An audit of our financial documents and processes is conducted annually by an independent auditor. The purpose of an audit is to assess the accuracy and completeness of an organization’s financial statements and position, the strength of its financial procedures, and to assess for opportunities for fraudulent activities.
IRS Form 990
As a non-profit, FCH is required to complete and file a Form 990 annually. Form 990 is the IRS’s primary tool for gathering information about tax-exempt organization’s finances and governance. The form, if used effectively, also can help to educate board members and their organizations about tax requirements, non-profit governance, financial best practices, and legal compliance.
Governance & Operating Documents
Once the court decision regarding the conversion of Sharon Hospital to a for-profit organization was made, FCH was legally created in much the same way as many non-profits. First, Articles of Incorporation were filed to establish a non-profit organization and By-laws were created to set out the major rules and procedures for our internal governance. An application was then sent to the federal government for a tax-exempt status and once approved, we received a Letter of Determination. The FCH Board of Directors then created policies and procedures to ensure adherence and compliance to the organization’s values, as well as legal, financial, and operational best practices.