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Nonprofiteer
← VALLEY HOSPITAL FOUNDATION

Form 990 for tax year 2023

Filed by VALLEY HOSPITAL FOUNDATION.

Totals

Total revenue
$15,001,805
Total expenses
$17,757,492
Contributions and grants received
$13,446,445
Grants paid
$14,362,656
Program service revenue
$0
Investment income
$1,531,471
Other revenue
$23,889
Total assets, end of year
$53,150,654
Total liabilities, end of year
$1,806,560
Net assets or fund balances, end of year
$51,344,094
Program services expenses (Part IX)
$14,362,656
Management and general expenses
$342,910
Fundraising expenses
$3,051,926
Program service expenses (Part III)
$14,362,656

Program services were 80.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $59,700

  • 1d · Related organizations

    $2,000,000

  • 1f · All other contributions, gifts and grants

    $11,386,745

  • 1g · Noncash contributions included above

    $1,171,662

  • 3 · Investment income

    total $1,214,178 · excluded $1,214,178

  • 7a · Gross sales of assets other than inventory

    securities $5,883,864

  • 7b · Less cost or other basis and sales expenses

    securities $5,566,571

  • 7c · Gain or loss

    securities $317,293

  • 7d · Net gain or loss

    total $317,293 · excluded $317,293

  • 8a · Fundraising events: gross income

    $39,631

  • 8a · Fundraising events: contributions included on line 1c

    $59,700

  • 8b · Fundraising events: direct expenses

    $37,158

  • 8c · Net income from fundraising events

    total $2,473 · excluded $2,473

  • 9a · Gaming: gross income

    $22,641

  • 9b · Gaming: direct expenses

    $1,225

  • 9c · Net income from gaming

    total $21,416 · excluded $21,416

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $14,362,656 · program services $14,362,656

  • 11b · Fees: legal

    total $7,944 · management and general $7,944

  • 11c · Fees: accounting

    total $15,400 · management and general $15,400

  • 11e · Fees: professional fundraising services

    total $189,190 · fundraising $189,190

  • 11f · Fees: investment management

    total $7,798 · management and general $7,798

  • 13 · Office expenses

    total $119,014 · management and general $36,417 · fundraising $82,597

  • 14 · Information technology

    total $133,463 · management and general $13,094 · fundraising $120,369

  • 17 · Travel

    total $4,053 · fundraising $4,053

  • 19 · Conferences, conventions and meetings

    total $1,673 · fundraising $1,673

  • 24a · Other expenses: REIMBURSED COMPENSATION

    total $2,541,348 · management and general $262,257 · fundraising $2,279,091

  • 24b · Other expenses: PROGRAM & SPECIAL EVENT

    total $374,953 · fundraising $374,953

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $577,026 · end of year $1,773,814

  • 2 · Savings and temporary cash investments

    beginning of year $1,493,621 · end of year $596,374

  • 3 · Pledges and grants receivable

    beginning of year $14,312,782 · end of year $9,526,971

  • 11 · Investments: publicly traded securities

    beginning of year $37,008,366 · end of year $41,253,495

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,260 · end of year $17,302

  • 25 · Other liabilities

    beginning of year $2,014,045 · end of year $1,789,258

  • 27 · Net assets without donor restrictions

    beginning of year $9,762,280 · end of year $12,919,770

  • 28 · Net assets with donor restrictions

    beginning of year $41,598,210 · end of year $38,424,324

Mission and programs · 2023

Mission

THE VALLEY HOSPITAL FOUNDATION IS THE PHILANTHROPIC COMPONENT OF VALLEY HEALTH SYSTEM. IT'S PRIMARY FUNCTION IS TO SECURE CHARITABLE CONTRIBUTIONS FROM INDIVIDUALS, CORPORATIONS, FOUNDATIONS, AND OTHER FUNDING ENTITIES, TO MANAGE THOSE GIFTS, AND TO DISTRIBUTE THEM IN ACCORDANCE WITH ITS CHARTER. CHARITABLE FUNDS RAISED FOR THE HOSPITAL SUPPORT CONSTRUCTION, CAPITAL IMPROVEMENTS, MEDICAL TECHNOLOGY, BIOMEDICAL RESEARCH, EDUCATION, ENDOWMENTS, AND SPECIAL PROJECTS. FUNDS RAISED FOR VALLEY HOME CARE SUPPORT THE PROGRAMS OF THE AGENCY, SUCH AS HOSPICE, JOURNEYS, MATERNAL CHILD HEALTH, AND ENDOWMENTS. FUNDS RAISED FOR VALLEY MEDICAL GROUP SUPPORT PROGRAMS, CAPITAL IMPROVEMENTS, MEDICAL TECHNOLOGY, EDUCATION AND SPECIAL PROJECTS.

Activities or mission (Part I)

TO SOLICIT AND RECEIVE PHILANTHROPIC GIFTS, GRANTS, BEQUESTS FROM DONORS FOR THE PURPOSE OF SUPPORTING THE VALLEY HEALTH SYSTEM.

  • THE FOUNDATION HAS EVALUATED THE NEEDS OF VALLEY HEALTH SYSTEM AND SEEKS TO SECURE FUNDING FOR FOUR DIFFERENT CASES: CONSTRUCTION COSTS FOR THE VALLEY HOSPITAL IN PARAMUS, CAPITAL AND TECHNOLOGICAL IMPROVEMENTS, CLINICAL AND TRANSLATIONAL RESEARCH, AND ENDOWMENTS.VALLEY HEALTH SYSTEM IS A REGIONAL HEALTHCARE SYSTEM THAT SERVES RESIDENTS IN NORTHERN NEW JERSEY AND SOUTHERN NEW YORK. IT COMPRISES THE VALLEY HOSPITAL, VALLEY HOME CARE, AND VALLEY MEDICAL GROUP. KEY SERVICES INCLUDE CARDIOLOGY, ONCOLOGY, WOMEN'S AND CHILDREN'S SERVICES, EMERGENCY CARE, ORTHOPEDICS, AND NEUROSCIENCES. VALLEY HEALTH SYSTEM IS ONE OF THE MOST HONORED HEALTHCARE ORGANIZATIONS IN NEW JERSEY.

    Expenses $14,362,656 · Grants $14,362,656

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Edward M Rubin

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.5

  • Victor Wortmann

    CHAIRMAN, THRU 6/12/23

    Total calculated
    $0
    Hours/week
    0.5

  • Andrew Gatto

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.5

  • Peter C Marron

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.5

  • Ralph M Mastrangelo

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Nancy V Bush

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Joshua L Abrams

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Ephraim Casper MD

    TRUSTEE

    Total calculated
    $1,110,974
    From this org
    $0
    From related orgs
    $1,063,653
    Other
    $47,321
    Hours/week
    0.5 + 39.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $872,270 related
    Bonus
    $0 + $133,039 related
    Other
    $0 + $58,344 related
    Deferred
    $0 + $16,500 related
    Nontaxable benefits
    $0 + $30,821 related
    Filer's total
    $0 + $1,110,974 related

  • Sunny Choi MD

    TRUSTEE, EFFECTIVE 12/2023

    Total calculated
    $0
    Hours/week
    0.5

  • Daniel P Cummings

    TRUSTEE, THRU 2/23/23

    Total calculated
    $0
    Hours/week
    0.5

  • Theodore L Harris

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Lynn Holuba

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Karen Keyes

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Audrey Meyers

    TRUSTEE - EX OFFICIO

    Total calculated
    $2,932,436
    From this org
    $0
    From related orgs
    $2,880,401
    Other
    $52,035
    Hours/week
    4 + 36 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,349,573 related
    Bonus
    $0 + $1,039,480 related
    Other
    $0 + $491,348 related
    Deferred
    $0 + $24,750 related
    Nontaxable benefits
    $0 + $27,285 related
    Filer's total
    $0 + $2,932,436 related

  • Surya N Mohapatra

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Lya Pfeifer Esq

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Yolla Rahal

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Thomas J Rakowski MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Marc Sabino

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Theresa A Salameno

    TRUSTEE - EX OFFICIO

    Total calculated
    $0
    Hours/week
    0.5

  • Jeffrey Seidler

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Edward B Self Jr MD

    TRUSTEE, EFFECTIVE 12/2023

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Ann Marie Snyder

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Robert Van Dyk

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • Chris Wragge

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.5

  • William Klutkowski

    SR. VP, FINANCE & CFO

    Total calculated
    $1,130,575
    From this org
    $0
    From related orgs
    $1,079,106
    Other
    $51,469
    Hours/week
    0.5 + 39.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $669,565 related
    Bonus
    $0 + $204,270 related
    Other
    $0 + $205,271 related
    Deferred
    $0 + $21,450 related
    Nontaxable benefits
    $0 + $30,019 related
    Filer's total
    $0 + $1,130,575 related

  • David J Bohan

    VICE PRESIDENT & CDO

    Total calculated
    $674,847
    From this org
    $0
    From related orgs
    $643,957
    Other
    $30,890
    Hours/week
    36 + 4 related

    Schedule J breakdown matched by us

    Base
    $0 + $387,161 related
    Bonus
    $0 + $159,144 related
    Other
    $0 + $97,652 related
    Deferred
    $0 + $15,762 related
    Nontaxable benefits
    $0 + $15,128 related
    Filer's total
    $0 + $674,847 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, 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. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
THE ORGANIZATION'S TOP MANAGEMENT OFFICIAL (DAVID BOHAN, VICE PRESIDENT & CDO OF THE VALLEY HEALTH SYSTEM) IS COMPENSATED BY THE VALLEY HEALTH SYSTEM. THE VALLEY HEALTH SYSTEM HAS ESTABLISHED A POLICY FOR COMPENSATION OF OFFICERS, TOP MANAGEMENT AND KEY EMPLOYEES. THE POLICY INCLUDES A PERIODIC REVIEW BY THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES, FREE OF ANY MEMBERS WITH CONFLICTS OF INTEREST. THE COMMITTEE DETERMINES APPROPRIATE LEVELS OF COMPENSATION USING COMPARATIVE DATA OF SIMILAR ORGANIZATIONS. COMPENSATION DECISIONS ARE ADEQUATELY AND CONTEMPORANEOUSLY DOCUMENTED. THE PROCESS WAS LAST UNDERTAKEN IN 2023.
PART I, LINE 4B
AUDREY MEYERS, PARTICIPATED IN A CAP-EX (SPLIT-DOLLAR LIFE INSURANCE PLAN) OF THE VALLEY HEALTH SYSTEM, INC. SHE DID NOT RECEIVE A PAYMENT DURING 2023. AUDREY MEYERS AND WILLIAM KLUTKOWSKI PARTICIPATED IN A SUPPLEMENTAL NON-QUALIFIED DEFERRED COMPENSATION PLAN. AUDREY MEYERS RECEIVED A PAYMENT IN 2023 IN THE AMOUNT OF $437,682 AS REPORTED IN PART II, COLUMN BIII AND COLUMN F.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • VHS INSURANCE COMPANY LTD

    C · PROVIDES PROFESSIONAL, MEDICAL, AND COMMERCIAL GENERAL LIABILITY INSURANCE · CJ

    Directly controlled by VALLEY HEALTH SYSTEM INC

Provenance

Return type
form_990
Tax year
2023
Filed
4 November 2024
IRS schema version
2023v5.1
Source object
202433099349303118

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