**, Sept. 26, 2017 — 1:30 p.m. – 3:00 p.m. ET, ... exacting business. It’s easy to get things wrong, run afoul of The Quality ...
(Date:9/21/2017)... Angeles, CA (PRWEB) , ... September 21, 2017 ... ... a lunch and learn with Infinity Behavioral Health Services for professionals in the ... in a Commercial Payer Audit . , Insurance companies and state and ...
(Date:9/21/2017)... IL. (PRWEB) , ... September 21, 2017 , ... ... results released today of a new member survey conducted by the International ... restoration procedures performed from 2014 to 2016 rose 60 percent, with 635,189 procedures ...
(Date:9/21/2017)... ... September 21, 2017 , ... Bill Howe Plumbing’s mission is to create an ... to the community. For over 37 years, they have operated with their mission at ... in San Diego. They were chosen as the Best San Diego plumber in ...
Breaking Medicine News(10 mins):
(Date:9/7/2017)... 7, 2017 Caris Life Sciences, a ... the promise of precision medicine, today announced results ... of its molecular profiling approach in guiding therapeutic ... profiling plus (CGP+) with Caris Molecular Intelligence ® ... a molecular level, leading to more therapeutic options ...
(Date:9/6/2017)... TORONTO , Sept. 6, 2017 /PRNewswire/ ... new knowledge and skills while treating their ... for hands-on experience without involving patients. Simulation ... skills. Clinicians can carry out procedures, refine ... at risk. Integration of new technology, such ...
(Date:9/5/2017)... 5, 2017  Xyntek Inc. has announced another milestone in their continued growth ... to meet the growing demands of customer engagements regionally.  ... Xyntek's new Midwest office is located at 318 West Adams Street, Suite ... Xyntek's ... ...
Breaking Medicine Technology: