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

banes-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.


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SOURCE 1199 SEIU United Healthcare Workers East
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