2012-07-06T18:38:11-05:00 2011-12-31 204749363 ISLER MEDFORD LLC 839 ALDER CREEK DR MEDFORD OR 97504 990 2011-01-01 930691238 ASHLAND COMMUNITY HOSPITAL FOUNDATION ASHL 5412014014 280 MAPLE STREET ASHLAND OR 97520 ALAN STEED 5412014014 2012-06-29 1 CAROLYN M RYDER P00033827 5417797641 2011 2016-02-24 21:20:13Z JANET TROY 280 MAPLE STREET ASHLAND OR 97520 1091892 0 X WWW.ACHFOUNDATION.ORG X 1977 OR OUR MISSION IS TO SOLICIT, STEWARD AND GRANT FUNDS TO SUPPORT ASHLAND COMMUNITY HOSPITAL AND THE HEALTHCARE NEEDS OF THE COMMUNITY. VISION STATEMENTINSPIRING PHILANTHROPY TO IMPROVE THE HEALTH OF OUR COMMUNITY.VALUES STATEMENTWE ACHIEVE OUR VISION AND LIVE OUR MISSION BY VALUING:*PASSION, FOR ASHLAND COMMUNITY HOSPITAL AND COMMUNITY HEALTH;*GENEROSITY, WITH CHARITABLE GIFTS, TIME, AND EXPERTISE;*INTEGRITY, IN STEWARDSHIP OF ASSETS ENTRUSTED TO OUR CARE;*PARTNERSHIP, WITH ASHLAND COMMUNITY HOSPITAL AND COMMUNITY MEMBERS;*OUTREACH, TO RAISE THE PROFILE OF ASHLAND COMMUNITY HOSPITAL AS AN HONORED INSTITUTION IN THE COMMUNITY; *INDEPENDENCE,FOR ASHLAND COMMUNITY HOSPITAL AND THE FOUNDATION 21 21 0 0 208418 0 288247 356672 315261 289810 97823 94097 221600 175845 922931 916424 227924 433979 0 0 0 0 0 0 0 497027 431901 724951 865880 197980 50544 5924262 5704140 2510853 2316375 3413409 3387765 X OUR MISSION IS TO SOLICIT, STEWARD AND GRANT FUNDS TO SUPPORT ASHLAND COMMUNITY HOSPITAL AND THE HEALTHCARE NEEDS OF THE COMMUNITY. 0 0 425798 106959 SEE SCHEDULE O 156553 139096 TO IMPROVE PATIENT CARE, ASHLAND COMMUNITY HOSPITAL FOUNDATION CONSTRUCTED A TWO-STORY MEDICAL OFFICE BUILDING IN ASHLAND, OREGON IN 1999. THIS ENABLED THE FOUNDATION TO LOCATE A VARIETY OF ASHLAND'S FINEST MEDICAL SPECIALISTS IN ONE LOCATION, CLOSE TO ASHLAND COMMUNITY HOSPITAL. THIS PROJECT HAS IMPROVED PATIENT ACCESS TO CARE AND INCREASED PATIENT CONVENIENCE BY HAVING A VARIETY OF SPECIALISTS IN ONE LOCATION. 164752 48719 TO ENSURE ADEQUATE OFFICE SPACE FOR PHYSICIANS, THE FOUNDATION ACQUIRED A MEDICAL OFFICE BUILDING TO MEET THE INTERNAL MEDICINE DEMANDS OF OUR AGING COMMUNITY. MEDICAL OFFICE SPACE IN THE BUILDING IS RENTED TO ASHLAND COMMUNITY HOSPITAL'S CENTER FOR FAMILY MEDICINE. THIS ACQUISITION HAS HELPED ENSURE QUALITY CARE FOR ASHLAND FAMILIES. 747103 1 1 0 0 0 1 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 7 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 21 21 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 1 0 0 0 OR X X REID HANNA & COMPANY LLP 5414823711 1101 SISKIYOU BLVD ASHLAND OR 97520 X PAT ACKLIN 2.00 X 0 0 0 JOHN ALEXANDER 2.00 X 0 0 0 BRIAN ALMQUIST 2.00 X 0 0 0 CHARLES BUTLER 2.00 X 0 0 0 ED COLSON 2.00 X 0 0 0 BRANDT CULLEN 2.00 X 0 0 0 GLENN CUNNINGHAM 2.00 X 0 0 0 JACK DAVIS 2.00 X 0 0 0 JONATHON ELDRIDGE 2.00 X 0 0 0 THOMAS B KENNEDY 2.00 X 0 0 0 MARJORIE LININGER 2.00 X 0 0 0 ELIZABETH A MURPHY 2.00 X 0 0 0 DENNIS M POWERS 2.00 X 0 0 0 PAUL ROSTYKUS 2.00 X 0 0 0 BART RUPERT 2.00 X 0 0 0 SANDRA SLATTERY 2.00 X 0 0 0 GARRISON TURNER 2.00 X 0 0 0 ALAN STEED 2.00 X 0 0 0 TOM GRIMLAND 2.00 X 0 0 0 JULIE AUSTAD 2.00 X 0 0 0 RICHARD BERNARD 2.00 X 0 0 0 0 0 0 0 0 0 0 0 356672 356672 RENT OF MED FACILITIES 531390 289810 289810 289810 56392 56392 206129 30452 175677 175677 175677 4964 175000 142259 4964 32741 37705 4964 32741 2925 2757 168 168 916424 294774 208418 56560 433979 433979 26070 26070 11971 11971 9410 9410 2652 2652 37 37 13677 13677 131839 131839 81876 81876 OTHER RENTAL EXPENSE 99409 99409 OTHER OPERATING EXPENSE 54960 54960 865880 747103 118777 0 6770 14420 354860 274527 14136 26934 170000 170000 30976 16335 4811222 1136883 3882867 3674339 1452567 1501060 12086 26525 5924262 5704140 1713 3669 25000 3265 10298 2157960 1985730 326180 313413 2510853 2316375 X 2303738 2248373 433971 444008 675700 695384 3413409 3387765 5924262 5704140 X 50544 -76188 X X 0 1 1 X 0 X 384682 479713 254930 288247 356672 1764244 384682 479713 254930 288247 356672 1764244 1764244 606689 627603 577919 675727 552331 3040269 -59975 -55509 -79305 -1701 7056 -189434 4615079 63338 0.38230 0.37820 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 41951 10667 326662 0 0 675700 44426 2609 10667 12025 4659 695384 632530 43300 18200 18330 675700 630230 2300 632530 504930 125300 630230 0.08990 0.91010 0 0 1503172 1503172 3280492 1110704 2169788 27558 26179 1379 3674339 MUTUAL FUNDS 1322149 F UNITRUST ASSETS 178911 F 1501060 ANNUITY OBLIGATION 138163 DEPOSITS 5250 INTERFUND LOAN PAYABLE 170000 313413 916424 865880 50544 -76647 459 -76188 -25644 1063019 -76647 189574 459 113386 949633 -33209 -33209 916424 1088663 189574 33209 222783 865880 0 865880 Description of Intended Use of Endowment Funds: Part V, Line 4: INCOME FROM EVANS SCHOLARSHIP ENDOWMENT FUND IS TO AWARD SCHOLARSHIPS TO STUDENTS WHO ARE PURSUING NURSING DEGREES FROM OREGON HEALTH SCIENCES UNIVERSITY AT SOUTHERN OREGON UNIVERSITY OR ROGUE COMMUNITY COLLEGE. INCOME FROM THE NIXON ENDOWMENT FUND IS GIFTED ANNUALLY TO THE FOUNDATION'S LIGHTS FOR LIFE CAMPAIGN. Description of Uncertain Tax Positions Under FIN 48: Part X: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, EXCEPT ON NET INCOME DERIVED FROM UNRELATED BUSINESS ACTIVITIES GENERATED FROM THE RENTAL OF CERTAIN DEBT-FINANCED PROPERTY. AT DECEMBER 31, 2011, THE ACTIVITY REPORTED NET OPERATING LOSSES THAT WAS APPLIED AGAINST THE GAIN REPORTED ON FORM 4797 FROM SALE OF PROPERTY. THE UNUSED NET OPERATING LOSS CARRYFORWARDS MAY BE APPLIED AGAINST FUTURE TAXABLE INCOME. THE DEFERRED TAX ASSET HAS NOT BEEN RECORDED IN THE FINANCIAL STATEMENTS DUE TO THE UNDETERMINABLE TIMING OF EVENTS OF WHICH THE FOUNDATION WOULD BE ABLE TO UTILIZE THE CARRYFORWARDS. THE FOUNDATION'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS (FORM 990-T) FOR 2008, 2009, AND 2010 ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR 3 YEARS AFTER THEY WERE FILED. MANAGEMENT BELIEVES IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN. Part XI, Line 8 - Other Adjustments: CHANGE IN MARKET VALUE OF TRUST ASSETS 459. Part XII, Line 2d - Other Adjustments: CHANGE IN SPLIT INTEREST AGREEMENT 459. Part XII, Line 4b - Other Adjustments: SPECIAL EVENT EXPENSE -2,757. RENTAL EXPENSES -30,452. Part XIII, Line 2d - Other Adjustments: RENTAL EXPENSES 30,452. SPECIAL EVENT EXPENSES 2,757. 0 ASHLAND COMMUNITY HOSPITAL PO BOX 98 ASHLAND OR 97520 383237 7461 FMV GIFTS, GIFT CERTIFICATES, BOOKS, BABY PRODUCTS FUNDING PROVIDED TO ASSIST WITH THE FOLLOWING PROGRAMS: HOSPICE AND PALLIATIVE CARE SERVICES, BIRTHING CENTER, STRETCHERS & CARDIAC MONITORS FOR THE EMERGENCY DEPARTMENT AND I.C.U., ELECTRONIC WORKFLOW MANAGEMENT SOLUTIONS, EMPLOYEE ASSISTANCE & EDUCATION, PLANETREE INITIATIVES AND HOME HEALTH, PATIENT ASSISTANCE, PHYSICAL THERAPY, WOMEN'S HEALTH, AND GREATEST NEEDS OF ACH. LA CLINICA DEL VALLE FAMILY HEALTH CENTER 3617 S PACIFIC HWY MEDFORD OR 97501 943096772 10000 FMV CONTRIBUTE TO CAPITAL CAMPAIGN TO FUND THE NEW CENTRAL POINT HEALTH CENTER EXPANSION. PHOENIX-TALENT SCHOOL DISTRICT 4 401 W 4TH STREET PHOENIX OR 97535 30075 FMV FUNDING PROVIDED FOR THE SCHOOL NURSE PROGRAM FOR THE ELEMENTARY SCHOOLS IN THE PHOENIX-TALENT SCHOOL DISTRICT. 3 NURSING SCHOLARSHIPS AWARDED 12 10667 FMV X OTHER SERVICES/GIFTS 13 22849 COMPARABLE SALES X ACH ADMIN/OFFICE SPACE 1 166725 FMV 0 1 0 Organization Mission Statement Form 990, Part I, Line 1 ASHLAND COMMUNITY HOSPITAL FOUNDATION IS ORGANIZED EXCLUSIVELY FOR CHARITABLE, EDUCATIONAL AND SCIENTIFIC PURPOSES, INCLUDING, FOR SUCH PURPOSES, THE MAKING OF DISTRIBUTIONS TO ORGANIZATIONS THAT QUALIFY AS EXEMPT ORGANIZATIONS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986 (AND SIMILAR PROVISIONS OF ANY FUTURE UNITED STATES INTERNAL REVENUE LAW). THE FOUNDATION SHALL HAVE THE FOLLOWING POWERS: (1) TO ASSIST, ENCOURAGE, PROMOTE AND ADVANCE THE QUALITY OF CARE, TREATMENT AND REHABILITATION OF THE SICK, AFFLICTED, INFIRM AND INJURED PATIENTS OF ASHLAND COMMUNITY HOSPITAL, ASHLAND, OREGON. (2) TO FURTHER THE CHARITABLE, SCIENTIFIC, EDUCATIONAL AND SERVICE ACTIVITIES OF ASHLAND COMMUNITY HOSPITAL. (3) TO SUPPORT ASHLAND COMMUNITY HOSPITAL, ITS OBJECTIVES AND PROJECTS BY APPROPRIATE REPRESENTATIONS TO THE PUBLIC WITH RESPECT TO THE HOSPITAL'S NEEDS, MISSION AND REQUIREMENTS AND TO SOLICIT FUNDS FOR ITS USE IN PROVIDING THE MEDICAL AND HOSPITAL FACILITIES NEEDED IN THE GENERAL COMMUNITY SERVED BY ASHLAND COMMUNITY HOSPITAL. (4) TO ACCEPT DONATIONS, GRANTS, BEQUESTS AND DEVISES FROM ANY SOURCES, AND TO ACCEPT PROPERTY OF ALL KINDS APPROPRIATE TO FOUNDATION PURPOSES. (5) TO FACILITATE, ASSIST, ENCOURAGE, SUPPORT, PROMOTE AND ADVANCE THE PHYSICAL, MENTAL AND EMOTIONAL HEALTH OF PERSONS WITHIN THE GEOGRAPHIC AREA SERVED BY ASHLAND COMMUNITY HOSPITAL THROUGH ANY LAWFUL ACTIVITIES, WHICH ARE AUTHORIZED UNDER THE LAWS APPLICABLE TO OREGON NONPROFIT CORPORATIONS WHICH ARE NOT PROHIBITED UNDER ARTICLE III OF THE ARTICLES OF INCORPORATION. (6) TO DO AND PERFORM SUCH OTHER ACTS AS MAY BE NECESSARY OR APPROPRIATE FOR CARRYING OUT THE FOREGOING PURPOSES OF THE CORPORATION AND IN CONNECTION THEREWITH TO ENGAGE IN ANY LAWFUL ACTIVITY AUTHORIZED BY THE OREGON NONPROFIT CORPORATION LAW AND NOT PROHIBITED BY THE ARTICLES OF INCORPORATION OR SECTION 2 OF THIS ARTICLE. Program Service Statement Form 990, Part III, Line 4a PROGRAM SERVICE ACCOMPLISHMENTS A. THE FOUNDATION CONTRIBUTED TO THE HOSPITAL'S HOSPICE AND PALLIATIVE CARE SERVICES, WHICH PROVIDES END-OF-LIFE CARE THAT INCLUDES THE PHYSICAL, SPIRITUAL AND PSYCHOLOGICAL NEEDS OF PATIENTS AND FAMILIES. ALSO PROVIDED FUNDING FOR HOSPICE PATIENT SPECIAL NEEDS FUNDED BY A GRANT FROM THE SOUTHERN OREGON FRIENDS OF HOSPICE. $19,399 B. THROUGH THE GENEROSITY OF DR. WILLIAM AND MRS. RUTH EVANS, ASHLAND COMMUNITY HOSPITAL FOUNDATION PROVIDES SCHOLARSHIPS EACH YEAR TO FUTURE