2026-08-07T19:58:06-05:00 2025-09-30 010494526 Baker Newman & Noyes 280 Fore Street Suite 500 Portland ME 04101 990 2024-10-01 042103583 Valley Health Systems Inc VALL 4135342567 20 Hospital Drive Holyoke MA 010406604 Dean Vitarisi Treasurer & CFO 4135342567 2026-08-06 1 0 Connor Smart P02285543 2078792100 2026-08-06 2024 2025-03-06 01:10:19Z Spiridon E Hatiras 20 Hospital Drive Holyoke MA 010406604 14448261 0 X N/A X 1984 MA To support the advancement of medicine, surgery, nursing, and healthcare. 11 8 17 8 0 0 201158 181043 4536260 4341270 652353 223160 -104232 -99868 5285539 4645605 48027 26965 0 0 4438111 4547229 0 0 101900 503583 1992995 4989721 6567189 295818 -1921584 12821869 7935319 857922 1628485 11963947 6306834 To support the advancement in knowledge and practice of medicine, surgery, nursing, and all other subjects related to healthcare. 0 0 5459963 26965 4294555 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. 5459963 1 1 0 0 0 0 0 0 0 1 1 1 1 0 1 1 0 1 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 2 0 1 17 1 0 0 0 0 0 1 1 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 113119 115 Spiridon E Hatiras President & CEO, Clerk 2.50 47.00 X X 906011 0 77893 Dean Vitarisi Treasurer & CFO 2.50 45.50 X X 380743 0 48873 Jeff Hayden Director 0.50 1.00 X 0 0 0 Matthew Mainville Director 0.50 0.00 X 0 0 0 Marge Mantoni Director 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 0.50 X 0 0 0 Michael Sullivan Director 0.50 0.00 X 0 0 0 Eileen O'Leary Sullivan Chair 1.00 1.00 X X 0 0 0 Donald Graham Vice Chair 0.50 0.00 X X 0 0 0 Carl Cameron VP, Operations 40.00 3.00 X 499662 0 45351 Beverly Fein VP, Chief HR Officer 40.00 0.00 X 293479 0 30439 Avadhoot S Gokhale VP, Quality/CQO 40.00 0.00 X 326792 0 38033 Marcel Moniz VP, Ambulatory Operations 40.00 1.00 X 211444 0 29712 Richard T O'Connor Director of Legal Affairs 40.00 0.00 X 187311 0 1788 2805442 113119 272204 13 0 1 0 Fidelity Investments PO Box 770001 Cincinnati OH 45277 Investment Advisory Services 191515 1 85775 95268 8975 181043 Affiliate admin fees 561000 4341270 4341270 4341270 289475 289475 9467749 9534064 -66315 -66315 -66315 32332 85775 85485 -53153 -53153 136392 183107 -46715 -46715 4645605 4294555 0 170007 26965 26965 1413520 1250771 162749 2780514 2382674 310031 87809 20725 17821 2319 585 110783 95135 12379 3269 221687 189968 24718 7001 39694 39694 5458 5458 191515 191515 27175 27175 254573 251337 3236 758 758 5126 5126 Provision for bad debts 1468696 1468696 6567189 5459963 1005326 101900 44849 161921 450210 401374 40000 20000 11240 21552 2123 3096 65000 48691 21435 16309 7147884 3460739 2352982 2512969 1066693 1066693 1684453 270666 12821869 7935319 755409 556774 102513 1071711 857922 1628485 X 6376166 284676 5587781 6022158 11963947 6306834 12821869 7935319 X -1921584 254033 -3989562 X X 0 1 X 1 1 1 X 228893 90768 63435 201158 181043 765297 228893 90768 63435 201158 181043 765297 136284 629013 291281 324779 388179 581084 289475 1874798 2469 3096 2483 8048 55385 55385 2703528 21019719 0.23270 0.24180 X The Organization meets the 10% facts-and-circumstances test, for the following reasons: 1. The Organization is a 501(c)(3) tax-exempt public charity that functions as the parent organization of Holyoke Medical Center and its other affiliated 501(c)(3) healthcare organizations. As a result, the Organization is highly invested in, reactive to, and reliant upon the community which it serves. 2. The Organization regularly solicits donations from the general public on behalf of itself and its related organizations, including through annual fundraising events. 3. The Organization also receives revenues from administration and management fees charged to its affiliated entities. A portion of those management fees are funded through donations from the general public or from government grants and subsidies, which first may go to the affiliated entities before being paid to Valley Health Systems. Accordingly, while the Organization itself may not directly receive public support greater than 33 1/3 percent in a given tax year, the vast majority of its funding and revenue is sourced either directly from gifts and donations due to its own direct fundraising efforts, or indirectly through the management and administrative fees assessed to its related organizations within the broader Valley Health System network of affiliated entities. Therefore, the Organization has reported that it continues to meet the public support test as a Section 170(b)(1)(A)(vi) public support charity. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3888925 500767 170773 4218919 2829124 1196015 136214 3888925 2688295 202390 61561 2829124 2891090 -83789 119006 2688295 2671370 417132 197412 2891090 0.00000 0.40950 0.59050 0 1 1 55036 39225 15811 9964 9466 498 16309 Investments in perpetual trusts 2512969 F 2512969 Investments in affiliated companies 1066693 C 1066693 Due to affiliates 821711 General reserve 250000 1071711 X 5070662 254033 419604 673637 4397025 191515 57065 248580 4645605 6635291 259617 259617 6375674 191515 191515 6567189 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. The Organization's endowment funds consist of both perpetually and temporarily restricted funds. Permanently restricted funds are to be used to generate investment returns, which can be released for advancing charity care and general support of the Organization and its affiliated entities. A portion of the permanently restricted Endowment Funds are held by related organizations of Valley Health Systems. Due to the inter-related nature of the affiliated entities, revenue generated from one endowment for general support may ultimately fund another organization within the related group. Accordingly, all such endowment funds have been reported in aggregate on this Form 990, Schedule D, Part V. 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, 2025. The Organization's tax years from 2023 through 2025 are open and subject to examination. Part XI, Line 2d - Other Adjustments: Coffee and gift shop expenses 183,107. Fundraising expenses 76,510. Change in beneficial interest in perpetual trusts 159,987. Part XI, Line 4b - Other Adjustments: Adjustment for assets transferred and used in operations 57,065. Part XII, Line 2d - Other Adjustments: Coffee and gift shop expenses 183,107. Fundraising expenses 76,510. Gala 116179 85775 30404 11124 21262 38910 3800 10220 116179 85775 30404 11124 21262 38910 3800 10220 85316 -54912 1 Holyoke Medical Center 575 Beech Street Holyoke MA 010402223 222520073 501(c)(3) 26965 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 906011 0 0 0 0 0 56334 0 21559 0 983904 0 0 0 Carl Cameron VP, Operations 499662 0 0 0 0 0 30299 0 15052 0 545013 0 0 0 Dean Vitarisi Treasurer & CFO 380743 0 0 0 0 0 26932 0 21941 0 429616 0 0 0 Avadhoot S Gokhale VP, Quality/CQO 326792 0 0 0 0 0 23007 0 15026 0 364825 0 0 0 Beverly Fein VP, Chief HR Officer 293479 0 0 0 0 0 20650 0 9789 0 323918 0 0 0 Marcel Moniz VP, Ambulatory Operations 211444 0 0 0 0 0 15780 0 13932 0 241156 0 0 0 Richard T O'Connor Director of Legal Affairs 187311 0 0 0 0 0 0 0 1788 0 189099 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 2024 Tax Year, the following listed individuals received 457(f) contributions under the plan: - Spiros Hatiras, $52,884. - Dean Vitarisi, $23,482. - Carl Cameron, $30,299. - Beverly Fein, $17,693. - Avadhoot S. Gokhale, $19,702. - Marcel Moniz, $13,635. 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 920,983. Change in beneficial interest of perpetual trusts 159,987. Net adjustment for assets transferred and used in operations -57,065. Equity contributions to affiliates -5,013,467. 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 (end 72025) 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 E 821712 Actual Per Books Holyoke Medical Center L 3343569 Actual Per Books Western Mass Physician Associates Inc L 307908 Actual Per Books River Valley Counseling Center Inc L 375262 Actual Per Books Holyoke Visiting Nurse Association Inc L 297720 Actual Per Books Holyoke Medical Center M 211704 Actual Per Books Western Mass Physician Associates Inc R 250000 Actual Per Books Holyoke Medical Center R 4763467 Actual Per Books River Valley Counseling Center Inc S 920983 Actual Per Books Form 990, Schedule R, Part II: On June 30, 2025, Valley Health Services ("VHS") entered into an agreement with Servicenet, an unrelated entity, whereby VHS agreed to transfer its sole member interest in River Valley Counseling Center ("RVCC") to Servicenet for no consideration. VHS was concurrently released from all guarantees and other obligations related to RVCC, and effective July 1, 2025, RVCC ceased to be considered a related organization of VHS or its other affiliated entities.