2024-08-12T11:27:47-05:00 2023-09-30 010494526 Baker Newman & Noyes PO Box 507 Portland ME 04112 990 2022-10-01 042103583 Valley Health Systems Inc VALL 4135342567 20 Hospital Drive Holyoke MA 010406604 Dean Vitarisi Treasurer & CFO 4135342567 2024-08-08 1 0 Connor Smart P02285543 2078792100 2024-08-08 2022 2024-08-08 14:25:15Z Spiridon E Hatiras 20 Hospital Drive Holyoke MA 010406604 4708266 0 X N/A X 1984 MA To support the advancement in knowledge and practice of medicine, surgery, nursing, and all other subjects related to healthcare. 11 8 17 25 0 0 90768 63435 3974953 3955534 347764 401891 -6595 -29419 4406890 4391441 54610 26535 0 0 4048775 4478886 0 0 97011 360256 597513 4463641 5102934 -56751 -711493 10691393 11370864 958212 1013325 9733181 10357539 To support the advancement in knowledge and practice of medicine, surgery, nursing, and all other subjects related to healthcare. 0 0 4306757 26535 3923632 To support the advancement in knowledge and practice of medicine, surgery, nursing, and all other subjects related to healthcare. Valley Health Systems, Inc. accomplishes its mission by managing, operating and providing management counsel and advice in connection with the provision of medical or healthcare and services ancillary to Holyoke Medical Center, Inc. and its affiliates. 4306757 1 1 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 17 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 8 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X Dean Vitarisi 4135342567 20 Hospital Drive Holyoke MA 010406604 Garry Bombardier MD Director 0.50 50.50 X 0 230276 14602 Spiridon E Hatiras President & CEO, Clerk 2.50 47.00 X X 907453 0 73368 Dean Vitarisi Treasurer & CFO 2.50 45.50 X X 338192 0 25084 Donald Graham Director 0.50 0.00 X 0 0 0 Matthew Mainville Director (start 5/2023) 0.50 0.00 X 0 0 0 Marge Mantoni Director (start 2/2023) 0.50 0.00 X 0 0 0 Mary Jo Maydew Director 0.50 0.50 X 0 0 0 Idelia Smith Director 0.50 1.00 X 0 0 0 Michael Sullivan Director 0.50 0.00 X 0 0 0 Jeff Hayden Chair 1.00 1.00 X X 0 0 0 Eileen O'Leary Sullivan Vice Chair 1.00 1.00 X X 0 0 0 Carl Cameron VP, Operations 40.00 3.00 X 470369 0 47179 Beverly Fein VP, Chief HR Officer 40.00 0.00 X 277494 0 28629 Avadhoot S Gokhale VP, Quality/CQO 40.00 0.00 X 306588 0 39163 Marcel Moniz VP, Ambulatory Operations 40.00 1.00 X 180714 0 15831 Richard T O'Connor Director of Legal Affairs 40.00 0.00 X 156238 0 1512 2637048 230276 245368 13 0 1 0 Fidelity Investments PO Box 770001 Cincinnati OH 45277 Investment Advisory Services 120697 1 63435 63435 Affiliate Admin Fees 561000 3955534 3955534 3955534 388179 388179 176261 162549 13712 13712 13712 2652 169 2483 2483 122205 154107 -31902 -31902 4391441 3923632 0 404374 26535 26535 1344097 1180869 163228 2646733 2256480 311907 78346 20692 17767 2456 469 235828 202255 27957 5616 231536 197396 27286 6854 39696 39696 120697 120697 26080 26080 6403 814 5589 1252 1115 137 5125 5125 Provision for Bad Debts 398260 398260 5102934 4306757 699166 97011 59110 78804 522374 549163 61200 40000 11700 9784 3748 3200 65000 38440 31685 26560 5707960 6189283 1829054 1966460 1066693 1066693 1397869 1440917 10691393 11370864 703292 784734 254920 228591 958212 1013325 X 4552724 5543498 5180457 4814041 9733181 10357539 10691393 11370864 X -711493 287574 1048277 X X 0 1 X 1 1 1 X 255160 194648 228893 90768 63435 832904 255160 194648 228893 90768 63435 832904 160626 672278 254227 223896 291281 324779 388179 1482362 900 2469 3096 2483 8948 110242 61357 55385 226984 2551198 20684466 0.26350 0.36010 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2688295 202390 61561 2829124 2891090 -83789 119006 2688295 2671370 417132 197412 2891090 2670827 45823 45280 2671370 2620090 177547 126810 2670827 0.00000 0.25690 0.74310 0 0 51433 30967 20466 13567 7473 6094 26560 Investments in Perpetual Trusts 1966460 F 1966460 Investments in Affiliated Companies 1066693 C 1066693 Cash Surrender Life Insurance 1433633 Due From Affilates 7284 1440917 Due to Affiliates 228591 228591 X 4824336 287574 300256 587830 4236506 