ROGUE VALLEY NURSES. SCHOLARSHIPS ARE AWARDED TO STUDENTS ENROLLED IN THE NURSING PROGRAM OF OREGON HEALTH SCIENCE UNIVERSITY AT SOUTHERN OREGON UNIVERSITY AND ROGUE COMMNITY COLLEGE. FOR THE 2011 CALENDAR YEAR, THE FOUNDATION PROVIDED SCHOLARSHIPS TO 12 STUDENTS. $10,667 C. THE FOUNDATION PROVIDED FUNDS TO PURCHASE NEW CARDIAC MONITORS FOR THE EMERGENCY DEPARTMENT AND I.C.U. THROUGH THE ANNUAL PATRONS CAMPAIGN, LIGHTS FOR LIFE CAMPAIGN, BEQUEST FROM THE ELMER C. BIEGEL FAMILY FOUNDATION, AND DONOR-DESIGNATED GIFTS. $194,636 D. THE FOUNDATION PROVIDED FUNDING FOR THE SCHOOL NURSE PROGRAM FOR THE ELEMENTARY SCHOOLS IN THE ASHLAND AND PHOENIX-TALENT SCHOOL DISTRICTS. THE FUNDING WAS MADE POSSIBLE THROUGH THE REED AND CAROLEE WALKER FUND OF THE OREGON COMMUNITY FOUNDATION AND DONOR DESIGNATED FUNDS. $30,075 E. THE FOUNDATION SUPPORTED THE PATIENT-CENTERED CARE INITIATIVES OF PLANETREE, INCLUDING THE CHAPLAIN PROGRAM AND RENOVATION OF THE COMFORT ZONES AND PATIENT ROOMS. $1,060 F. ASSISTED PATIENTS UNABLE TO PAY FOR THEIR TREATMENTS THROUGH CONTRIBUTIONS AND ENDOWMENT EARNINGS. $1,628 G. THE FOUNDATION PROVIDED FUNDING THROUGH THE ANNUAL PATRONS CAMPAIGN TO PURCHASE NEW STRETCHERS FOR THE EMERGENCY DEPARTMENT AS PART OF THE DEPARTMENT RENOVATION AND FACELIFT. $4,600 H. THROUGH THE FOUNDATION'S ANNUAL EMPLOYEE CAMPAIGN, PROVIDED FUNANCIAL SUPPORT TO EMPLOYEES DURING TIME OF CRISIS THROUGH EMPLOYEE PAYROLL DEDUCTIONS AND OUTRIGHT GIFTS. $16,626 I. THE FOUNDATION PROVIDED FUNDING FOR THE GREATEST NEEDS OF ACH. $24,690 J. THE FOUNDATION PROVIDED FUNDING TO IMPLEMENT AN ELECTRONIC APPLICATION THAT WILL PROVIDE COMPREHENSIVE ELECTRONIC SELF-REPORTING, EVENT TRACKING, MONITORING, AND WORKFLOW MANAGEMENT SOLUTIONS. THE FUNDING WAS MADE POSSIBLE THROUGH THE SMALL RURAL HOSPITAL IMPROVEMENT GRANT PROGRAM. $8,305 K. THE FOUNDATION PROVIDED A NUMBER OF SMALL GRANTS TO SUPPORT ASHLAND COMMUNITY HOSPITAL INCLUDING FUNDING FOR DIAGNOSTIC IMAGING INCLUDING WOMEN'S HEALTH AND MAMMOGRAMS, THE LABORATORY, SAME DAY SURGERY, SURGERY, PHYSICAL THERAPY, AND THE WOUND CENTER. $1,528 L. THE FOUNDATION PROVIDED A GRANT TO FUND ACH FOUNDATION STAFFING. $3,265 M. PROVIDED FUNDING FOR PLANS TO RENOVATE THE ASHLAND COMMUNITY HOSPITAL BIRTH CENTER. $7,500 N. THE FOUNDATION PARTICIPATED IN THE CAPITAL CAMPAIGN TO FUND THE NEW LA CLINICA CENTRAL POINT HEALTH CENTER. SUPPORTING THE LA CLINICA EXPANSION FULFILLS AN URGENT NEED IN OUR