Thursday, June 23, 2005

The Charleston Gazette - Business-CAMC among IRS inquiry into finances of nonprofits

The Charleston Gazette - Business: "CAMC among IRS inquiry into finances of nonprofits

By Morgan Kelly
Staff writer
Charleston Area Medical Center was among 2,000 nonprofits to receive an inquiry from the Internal Revenue Service about its financial dealings with �people in a position of power,� according to a CAMC administrator.
The survey is part of an initiative begun last year to root out nonprofits that use their tax-exempt status to pay executives huge salaries and excessive benefits, according to the IRS.
The CAMC inquiry regarded executive compensation � such as salaries and fringe benefits � for executives as well as contracts between employees, board members and CAMC, said Larry Hudson, the health system�s"

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