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Parthenon did not utilize HCA's centralized cash management
program, but maintained its own separate banking arrangements and
cash management system. It also maintained its own accounting
records, computerized information management system, and
personnel files. Parthenon's employees were issued monthly
checks by HCA's payroll department, which furnished payroll
services to Parthenon, but Parthenon reimbursed HCA for the wage,
salary, and benefit amounts paid to or on behalf of Parthenon's
employees each month.
From 1981 through July 1985, Parthenon occupied quarters in
a building owned by HCA. From July 1985 to February 1988, the
offices of Parthenon were in a building leased by HCA. During
the period 1981 through February 1988, Parthenon had either a
separate written lease or sublease agreement with HCA or occupied
the premises without a written lease, for which it was charged a
monthly amount as rent. From February 1988 through the end of
that year, Parthenon occupied quarters in a building owned by
HCA, but HCA charged Parthenon no rent and there was no formal
lease agreement between the parties.
Parthenon's investments were the responsibility of an
investment committee appointed by its Board of Directors, subject
to policies and procedures which included a requirement of
compliance with the investment mandates and restrictions of the
Tennessee Insurance Code. Parthenon employed outside investment
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