COMMUNITY TO PROVIDE AFFORDABLE AND QUALITY HEALTHCARE TO UNINSURED AND OTHER UNDERSERVED POPULATIONS. $10,000 (FOURTH AND FINAL INSTALLMENT OF $40,000 PLEDGE) O. THROUGH THE CONTINUING EFFORTS OF ASHLAND COMMUNITY HOSPITAL FOUNDATION, THE COMMUNITY OF TALENT, OREGON CONTINUES TO RECEIVE QUALITY HEALTHCARE. IN 1994, THE FOUNDATION CONSTRUCTED A MEDICAL OFFICE BUILDING AND PHARMACY IN THAT COMMUNITY. MEDICAL OFFICE SPACE IN THE BUILDING IS RENTED TO ASHLAND COMMUNITY HOSPITAL'S CENTER FOR FAMILY MEDICINE. BOTH OF THESE PROJECTS HELPED GUARANTEE HEALTH SERVICES TO THE COMMUNITY. $59,180 P. TO PROVIDE ADEQUATE FAMILY PRACTICE CARE IN THE COMMUNITY, IN 1999 ASHLAND COMMUNITY HOSPITAL FOUNDATION CONVERTED A SINGLE-FAMILY RESIDENCE INTO A THREE-PERSON MEDICAL OFFICE BUILDING LOCATED DIRECTLY ACROSS THE STREET FROM THE HOSPITAL. $31,710 Q. TO IMPROVE PATIENT CARE, ASHLAND COMMUNITY HOSPITAL FOUNDATION CONSTRUCTED A TWO-STORY MEDICAL OFFICE BUILDING IN ASHLAND, OREGON IN 1999. THIS ENABLED THE FOUNDATION TO LOCATE A VARIETY OF ASHLAND'S FINEST MEDICAL SPECIALISTS IN ONE LOCATION, CLOSE TO ASHLAND COMMUNITY HOSPITAL. THIS PROJECT HAS IMPROVED PATIENT ACCESS TO CARE AND INCREASED PATIENT CONVENIENCE BY HAVING A VARIETY OF SPECIALISTS IN ONE LOCATION. $156,553 R. TO ENSURE ADEQUATE OFFICE SPACE FOR PHYSICIANS, THE FOUNDATION ACQUIRED A MEDICAL OFFICE BUILDING TO MEET THE INTERNAL MEDICINE DEMANDS OF OUR AGING COMMUNITY. MEDICAL OFFICE SPACE IN THE BUILDING IS RENTED TO ASHLAND COMMUNITY HOSPITAL'S CENTER FOR FAMILY MEDICINE. THIS ACQUISITION HAS HELPED ENSURE QUALITY CARE FOR ASHLAND FAMILIES. $164,752 S. PARKING LOT AT 530 CATALINA. $929 TOTAL PROGRAM SERVICE EXPENSES $747,103 Form 990, Part VI, Section A, line 6 FOUNDATION BOARD MEMBERS SERVE AS VOTING MEMBERS WITH AUTHORITY AND RESPONSIBILITY TO DEVELOP POLICIES, PROCEDURES, AND REGULATIONS NECESSARY TO OPERATE THE FOUNDATION, PARTICIPATE IN FUNDRAISING THROUGH PERSONAL CONTRIBUTIONS, AND PARTICPATE IN THE VARIOUS CAMPAIGNS NECESSARY TO FINANCE THE ONGOING OPERATION OF THE FOUNDATION AND ITS WORK WITH THE HOSPITAL. BOARD MEMBERS SERVE A THREE YEAR TERM (UNLESS ELECTED TO FILL AN UNEXPIRED TERM). Form 990, Part VI, Section A, line 7a THE OFFICERS SHALL BE ELECTED BY, AND SHALL SERVE AT THE PLEASURE OF, THE BOARD, AND SHALL HOLD THEIR RESPECTIVE OFFICES UNTIL THEIR RESIGNATION, REMOVAL, OR OTHER DISQUALIFICATION FROM SERVICE, OR UNTIL THEIR RESPECTIVE SUCCESSORS