Nonprofit · EIN 22-2607657
VALLEY HEALTH DEVELOPMENT CORPORATION
Tax-exempt · HERKIMER, NY 13350
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990-EZ | $0 | $0 | $0 | $0 | $0 | $0 |
| December 31, 2023 | 990-EZ | $0 | $0 | $0 | $0 | $0 | $0 |
Financial details: 990-EZ for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $0
Expenses
- Compensation of officers, directors and key employees
- $518,868
- Salaries, compensation and benefits (total)
- $0
Balance sheet and other
- Total assets, start of year
- $0
- Total assets, end of year
- $0
- Total liabilities, end of year
- $0
- Net assets, end of year
- $0
- Gross receipts
- $0
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990-EZ for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| LISA BETRUS | PRESIDENT | 40 | $518,868 |
| JOHN MILITELLO | SECRETARY | 0 | $0 |
| ROBERT BASLOE | TREASURER | 0 | $0 |
990-EZ for the year ended December 31, 2023: 3 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Lisa Betrus | President | 40 | $393,317 |
| John Militello | Secretary | 0 | $0 |
| Anna Lyga | Treasurer | 0 | $0 |
Address and contacts
- Address (IRS master file)
- 690 W GERMAN ST, HERKIMER, NY 13350-2135
- Signed the 990-EZ
- LISA BETRUS, PRESIDENT
- Phone
- (315) 866-3330
- Return prepared by
- KPMG LLP
Mission
PRIOR TO 2023, VALLEY HEALTH DEVELOPMENT CORPORATION ISSUED TAX EXEMPT MORTGAGE REVENUE BONDS AND HELD A MORTGAGE NOTE FROM VALLEY HEALTH SERVICES, INC., A NOT-FOR-PROFIT RESIDENTIAL HEALTH CARE FACILITY. IN SEPTEMBER 2000, VALLEY HEALTH DEVELOPMENT CORPORATION ISSUED $8,795,000 IN TAX EXEMPT MORTGAGE REVENUE REFUNDING BONDS TO REFINANCE VALLEY HEALTH SERVICES', INC. EXISTING DEBT. VALLEY HEALTH DEVELOPMENT CORPORATION ADMINISTERED THE BOND PAYMENTS THROUGH THE BANK OF NEW YORK MELLON -NEW ALBANY, OHIO.
Program accomplishments
- IN 1985, VALLEY HEALTH DEVELOPMENT CORP. ISSUED $7,395,000 SERIES 1985 MORTGAGE REVENUE BONDS FOR THE RENOVATION AND CONSTRUCTION OF VALLEY HEALTH SERVICES, INC., THE SUCCESSOR ORGANIZATION TO HERKIMER MEMORIAL HOSPITAL. IN DECEMBER 1990, VALLEY HEALTH DEVELOPMENT CORP. ISSUED $2,675,000 SERIES 1990 A AND $100,000 SERIES 1990 B MORTGAGE REVENUE BONDS TO FINANCE VALLEY HEALTH SERVICES' EXPANSION PROJECT WHICH INCLUDED THE ADDITION OF 32 BEDS AND AN ADULT DAY HEALTH CARE PROGRAM. TODAY, VALLEY HEALTH SERVICES, INC. IS A 160 BED FACILITY OFFERING SKILLED NURSING LONG TERM CARE, SHORT TERM INPATIENT REHABILITATION AND SUBACUTE CARE, PALLIATIVE CARE, OUTPATIENT REHABILITATION AND MEDICAL MODEL ADULT DAY HEALTH CARE SERVICES TO THE RESIDENTS OF HERKIMER AND THE SURROUNDING COMMUNITIES. A MAJORITY OF VALLEY HEALTH SERVICES' REVENUE IS PROVIDED BY MEDICAID FUNDING. ANNUALLY, VALLEY HEALTH DEVELOPMENT CORP. ADMINISTERS THE BOND PAYMENTS THROUGH THE BANK OF NEW YORK MELLON. THE INCOME GENERATED EACH YEAR BY VALLEY HEALTH DEVELOPMENT CORP. INVESTMENTS IS UTILIZED TO PAY OUT SEMI ANNUAL INTEREST TO BOND HOLDERS, PERIODIC TRUSTEE AND MAINTENANCE FEES. IN 2023, THE LOAN WAS BEEN PAID OFF AND THE BONDS HAVE ALL BEEN SATISFIED. THE FUND BALANCE AND THE INVESTMENTS ARE ZERO, THE BONDS WERE PAID OFF, AND ANY RESIDUAL WAS PAID BACK TO VHS. VALLEY HEALTH DEVELOPMENT CORPORATION WAS NOT DISSOLVED AND REMAINS OPEN AS IT IS A SUPPORTING ORGANIZATION AND BECAUSE THERE IS A POSSIBILITY THAT ANOTHER HUD LOAN MAY BE SECURED IN THE FUTURE TO BE USED FOR FUTURE BONDING NEEDS.
What it must file and when
IRS records say it files Form 990-N (e-Postcard). Gross receipts normally $50,000 or less. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990-EZ on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990-EZ on file |
IRS record
- EIN
- 22-2607657
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Supporting organization (509(a)(3))
- Donations deductible (Pub 78)
- Supporting organization of unknown type
- Exempt since
- 1985
- Accounting year ends
- December
- Files
- Form 990-N (e-Postcard)
- Category (NTEE)
- Health care (E110)
- Assets (IRS master file)
- $1
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990-EZ | December 2024 | $0 | $0 | $0 | IRS |
| 990-EZ | December 2023 | $0 | $0 | $0 | XML |
| 990 | December 2022 | $10,060 | $73,539 | $0 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 22-2607657).
Questions about VALLEY HEALTH DEVELOPMENT CORPORATION
- What is the EIN of VALLEY HEALTH DEVELOPMENT CORPORATION?
- The employer identification number (EIN) of VALLEY HEALTH DEVELOPMENT CORPORATION is 22-2607657.
- Is VALLEY HEALTH DEVELOPMENT CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1985.
- Are donations to VALLEY HEALTH DEVELOPMENT CORPORATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Supporting organization of unknown type).
- Which annual return does VALLEY HEALTH DEVELOPMENT CORPORATION file?
- Form 990-N (e-Postcard). Gross receipts normally $50,000 or less.
- When is the next return of VALLEY HEALTH DEVELOPMENT CORPORATION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did VALLEY HEALTH DEVELOPMENT CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990-EZ for the year ended December 2024.
- Who are the officers and directors of VALLEY HEALTH DEVELOPMENT CORPORATION?
- The 990-EZ for the year ended December 31, 2024 lists 3 people; 1 received compensation from the organization, the highest $518,868 (LISA BETRUS, PRESIDENT).
- How much revenue does VALLEY HEALTH DEVELOPMENT CORPORATION have?
- On its 990-EZ for the year ended December 31, 2024 it reported revenue of $0, expenses of $0 and total assets of $0 at year end.
Other nonprofits in HERKIMER
- VALLEY HEALTH SERVICES INC EIN 22-2511614 · last filed 990 for 2024
- HERKIMER COUNTY HEALTHNET INC EIN 16-1573995 · last filed 990 for 2024
- NYSARC INC EIN 16-0973231 · last filed 990 for 2024
- VALLEY RESIDENTIAL SERVICES INC EIN 46-3703838 · last filed 990 for 2024
- HERKIMER COUNTY COMMUNITY COLLEGE HOUSING AUTHORITY EIN 16-1579707 · last filed 990 for 2025
- HERKIMER COUNTY COLLEGE FOUNDATION INC EIN 16-6076227 · last filed 990 for 2025
- HERKIMER AFFORDABLE HOUSING INC EIN 82-1235634 · last filed 990 for 2024
- FACULTY STUDENT ASSOC HERKIMER COMM COLLEGE EIN 16-6093216 · last filed 990 for 2025