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(Report Date), and We Have Not Updated Our Procedures Regarding These Matters Since That Date Report Date To Management and the Board of Directors of the HealthWell Foundation Professional standards require us to advise those charged with governance of the following matters relating to our recently completed audit of the HealthWell Foundation (the Foundation) as of and for the year ended December 31, 2017. The matters discussed herein are those that we have noted as of (Report Date), and we have not updated our procedures regarding these matters since that date. This letter is solely for the internal use of the Board of Directors and management and is not intended to be and should not be used by anyone other than these specified parties. ITEMS TO BE COMMUNICATED AUDITOR’S RESPONSE The Auditor’s Responsibility under Generally Communicated in our engagement letter dated Accepted Auditing Standards in the United August 24, 2017, and our opinion on the States of America. The auditor is responsible financial statements. Our audit of the financial for obtaining reasonable assurance about statements does not relieve management or whether the financial statements that have been those charged with governance of their prepared by management with the oversight of responsibilities. those charged with governance are free of material misstatements, whether caused by error or fraud. An audit in accordance with generally accepted auditing standards (GAAS) provides reasonable, rather than absolute, assurance or guarantee of the accuracy of the financial statements and is subject to the inherent risk that errors or fraud, if they exist, have not been detected. Such standards also require the auditor to obtain a sufficient understanding of the organization’s internal controls to plan the audit for the purpose of determining the auditor’s procedures and not to provide any assurance concerning such internal controls. Planned Scope and Timing of the Audit. The A discussion was held with the Treasurer of the auditor should communicate with those charged Board of Directors regarding the planned scope with governance an overview of the planned and timing of the audit, the intention of which scope and timing of the audit. was to assist those charged with governance in understanding better the consequences of our audit work on their oversight responsibilities along with assisting us in understanding the Foundation and its environment. Management and the Board of Directors of the HealthWell Foundation Report Date Page 2 ITEMS TO BE COMMUNICATED AUDITOR’S RESPONSE Qualitative Aspects of Significant The significant accounting policies are described Accounting Practices. Management is in the notes to the financial statements. The responsible for the selection and use of application of significant existing policies was not appropriate accounting policies. The auditor changed during the year. We have reviewed the should advise those charged with governance accounting policies and disclosures that about the appropriateness of accounting policies management has identified to be the most critical and their application and disclosures. and concur with management’s assessment. We noted no significant transactions entered into by the Foundation during the year that were unusual or transactions for which there is a lack of authoritative guidance. Management Judgments and Accounting We believe that the Foundation’s liability for Estimates. Certain accounting estimates are copay and premium assistance payable, which particularly sensitive because of their represents incurred but not reported (IBNR) significance to the financial statements and claims at December 31, 2017, and time and because of the possibility that future events operating expense allocations represent sensitive affecting them may differ markedly from accounting estimates. We have evaluated the management’s current judgments. key factors and assumptions used to develop these estimates and believe they are reasonable in relation to the financial statements taken as a whole. Significant Difficulties Encountered. The We are pleased to inform you that there were no auditor should inform those charged with significant difficulties encountered during the governance of any significant difficulties course of the audit. All records and information encountered in dealing with management requested by Raffa were freely available for related to the performance of the audit. inspection. Management and other personnel provided full cooperation. Corrected and Uncorrected Misstatements During the audit, one audit adjustment was and Financial Statement Disclosures. The brought to management’s attention by us related auditor is required to accumulate all known and to recording a subscription expense in the likely misstatements identified during the audit, proper fiscal year. Additionally, management other than those that we believe are trivial, and provided one adjustment after fieldwork related to communicate such misstatements to the to IBNR. These adjustments were approved by appropriate level of management. The auditor management and properly recorded (see should also communicate with those charged Attachment). with governance corrected and uncorrected misstatements and the effect that these There were no waived adjustments. misstatements have on the financial statements. Management and the Board of Directors of the HealthWell Foundation Report Date Page 3 ITEMS TO BE COMMUNICATED AUDITOR’S RESPONSE Disagreements with Management. The We are pleased to report that no such auditor should discuss with those charged with disagreements arose during the course of our governance any disagreements with audit. management, whether or not satisfactorily resolved, about matters that, individually or in the aggregate, could be significant to the organization’s financial statements or the auditor’s report. Management Representations. The auditor We have requested certain representations from must inform those charged with governance of management in the management representation the representations required from management. letter. This letter will be provided to those charged with governance. Management’s Consultation with Other We are not aware of any consultations by Accountants. When the auditor is aware that management with other accountants on the management has consulted with other application of generally accepted accounting accountants about accounting and auditing principles. matters, the auditor should discuss with those charged with governance his or her views about significant matters that were the subject of such consultation. Significant Issues Discussed with There were no major accounting or other issues Management prior to Our Retention. The of concern discussed with management prior to auditor should communicate with those charged our being retained as auditor for the 2017 audit. with governance any significant issues that were discussed or were the subject of correspondence with management prior to our retention. Independence. GAAS requires independence We are not aware of any circumstances or for all audits. Relevant matters to consider in relationships that would impair our independence. reaching a conclusion about independence include circumstances or relationships that create threats to auditor independence and the related safeguards that have been applied to eliminate those threats or reduce them to an acceptable level. Material Alternative Accounting Treatments During the past year, there were no discussions Discussed with Management. The auditor with management concerning material alternative must inform those charged with governance of accounting treatments. discussions with management regarding alternative accounting treatments. Management and the Board of Directors of the HealthWell Foundation Report Date Page 4 ITEMS TO BE COMMUNICATED AUDITOR’S RESPONSE Other Significant and Relevant Issues There were no other issues arising from the Arising from the Audit. The auditor must audit that we consider significant and relevant to inform those charged with governance of those charged with governance. findings or issues arising from the audit that are, in the auditor’s professional judgment, significant and relevant to those charged with governance regarding their oversight of the financial reporting process. Internal Control Matters. The auditor must We have communicated, in writing, to communicate, in writing, to management and management and to those charged with those charged with governance all significant governance that we did not identify any deficiencies and material weaknesses identified deficiencies in internal control that we consider to during the audit. be material weaknesses. Health Well Foundation Attachment Year End: December 31, 2017 Adjusting Journal Entries Date: 1/1/2017 to 12/31/2017 Number Date Name Account No Debit Credit 1 12/31/2017 Accounts Payable 2000 114,692.00 1 12/31/2017 Software Subscriptions and Licensing 5703.001 114,692.00 1 12/31/2017 Allocations-Operations 5899.001 114,692.00 1 12/31/2017 Allocations-SHPT 5899.004 9,013.70 1 12/31/2017 Allocations-MM 5899.011 24,545.17 1 12/31/2017 Allocations-Colorectal Cancer 5899.014 895.66 1 12/31/2017 Allocations-Head & Neck Cancer 5899.017 617.77 1 12/31/2017 Allocations-Wilm's Tumor 5899.020 25.83 1 12/31/2017 Allocations- Porphyrias 5899.021 75.09 1 12/31/2017 Allocations-Immunosuppressive 5899.022 1,029.53 1 12/31/2017 Allocations-Breast Cancer 5899.024 3,364.23 1 12/31/2017 Allocations- Macular Deg 5899.026 2,433.92 1 12/31/2017 Allocations-Dupuytren 5899.032 1,182.59 1 12/31/2017 Allocations-Osteoporosis 5899.033
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