SHALL BE ELECTED. THE PRESIDENT SHALL BE ELECTED FOR A TWO-YEAR TERM OF OFFICE. VICE-PRESIDENT, SECRETARY AND TREASURER SHALL BE ELECTED ANNUALLY. Form 990, Part VI, Section A, line 7b FOUNDATION BOARD MEMBERS ARE EXPECTED TO ATTEND MONTHLY BOARD MEETINGS, STANDING COMMITTEES (AS ASSIGNED), AD HOC COMMITTEE MEETINGS (AS APPOINTED) AND SPECIAL EVENTS (AS ANNOUNCED). CONTINUITY OF ATTENDANCE AND PARTICIPATION AS A POLICY MAKER AND PLANNER IS IMPERATIVE FOR SERVING AS A VOTING MEMBER. Form 990, Part VI, Section B, line 11 THE ACH FOUNDATION HAS A STANDING ASSET MANAGEMENT COMMITTEE THAT MEETS MONTHLY TO REVIEW FINANCIAL STATEMENTS, INCLUDING EXPENSES, INCOME, GRANTS, CASH DISBURSEMENTS, BALANCE SHEET, PROFIT AND LOSS, AND ANY AUDIT LETTERS. IN ADDITION, TIME IS ALLOCATED AT EACH MONTHLY BOARD MEETING TO REVIEW FINANCIAL STATEMENTS AND THE ANNUAL AUDIT IS PRESENTED TO THE FULL FOUNDATION BOARD UPON ITS COMPLETION. BOTH THE ASSET MANAGEMENT COMMITTEE AND THE BOARD MONITOR THE FINANCIAL RESOURCES TO ENSURE THAT FUNDS ARE APPROPRIATELY ACCOUNTED FOR. FINANCIAL STATEMENTS: 1. THE ACH FOUNDATION IS NOT REQUIRED BY LAW TO UNDERGO AN AUDIT BY AN INDEPENDENT AUDITOR. 2. THE ACH FOUNDATION HAS NOT RECEIVED FEDERAL FUNDS THAT REQUIRES ONE OR MORE AUDITS. 3. THE ACH FOUNDATION BOARD HAS AN ESTABLISHED ASSET MANAGEMENT COMMITTEE WHICH MAKES RECOMMENDATIONS ON THE SELECTION OF THE INDEPENDENT AUDITOR TO THE FOUNDATION BOARD. IN ADDITION, THEY OVERSEE THE INDEPENDENT AUDITOR. 4. THE ACH FOUNDATION CURRENTLY HAS FINANCIAL STATEMENTS COMPILED BY AN INDEPENDENT ACCOUNTANT AND AUDITED ANNUALLY BY A QUALIFIED THIRD-PARTY. Form 990, Part VI, Section B, line 12c ALL BOARD MEMBERS ARE EXPECTED TO ACCEPT AND ADHERE TO POLICIES AND HOLD FELLOW BOARD MEMBERS AND STAFF TO THE SAME STANDARDS. MONITORING OF SUCH IS ONGOING. Form 990, Part VI, Section C, line 18 THE FOUNDATION'S DOCUMENTS AVAILABLE FOR PUBLIC INSPECTION MAY BE REQUESTED FOR VIEWING BY CONTACTING THE FOUNDATION'S OFFICE. Form 990, Part VI, Section C, line 19 THE FOUNDATION'S FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST AND BY VISITING THE WEBSITE WWW.ACHFOUNDATION.ORG Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized losses on investments: -76,647. CHANGE IN MARKET VALUE OF TRUST ASSETS 459. Total to Form 990, Part XI, Line 5: -76,188. FINANCIAL STATEMENT AND AUDIT OVERSIGHT THE OVERSIGHT OR SELECTION PROCESS HAS NOT CHANGED DURING THE YEAR.