2023-11-07T16:16:01-07:00 2022-12-31 990 2022-01-01 222607657 VALLEY HEALTH DEVELOPMENT CORPORATION VALL 3158663330 690 West German Street Herkimer NY 13350 Lisa Betrus President 3158663330 2023-11-06 1 1 11 0 AAL2 X 2022 2023-04-26 12:10:37Z Lisa Betrus 690 West German Street Herkimer NY 13350 10060 0 X X 1984 NY Valley Health Development Corporation issued tax exempt Mortgage Revenue Bonds and holds 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 administers the bond payments through the Bank of New York Mellon - New Albany, Ohio. 3 2 0 0 0 0 0 0 56297 10060 0 0 0 0 56297 10060 0 0 0 0 0 0 0 0 0 77340 73539 77340 73539 -21043 -63479 403479 0 315000 0 88479 0 X Per the Certificate of Incorporation of Valley Health Development Corp. the purpose for which the Corporation is formed and the objects to be carried on and promoted by it are to be purely public and charitable within the meaning of §501(c) (3) of the Internal Revenue Code of 1954, as amended, with the ultimate aim of promoting improvement and well-being of man. Its purposes include: (a) "to relieve a shortage of decent, safe and sanitary health facilities and services in Herkimer, New York, acting on behalf of the Village of Herkimer, New York and to promote and advance decent, safe and sanitary health facilities and services for said persons by, among other things, financing therein a residential health care facility and such ancillary services as are defined in and regulated by Article 28 of the Public Health Law." (b) "to receive and administer funds in order to finance the acquisition, construction (or rehabilitation) and the equipage of health facilities for the Village and 0 0 73539 10060 Valley Health Development Corp. was created for the sole purpose of providing financing for Valley Health Services, Inc., a not-for-profit Residential Health Care Facility, in Herkimer, New York. In April 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. 0 0 0 73539 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 X 3 2 0 0 0 0 1 0 0 1 0 0 0 1 0 0 0 0 0 0 X Valley Health Services 3158663330 690 West German Street Herkimer NY 13350 Lisa Betrus President 0 40 X X 0 386903 19771 John Militello Secretary 0 0 X X 0 0 0 Anna Lyga Treasurer 0 0 X X 0 0 0 0 386903 19771 0 0 1 0 0 0 See Part III, Line 4A 900099 10060 10060 0 0 0 0 0 0 10060 0 0 0 0 0 10060 10060 0 0 X 4361 4361 11475 11475 5634 5634 52069 52069 73539 73539 0 0 5634 0 397845 0 403479 0 315000 0 0 315000 0 X 0 0 0 0 88479 0 88479 0 403479 0 X -63479 0 0 0 0 -25000 X 0 0 0 X X 1 Valley Health Services Inc 222511614 10 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Schedule A, Part IV, Section A, Line 1 VHDC has a historic and continuing relationship with Valley Health Services, Inc. its supported organization. VHDC's purpose as stated in its bylaws, was to finance a residential health care facility and such ancillary services. VHDC was created for the sole purpose of providing financing for Valley Health Services, Inc., a non-profit residential health care facility in Herkimer, NY. In April 1985, VHDC 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, VHDC 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, VHDC administers the bond payments through the Bank of New York Mellon. The income generated each year by VHDC investments is utilized to pay out semi-annual interest to bond holders periodic trustee and maintenance fees. Schedule A, Part IV, Section C, Line 1 The Treasurer and Secretary of the VHDC Board of Trustees are board members of the Valley Health Services, Inc. Board. Additionally, the President of the VHDC Board of Trustees is the President of Valley Health Services, Inc. 0 0 0 0 0 0 0 0 0 Lisa Betrus President 0 320794 0 66109 0 0 0 12890 0 6881 0 406674 0 Form 990, Part III, Line 1 Per the Certificate of Incorporation of Valley Health Development Corp. the purpose for which the Corporation is formed and the objects to be carried on and promoted by it are to be purely public and charitable within the meaning of §501(c) (3) of the Internal Revenue Code of 1954, as amended, with the ultimate aim of promoting improvement and well-being of man. Its purposes include: (a) "to relieve a shortage of decent, safe and sanitary health facilities and services in Herkimer, New York, acting on behalf of the Village of Herkimer, New York and to promote and advance decent, safe and sanitary health facilities and services for said persons by, among other things, financing therein a residential health care facility and such ancillary services as are defined in and regulated by Article 28 of the Public Health Law." (b) "to receive and administer funds in order to finance the acquisition, construction (or rehabilitation) and the equipage of health facilities for the Village and to otherwise engage in or assist in the development, financing and carrying out or assisting in carrying out such health facilities project (including assistance by borrowing and lending funds)." (c) "to promote the common good and general welfare of the County, its inhabitants, surrounding territories and their inhabitants, their civic or other enterprises, by providing the aforesaid facilities." Form 990, Part VI, Section A, Line 6 VHDC has a three member Board of Trustees. Board Members are appointed and subject to removal by resolution of the Board of Trustees of the Village of Herkimer, NY. Form 990, Part VI, Section A, Line 8b VHDC has a three member Board of Trustees. Board Members are appointed and subject to removal by resolution of the Board of Trustees of the Village of Herkimer, NY. There are no additional committees necessary. Form 990, Part VI, Section B, Line 11b Prior to being filed, the form 990 is reviewed by the Board of Trustees at its annual meeting. Form 990, Part VI, Section C, Line 19 VHDC Makes its governing documents and financial statements available to the public, upon request. Form 990, Part IX, Line 24e Payment to Valley Health services net proceeds from bond issuance. Form 990, Part XI, Line 9 Prior year bond payable was understated by $25,000 Valley Health Services Inc 690 West German Street Herkimer NY 13350 222511614 Skilled Nursing Facility NY 501(c)3 10 N/A 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 We have filed the Form 990 for the tax year ended December 31, 2022, on 11/7/2023. The Organization took corrective measures as soon as the mistake was brought to our attention. The Organization's intent is to comply with the law at all times. The Organization is current with all its filings. The Organization intended to comply, failure to file was not due to willful neglect, but rather a misunderstanding as to what form was required to be filed.