120697 34238 154935 4391441 5109978 154276 154276 4955702 120697 26535 147232 5102934 Part V, Line 4: The intended use of the endowment funds at Valley Health Systems, Inc. is to provide a predictable, stable, and consistent stream of earnings for the Organization. Part X, Line 2: The Organization and the member organizations are exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. Tax-exempt organizations could be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items including unrelated business income or tax status. Under guidance issued by the Financial Accounting Standards Board (FASB), assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the "more-likely-than-not" threshold, based upon the technical merits of the position. Estimated interest and penalties, if applicable, related to uncertain tax positions are included as a component of income tax expense. The Organization has evaluated the position taken on its filed tax returns. The Organization has concluded no uncertain income tax positions exist at September 30, 2023. The Organization's tax years from 2021 through 2023 are open and subject to examination. Part XI, Line 2d - Other Adjustments: Coffee/Gift Shop Expenses 154,107. Fundraising Expenses 169. Change in Beneficial Interest in Perpetual Trusts 145,980. Part XI, Line 4b - Other Adjustments: Adjustment for Assets Transferred and Used in Operations 34,238. Part XII, Line 2d - Other Adjustments: Coffee/Gift Shop Expenses 154,107. Fundraising Expenses 169. Part XII, Line 4b - Other Adjustments: Adjustment for Assets Transferred and Used in Operations 26,535. 1 Holyoke Medical Center 575 Beech Street Holyoke MA 010402223 222520073 501(c)(3) 26535 0 Funding for hospital and healthcare services. 1 0 Part I, Line 2: The Organization may from time to time award sponsorships and grants to various 501(c)(3) public charities or municipalities. In particular, the Organization regularly provides grants to Holyoke Medical Center, Inc., a related organization of which the Organization is the sole member and shares similar board members and officers. X X X 0 1 0 0 0 0 0 0 0 Spiridon E Hatiras President & CEO, Clerk 907453 0 0 0 0 0 51770 0 21598 0 980821 0 0 0 Carl Cameron VP, Operations 470369 0 0 0 0 0 29019 0 18160 0 517548 0 0 0 Dean Vitarisi Treasurer & CFO 338192 0 0 0 0 0 0 0 25084 0 363276 0 0 0 Avadhoot S Gokhale VP, Quality/CQO 306588 0 0 0 0 0 21049 0 18114 0 345751 0 0 0 Beverly Fein VP, Chief HR Officer 277494 0 0 0 0 0 18896 0 9733 0 306123 0 0 0 Garry Bombardier MD Director 0 230276 0 0 0 0 0 2274 0 12328 0 244878 0 0 Marcel Moniz VP, Ambulatory Operations 180714 0 0 0 0 0 2029 0 13802 0 196545 0 0 0 Richard T O'Connor Director of Legal Affairs 156238 0 0 0 0 0 0 0 1512 0 157750 0 0 0 Part I, Line 4b Holyoke Medical Center adopted a 457(f) non-qualified deferred compensation plan that became effective as of July 1, 2017. The Plan allows for eligible individuals and employees of the Medical Center to receive benefits under the Plan until the attainment of age 65. Non-elective contributions made for a Plan participant are tracked and will vest separately based on anniversaries of participants' employment. Each contribution will be 0% vested until the participant reaches the end of their second year of employment after each contribution. Each contribution will become 100% vested as of the last day of the 2nd year of a participant's employment, if the participant is still employed on that date. Only eligible employees are participants in the plan, and the plan does not allow for employee elective deferrals or employer matches. For the 2022 Tax Year, the following listed individuals received 457(f) contributions under the plan: Spiros Hatiras, $48,870; Carl Cameron, $28,000; Beverly Fein, $16,351; and Avadhoot S. Gokhale, $18,207. Form 990, Part VI, Section A, line 2 Certain officers and directors of Valley Health Systems, Inc. are employed by a related tax-exempt organization which has common officers and/or directors. By virtue of this arrangement, certain individuals listed in Form 990, Part VII have a business relationship with one another. Form 990, Part VI, Section B, line 11b A copy of Valley Health Systems, Inc.'s Form 990 was provided to each voting member of the governing body prior to its filing with the Internal Revenue Service. The Form 990 was prepared with the assistance of an independent public accounting firm and thoroughly reviewed by the Senior Vice President of Finance and CFO and key financial staff of the Hospital prior to distibuting it to the governing body for review. Form 990, Part VI, Section B, line 12c The conflict of interest policy is monitored and enforced as part of the Valley Health Systems, Inc. System and is reviewed annually by the System's conflict of interest committee. Valley Health Systems, Inc. board members, officers, and key employees complete and sign a conflict of interest questionnaire annually. All signed questionnaires are then submitted to the committeed for review and monitoring. Form 990, Part VI, Section B, line 15 The compensation committee of the Valley Health Systems, Inc. utilizes a market compensation survey to recommend to the Board the approval of its determination of the appropriate compensation of the Chief Executive Officer. During that process, the Committee also reviews the compensation levels of other senior management and key employees of the System. These individuals are not members of the compensation committee and do not participate in this process. The CEO, as a member of the Board of VHS, does not participate in the approval process of that officer's compensation. Form 990, Part VI, Section C, line 19 The governing documents, conflict of interest policy, and financial statements of Valley Health Systems and Affiliates, which includes supplemental information of the filing entity, are available to the public upon request at the Organization's administrative office at 575 Beech Street, Holyoke, MA. Form 990, Part XI, line 9: Equity Contributions from Affiliates 2,758,000. Change in Beneficial Interest of Perpetual Trusts 145,980. Net Adjustment for Assets Transferred and Used in Operations -7,703. Equity Contributions to Affiliates -1,848,000. Form 990, Part XII, Line 2c: The audit process has not changed from the prior year. Community Health Foundation of Western Massachusetts Inc 575 Beech Street Holyoke MA 01040 222568962 Raise & Invest Funds for Affiliates MA 501(c)(3) Line 7 Valley Health Systems Inc 1 Holyoke Medical Center Inc 575 Beech Street Holyoke MA 01040 222520073 Hospital MA 501(c)(3) Line 3 Valley Health Systems Inc 1 Holyoke Visiting Nurse Association Inc 575 Beech Street Holyoke MA 01040 042104310 Home Healthcare MA 501(c)(3) Line 10 Valley Health Systems Inc 1 MassWest Services Inc 575 Beech Street Holyoke MA 01040 222515964 Healthcare MA 501(c)(3) Line 12b, II Valley Health Systems Inc 1 River Valley Counseling Center Inc 187 High Street Holyoke MA 01040 042174657 Outpatient Mental Health MA 501(c)(3) Line 10 Valley Health Systems Inc 1 H-C Management Services Inc 20 Hospital Drive Holyoke MA 01040 222515981 Supporting Organization MA 501(c)(3) Line 12b, II Valley Health Systems Inc 1 Western Mass Physician Associates Inc 15 Hospital Drive Holyoke MA 01040 043202198 Medical Care Services MA 501(c)(3) Line 3 MassWest Services Inc 1 William Skinner TUA-Holyoke Hospital Trust PO Box 1802 Providence RI 029011802 046035855 Grantmaking MA 4947(a)(1) PF Valley Health Systems Inc 1 0 1 0 1 1 0 0 0 0 0 0 1 1 0 0 0 0 1 1 Holyoke Medical Center B 26535 Actual Per Books Masswest Services Inc D 7284 Actual Per Books Holyoke Medical Center E 21915 Actual Per Books Holyoke Medical Center L 2964252 Actual Per Books Western Mass Physician Associates Inc L 284999 Actual Per Books River Valley Counseling Center Inc L 501072 Actual Per Books Holyoke Visiting Nurse Association Inc L 182600 Actual Per Books Masswest Services Inc L 7284 Actual Per Books Holyoke Medical Center M 183970 Actual Per Books Masswest Services Inc R 1848000 Actual Per Books Holyoke Medical Center S 2758000 Actual Per Books