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Nonprofiteer
← VALLEY HEALTH DEVELOPMENT CORPORATION

Form 990-EZ for tax year 2024

Filed by VALLEY HEALTH DEVELOPMENT CORPORATION.

Totals

Total revenue
$0
Total expenses
$0
Contributions and grants received
$0
Grants paid
not reported
Program service revenue
$0
Membership dues (line 3)
$0
Investment income (line 4)
not reported
Gain or loss on sale of assets (line 5c)
not reported
Gaming and fundraising events, net (line 6d)
not reported
Gross profit on inventory sales (line 7c)
not reported
Other revenue (line 8)
not reported
Total assets, end of year
$0
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$0
Program service expenses (Part III)
$0

Mission and programs · 2024

Primary exempt purpose

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.

  • 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.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part IV

  • Lisa Betrus

    PRESIDENT

    Total calculated
    $545,632
    Compensation
    $518,868
    Benefit plans
    $0
    Expense account
    $26,764
    Hours/week
    40

  • John Militello

    SECRETARY

    Total calculated
    $0
    Hours/week
    0

  • Robert Basloe

    TREASURER

    Total calculated
    $0
    Hours/week
    0

Compensation is as filed in Part IV of the Form 990-EZ: compensation, contributions to benefit plans, expense account, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990_ez
Tax year
2024
Filed
14 May 2025
IRS schema version
2024v5.1
Source object
202511349349206901

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