Navigation Links
Brooks Automation Executive and Board Member Should Use Sarbanes-Oxley Disclosure Rules in Non-Profit Role, Asserts 1199 SEIU
Date:2/6/2008

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

BOSTON, Feb. 6 /PRNewswire-USNewswire/ -- Brooks Automation CEO and director Robert Lepofsky should apply the same Sarbanes-Oxley standards used by Brooks and other publicly traded companies to his role as Vice Chairperson of the board of CareGroup, the parent organization of Beth Israel Deaconess Medical Center (BIDMC), according to labor group 1199 SEIU United Healthcare Workers East.

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 section 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 section 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.

A letter sent to Lepofsky and other 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 CareGroup'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. More Efficient, Effective and Personal Patient Care at New McCune-Brooks Hospital Made Possible by Siemens HiPath(R) Wireless
2. Brooks and the University of Florida Reach Research Agreement
3. Omnicell Introduces the Next Generation Central Pharmacy Automation Solution
4. Axeda Selected for Remote Monitoring and Service of Automation Technologies
5. IH Systems Announces $7.6 million in Financing to Advance RIVA Pharmacy Automation System
6. ResMed Names Kieran Gallahue as Chief Executive Officer, Effective January 1, 2008.
7. Align Technology Executive to Present at Upcoming Financial Conferences
8. Mediware Names Thomas K. Mann Chief Executive Officer
9. PRA International Adds Dr. Susan Stansfield as Executive Vice President
10. STERIS Corporation Board of Directors Names Walter M. Rosebrough Jr. President and Chief Executive Officer
11. Karen Vigil Named Senior Vice President and Chief Executive Officer, Blue Shield of Californias Individual, Small Group, and Government Business Unit
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/29/2016)... (PRWEB) , ... April 29, 2016 , ... ... feature Grassland Dairy Products, Inc. in an upcoming episode, airing third quarter 2016 ... century of churning cream into butter, Grassland Dairy Products, located in Greenwood, Wisconsin ...
(Date:4/29/2016)... ... April 29, 2016 , ... Nike Softball Camp at the College of ... – 27th for girls aged 10-18. All facets of the game will be covered; ... V. Whited Complex, one of the finest softball facilities in the region. The outstanding ...
(Date:4/29/2016)... ... , ... Coalition Duchenne, a Newport Beach, California based charity ... participated in the April 25 U.S. Food and Drug Administration advisory committee hearing ... at the Marriott Conference Center in Hyattsville, Maryland was attended by over than ...
(Date:4/29/2016)... ... April 29, 2016 , ... Pro3rd Grunge is a package of ... lower thirds to introduce people, characters, and locations without having to set a single ... textures and many more design components. Simply select a preset and drag it into ...
(Date:4/29/2016)... , ... April 29, 2016 , ... ... recently announced that their founders, Dr. Gemmi and Dr. Middleberg, were asked by ... orthodontists around the nation. During the seminar, titled “Advancing the Biomechanics of ...
Breaking Medicine News(10 mins):
(Date:4/27/2016)... PARIS , le 27 Avril 2016 /PRNewswire/ ... chiffre d,affaires a progressé de +5% sur le ... ventes récurrentes de consommables  Croissance de ... Mauna Kea Technologies (Euronext : ... multidisciplinaire d,endomicroscopie confocale laser, annonce aujourd,hui son chiffre ...
(Date:4/27/2016)... 2016   Zillion Group today announced ... platform, which specializes in live video consultation. Turning ... products, Zillion enables companies to realize the true ... take control of their health. ... including one-to-one, group and webcast scheduled or on-demand ...
(Date:4/27/2016)... , April 27, 2016 ... of the  "Global Anesthesia Disposables Market 2016-2020" ... http://photos.prnewswire.com/prnh/20160330/349511LOGO ) ,The global anesthesia disposables ... CAGR of 4.03% during the period 2016-2020.  ... major threat to patients, safety. Organizations like ...
Breaking Medicine Technology: