Navigation Links
Genesee & Wyoming 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/ -- Genesee & Wyoming director Robert M. Melzer should apply the same Sarbanes-Oxley standards used by Genesee and Wyoming and other publicly traded companies to his role on the board of CareGroup, the parent organization of Beth Israel Deaconess Medical Center (BIDMC), according to labor group 1199 SEIU United Healthcare Workers East. Meltzer is also the retired president and CEO of Property Capital Trust.

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 Melzer 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. Global Med Technologies(R), Inc. Adds Wyoming Hospital to Growing Customer Base
2. Health Courts Critic to be Featured Speaker at Wyoming Patient Safety Panel
3. Boston Properties Executive and Board Member Should Use Sarbanes-Oxley Disclosure Rules in Non-Profit Role, Asserts 1199 SEIU
4. Brooks Automation Executive and Board Member Should Use Sarbanes-Oxley Disclosure Rules in Non-Profit Role, Asserts 1199 SEIU
5. Charles River Laboratories International Board Member Should Use Sarbanes-Oxley Disclosure Rules in Non-Profit Role, Asserts 1199 SEIU
6. Otter Tail Corporation Reports Record Revenues and Net Income From Continuing Operations for 2007; Earnings Per Share of $1.78; Board Approves Dividend Increase
7. The Advisory Board Company Reports Fiscal Year 2008 Third Quarter Results
8. Nastech Appoints MDRNA, Inc. Directors Strategic Advisory Board
9. Naviscan Announces a New Chairman and Board Member
10. Medical Simulation Corporation and the American Board of Internal Medicine Introduce New Simulation for Physician Assessment and Evaluation
11. Dr. Warren Jackman Joins CryoCor Scientific Advisory Board
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/9/2016)... ... ... Cellairis is a worldwide mobile device and computer repair franchise that is known ... Samsung Galaxy devices with premium parts and accessories. Cellairis has recently set-up for business ... customers. While customers do their shopping, Cellairis can accomplish a number of mobile device ...
(Date:12/9/2016)... ... ... An inventor from Cana, Va., wanted to fulfill the need for a ... , The patent-pending SAFETY STRAP FOR AMPUTEES improves accessibility. It eliminates discrimination. It is ... in a matter of minutes, or even seconds. The SAFETY STRAP FOR AMPUTEES is ...
(Date:12/9/2016)... ... December 09, 2016 , ... The Pennsylvania Athletic Trainers’ ... during the summer of 2016. The program was made possible by a Pennsylvania ... Department of Health and Human Services Administration. The broadcast, Use Your Head: ...
(Date:12/8/2016)... ... December 08, 2016 , ... ZyDoc , a New ... Conventional Data Capture Methods for Input to Electronic Health Records: A Comparative Usability ... the comparative usability study demonstrate that a dictation-based method (“NLP Entry”) using ZyDoc’s ...
(Date:12/8/2016)... ... December 08, 2016 , ... David J. Dykeman , ... Greenberg Traurig, LLP, will speak at DeviceTalks West, Dec. 12, 2016, at the Fairmont ... and attorneys from the firm’s global Life Sciences & Medical Technology Group have been ...
Breaking Medicine News(10 mins):
(Date:12/8/2016)... 2016 IRIDEX Corporation (NASDAQ: IRIX ) ... of common stock, $0.01 par value (the "Offering" with such ...  The final terms of the Offering will depend on market ... can be no assurance as to whether or when the ... the net proceeds it will receive from this offering for ...
(Date:12/8/2016)... , Dec. 8, 2016  The global biosurgery market ... during the forecast period of 2016 to 2021. The ... 2021 from USD 18.21 billion in 2016. The market ... incidences of sports related injuries and spinal problems, increasing ... need of effective blood loss management. In ...
(Date:12/8/2016)... FLINT, Mich. , Dec. 8, 2016  Diplomat Pharmacy, Inc. ... as a 2016 Top Workplaces National Standard. ... . ... Diplomat Specialty Pharmacy (PRNewsFoto/Diplomat Pharmacy, Inc.) ... are based on an employee survey administered by WorkplaceDynamics, LLC, a ...
Breaking Medicine Technology: