2025-11-13T11:27:10-06:00 2024-12-31 331374517 PKF O'CONNOR DAVIES ADVISORY LLC 300 TICE BOULEVARD SUITE 315 WOODCLIFF LAKE NJ 07677 990 2024-01-01 453125678 VALLEY PHYSICIAN SERVICES NY PC VALL 2014478000 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 WILLIAM KLUTKOWSKI SR. VP, FINANCE & CFO 2014478000 2025-11-13 1 1 GARRETT M HIGGINS P00543209 2017129800 2025-11-13 2024 2025-03-06 01:10:19Z X ROBERT W BRENNER 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 8082733 0 X WWW.VALLEYHEALTH.COM/VALLEY-MEDICAL-GROUP X 2011 NY TO PROVIDE MEDICAL CARE AND TO CARRY OUT THE PURPOSES OF THE VALLEY HEALTH SYSTEM, INC. 19 18 31 30 0 0 12059 0 11342391 8082712 0 0 0 21 11354450 8082733 323263 427396 0 0 8423965 5735656 0 0 0 2607222 1919681 11354450 8082733 0 0 2545441 2640713 1885311 1980583 660130 660130 X TO ENGAGE IN THE RENDERING OF PROFESSIONAL SERVICES OF AND RELATED TO THE PRACTICE OF MEDICINE PURSUANT TO "THE PROFESSIONAL SERVICES CORPORATION ACT, AND TO SUPPORT AND CARRY OUT THE CHARITABLE PURPOSE OF VALLEY HEALTH SYSTEM, INC. THE ORGANIZATION ALSO PROVIDED STRATEGIC FUNDING TO VALLEY HOSPITAL, INC. 0 0 8032650 427396 8082712 THE ORGANIZATION PROVIDED MEDICAL CARE TO A TOTAL OF 43,052 PATIENTS IN 2024 IN THE FIELDS OF CLINICAL CARDIAC ELECTROPHYSIOLOGY, INTERNAL MEDICINE, AND CARDIOLOGY. THE ORGANIZATION ALSO PROVIDES STRATEGIC FUNDING TO VALLEY HOSPITAL, INC. 8032650 1 0 0 0 0 0 0 0 0 0 1 0 0 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 0 0 0 1 4 0 31 1 0 0 0 0 0 0 0 0 0 0 0 0 X 19 18 0 0 0 0 1 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X MARIETTA STONE 2012916391 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 AUDREY MEYERS PRESIDENT/CEO, VHS, THRU JUNE 2024 1.80 38.20 X X 0 6593387 54469 ROBERT W BRENNER PRESIDENT/CEO, VHS, EFF. JULY 2024 3.00 37.00 X X 0 1878651 31214 KEVIN LOBO CHAIR 0.10 0.50 X X 0 0 0 ANN LIMBERG VICE CHAIR 0.10 0.50 X X 0 0 0 FRANK J SHEEHY VICE CHAIR 0.10 0.50 X X 0 0 0 JOSEPH MARION TREASURER 0.10 0.50 X X 0 0 0 DENIS SALAMONE SECRETARY 0.10 0.50 X X 0 0 0 VINCENT FORLENZA CHAIR EMERITUS 0.10 0.50 X 0 0 0 JUDY BASELICE TRUSTEE 0.10 0.50 X 0 0 0 JAMES BUSH TRUSTEE 0.10 0.50 X 0 0 0 MICHELLE HASSON TRUSTEE 0.10 0.50 X 0 0 0 M SHAWN KENNEDY TRUSTEE 0.10 0.50 X 0 0 0 BRUCE MACTAS TRUSTEE 0.10 0.50 X 0 0 0 MICHAEL MCGUIRE TRUSTEE 0.10 0.50 X 0 0 0 DUANE SACHS TRUSTEE 0.10 0.50 X 0 0 0 SCOTT SCHROEDER TRUSTEE 0.10 0.50 X 0 0 0 JEFFREY TUCKER TRUSTEE 0.10 0.50 X 0 0 0 PATRICIA VERDUIN TRUSTEE 0.10 0.50 X 0 0 0 WAYNE WALD ESQ TRUSTEE 0.10 0.50 X 0 0 0 TIMOTHY WENTWORTH TRUSTEE 0.10 0.50 X 0 0 0 WILLIAM KLUTKOWSKI SR. VP, FINANCE & CFO 0.50 39.50 X 0 1252548 53234 DAN MUSAT MD PHYSICIAN 40.00 0.00 X 776123 0 12178 TINA SICHROVSKY MD PHYSICIAN 40.00 0.00 X 720272 0 51919 ADVAY BHATT MD PHYSICIAN 40.00 0.00 X 695878 0 52420 MOHAMMADALI HABIBI MD PHYSICIAN 40.00 0.00 X 623823 0 15430 MARK PREMINGER MD PHYSICIAN 40.00 0.00 X 506037 0 39197 3322133 9724586 310061 11 0 1 0 AMBUCOR HEALTH SOLUTIONS 1200 PHILADELPHIA PIKE STE 301 WILMINGTON DE 19809 AMBULATORY MEDICAL SERVICES 728416 NINETY ONE HOLDING INC 56140 PINE CONE LN BETHANY BEACH DE 19930 COMPUTER SYSTEMS 124608 2 PATIENT REVENUE 624100 6622577 6622577 MANAGEMENT FEE REVENUE 900099 778202 778202 MEDICAL SVCS. TO TVH 624100 681933 681933 8082712 OTHER REVENUE 900099 21 21 21 8082733 8082712 0 21 X 427396 427396 5112938 5112938 100910 100910 351683 351683 170125 170125 14994 14994 1191122 1190518 604 74411 41402 33009 71139 71139 257615 256139 1476 2087 2087 18710 18710 135439 135439 CLINICAL SUPPLIES 59193 59193 REPAIRS & MAINTENANCE 52072 52072 CONTINUING EDUCATION 32696 32696 BAD DEBT EXPENSE 5978 5978 4225 4225 8082733 8032650 50083 0 317603 170001 2036723 1986783 1512570 1464054 67227 48516 123888 435413 2545441 2640713 1364026 1092201 521285 888382 1885311 1980583 X 660130 660130 660130 660130 2545441 2640713 0 0 X 0 1 X 1 0 X 237923 0 0 12059 0 249982 8573685 9742651 12569653 11342391 8082733 50311113 8811608 9742651 12569653 11354450 8082733 50561095 0 0 0 50561095 8811608 9742651 12569653 11354450 8082733 50561095 1.00000 1.00000 0.00000 0.00000 X 1512570 1464054 48516 48516 OPERATING LEASE-RIGHT-OF-USE ASSET 355234 SECURITY DEPOSITS 80179 435413 ESTIMATED 3RD PARTY PAYOR SETTLEMENTS 530196 LEASE LIABILITIES FOR OPERATING LEASE 358186 888382 X 342937808 336066651 336066651 6871157 1211576 1211576 8082733 344238582 337367425 337367425 6871157 1211576 1211576 8082733 PART X, LINE 2: VMG RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT VMG HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. VMG IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAXING JURISDICTIONS FOR PERIODS PRIOR TO 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE OF RELATED ENTITIES INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 336,066,651. PART XI, LINE 4B - OTHER ADJUSTMENTS: MANAGEMENT FEE NETTED AGAINST EXPENSES IN CONSOLIDATED FINANCIAL STATEMENTS 778,202. GRANT TO RELATED ORGANIZATION NETTED AGAINST REVENUE IN CONSOLIDATED FINANCIAL STATEMENTS 427,396. BAD DEBT NETTED AGAINST PATIENT SERVICE REVENUE IN FINANCIAL STATEMENTS 5,978. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES OF RELATED ENTITIES INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 337,367,425. PART XII, LINE 4B - OTHER ADJUSTMENTS: MANAGEMENT FEE NETTED AGAINST EXPENSES IN CONSOLIDATED FINANCIAL STATEMENTS 778,202. GRANT TO RELATED ORGANIZATION NETTED AGAINST REVENUE IN CONSOLIDATED FINANCIAL STATEMENTS 427,396. BAD DEBT NETTED AGAINST PATIENT SERVICE REVENUE IN FINANCIAL STATEMENTS 5,978. 1 THE VALLEY HOSPITAL INC 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 221487307 501(C)(3) 427396 0 STRATEGIC FUNDING 1 PART I, LINE 2: THE ORGANIZATION PROVIDED PROGRAM FUNDING TO VALLEY HOSPITAL, INC. THE ORGANIZATION MONITORS THE USE OF THE FUNDS THROUGH COMMON MANAGEMENT. 0 1 0 0 0 0 0 1 0 AUDREY MEYERS PRESIDENT/CEO, VHS, THRU JUNE 2024 0 1414852 0 1167040 0 4011495 0 25875 0 28594 0 6647856 0 3954895 ROBERT W BRENNER PRESIDENT/CEO, VHS, EFF. JULY 2024 0 1277532 0 443100 0 158019 0 15525 0 15689 0 1909865 0 0 WILLIAM KLUTKOWSKI SR. VP, FINANCE & CFO 0 830046 0 309631 0 112871 0 24150 0 29084 0 1305782 0 0 DAN MUSAT MD PHYSICIAN 378035 0 396131 0 1957 0 10675 0 1503 0 788301 0 0 0 TINA SICHROVSKY MD PHYSICIAN 541322 0 176328 0 2622 0 10675 0 41244 0 772191 0 0 0 ADVAY BHATT MD PHYSICIAN 427822 0 243490 0 24566 0 12075 0 40345 0 748298 0 0 0 MOHAMMADALI HABIBI MD PHYSICIAN 532251 0 89900 0 1672 0 12075 0 3355 0 639253 0 0 0 MARK PREMINGER MD PHYSICIAN 418121 0 81691 0 6225 0 10675 0 28522 0 545234 0 0 0 PART I, LINE 3 THE ORGANIZATION'S BOARD IS A SHARED BOARD WITH THE VALLEY HEALTH SYSTEM. THE VALLEY HEALTH SYSTEM HAS DEVELOPED A COMPENSATION PLAN, WHICH GOVERNS THE COMPENSATION FOR ALL EXECUTIVES, INCLUDING THE CEO AND VICE PRESIDENTS OF THE ORGANIZATION. THE PLAN WAS DEVELOPED IN CONJUNCTION WITH A CONSULTING FIRM, REVIEWED BY THE PHYSICIAN LEADERSHIP COUNCIL AND APPROVED BY THE BOARD OF TRUSTEES AND THE VALLEY HEALTH SYSTEM PHYSICIAN COMPENSATION COMMITTEE. ON AN ANNUAL BASIS, THE PLAN IS REVIEWED AND UPDATED AS NEEDED. PART I, LINE 4B AUDREY MEYERS PARTICIPATED IN A CAP-EX (SPLIT-DOLLAR LIFE INSURANCE PLAN). SHE DID NOT RECEIVE A PAYMENT DURING 2024. AUDREY MEYERS AND WILLIAM KLUTKOWSKI PARTICIPATED IN A SUPPLEMENTAL NON-QUALIFIED DEFERRED COMPENSATION PLAN. SHE RECEIVED A PAYMENT IN 2024 IN THE AMOUNT OF $3,954,895 AS REPORTED IN PART II, COLUMN BIII AND COLUMN F. PART I, LINE 7 EMPLOYEES OF THE ORGANIZATION RECEIVED A BOARD-APPROVED DISCRETIONARY BONUS, AWARDED BASED ON PERFORMANCE, AS REPORTED FOR THEM IN PART II, COLUMN B(II). FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION IS A PROFESSIONAL CORPORATION WITH SHAREHOLDERS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN OUTSIDE ACCOUNTING FIRM. IT IS REVIEWED BY MANAGEMENT AND THE AUDIT COMMITTEE OF VALLEY HEALTH SYSTEM. A COMPLETE COPY OF THE FORM 990 IS MADE AVAILABLE TO ALL MEMBERS OF THE ORGANIZATION'S GOVERNING BODY PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE VALLEY HEALTH SYSTEM HAS A CONFLICT OF INTEREST POLICY WHICH COVERS ALL CONTROLLED ORGANIZATIONS WITHIN THE HEALTH SYSTEM, INCLUDING THIS ORGANIZATION. THE POLICY REQUIRES ALL TRUSTEES, OFFICERS, AND MEMBERS OF COMMITTEES WITH BOARD DELEGATED POWERS, TO ANNUALLY SIGN A CONFLICT OF INTEREST STATEMENT, DISCLOSING ANY POTENTIAL CONFLICTS WHICH MAY EXIST. SUCH PERSONS ARE ALSO REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS AS THEY ARISE. CONFLICTS ARE DETERMINED BY THE BOARD OF TRUSTEES OR DELEGATED COMMITTEE CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. PERSONS WITH CONFLICTS OF INTEREST MUST NOT PARTICIPATE IN THE DISCUSSION OR VOTE ON THE RELATED MATTER. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION'S OFFICERS AND TOP MANAGEMENT ARE COMPENSATED BY A RELATED ENTITY, VALLEY HEALTH SYSTEM. VALLEY HEALTH SYSYTEM'S POLICY MANDATES THAT COMPENSATION FOR ITS OFFICERS AND TOP MANAGEMENT, BE ANNUALLY REVIEWED BY THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES FREE OF ANY MEMBERS WITH CONFLICTS OF INTEREST RELATED THERETO. THE COMMITTEE DETERMINES THAT THE EXECUTIVES ARE BEING PAID AN APPROPRIATE LEVEL OF COMPENSATION BY USING COMPARATIVE DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. COMPENSATION DECISION ON THE AMOUNT OF COMPENSATION PAID AND TERM IS ADEQUATELY DOCUMENTED IN A CONTEMPORANEOUSLY WRITTEN FORMAT. THIS PROCESS WAS LAST UNDERTAKEN IN 2024. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES THEIR FORM 1023, 990, FINANCIAL STATEMENTS, GOVERNING DOCUMENTS, AND CONFLICT OF INTEREST AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G BILLING FEES: PROGRAM SERVICE EXPENSES 366,228. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 366,228. OUTSIDE SERVICES: PROGRAM SERVICE EXPENSES 784,019. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 784,019. TEMPORARY HELP: PROGRAM SERVICE EXPENSES 39,359. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 39,359. COLLECTION AGENCY : PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 604. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 604. WASTE SHREDDING SERVICES: PROGRAM SERVICE EXPENSES 912. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 912. THE VALLEY HOSPITAL FOUNDATION INC 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 222324554 SOLICITS AND RECEIVES CONTRIBUTIONS FOR THE BENEFIT OF HEALTH SYSTEM NJ 501(C)(3) LINE 7 VALLEY HEALTH SYSTEM INC 0 THE VALLEY HOSPITAL INC 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 221487307 PROVIDE HEALTHCARE PROGRAMS AND SERVICES TO ALL NJ 501(C)(3) LINE 3 VALLEY HEALTH SYSTEM INC 0 VALLEY HEALTH SYSTEM INC 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 222922016 PROVIDE MANAGEMENT AND PLANNING SERVICES FOR ITS MEMBERS NJ 501(C)(3) LINE 10 N/A 0 VALLEY HOME CARE INC 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 223208480 PROVIDE HOME CARE AND HOSPICE SERVICES TO RESIDENTS OF NORTHERN NJ NJ 501(C)(3) LINE 10 VALLEY HEALTH SYSTEM INC 0 VALLEY PHYSICIAN SERVICES INC 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 320041186 PROVIDES MANAGEMENT AND VARIED CONSULTING SERVICES NJ 501(C)(3) LINE 10 THE VALLEY HOSPITAL INC 0 VALLEY PHYSICIAN SERVICES PC 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 465285330 PROVIDE PRIMARY AND SPECIALTY MEDICAL CARE NJ 501(C)(3) LINE 10 VALLEY PHYSICIAN SERVICES INC 0 VHS INSURANCE COMPANY LTD 010 MAIN STREET CAYMAN ISLANDS CJ 980408200 PROVIDES PROFESSIONAL, MEDICAL, AND COMMERCIAL GENERAL LIABILITY INSURANCE CJ VALLEY HEALTH SYSTEM INC C 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 1