Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is at| Return Reference | Explanation |
|---|---|
| Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder | TAMC Title Corporation (the "Corporation") is a Maine nonprofit corporation. The Aroostook Medical Center ("TAMC"), also a Maine nonprofit corporation, is the sole corporate member of the Corporation. |
| Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body | Each year at their annual meeting, the directors elect replacements for those directors whose terms are expiring. Election of directors is subject to ratification by TAMC. |
| Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders | TAMC has authority to approve or disapprove amendments to the Corporation's articles of incorporation, amendments to its bylaws, its budget and its strategic plan, and to appoint and remove the president of the Corporation. |
| Form 990, Part VI, Line 11b: Form 990 Review Process | Form 990 is provided to each board member either electronically or in hard copy with an opportunity to ask questions prior to filing with the IRS. |
| Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts | The organization requests updates of potential conflicts and relationships from the officers and Board members on an annual basis. The request requires disclosure of all business relationships, board memberships, and family relationships. A database is maintained that is compared to payroll records and the accounts payable vendor list to identify any potential conflicts of interest. Transactions are reviewed for reasonableness as an arm's length transaction. TAMC Title is dormant at this time and has no assets as of the end of FY2015. The first agenda item for board meetings and board committee meetings is for members to declare any conflict of interest with upcoming agenda items or deliberations. At any point when consideration is being given to purchase/contract with a party in interest, the member with the conflict is excused from the discussion and consideration process or abstains from voting on the matter. TAMC Title is dormant at this time and has no assets as of the end of FY2015. All transactions identified with parties in interest are disclosed within the Form 990. All are deemed to be arm's length transactions. TAMC Title is dormant at this time and has no assets as of the end of FY2015. |
| Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management | TAMC Title Corporation has no employees. Officers of TAMC Title Corporation are employed by tax exempt related organizations. |
| Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees | TAMC Title Corporation has no employees. Officers of TAMC Title Corporation are employed by tax exempt related organizations. |
| Form 990, Part VI, Line 19: Other Organization Documents Publicly Available | TAMC Title Corporation makes its governing documents, conflict of interest policy and financial statements available to the public upon request. |
| Other Changes In Net Assets Or Fund Balances - Other Decreases | Transfer to exempt subsidiary - The Aroostook Medical Center = -$342414 |
| Software ID: | 14000265 |
| Software Version: | 2014v6.0 |