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Nonprofiteer
← HUDSON VALLEY CARDIOVASCULAR PRACTICE PC

Form 990 for tax year 2022

Filed by HUDSON VALLEY CARDIOVASCULAR PRACTICE PC.

Totals

Total revenue
$55,992,836
Total expenses
$60,860,308
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$55,345,122
Investment income
$87,753
Other revenue
$559,961
Total assets, end of year
$57,956,633
Total liabilities, end of year
$67,396,926
Net assets or fund balances, end of year
-$9,440,293
Program services expenses (Part IX)
$59,793,640
Management and general expenses
$1,066,668
Fundraising expenses
$0
Program service expenses (Part III)
$59,793,640

Program services were 98.2% 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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: NET PATIENT SERVICE REVENUE

    total $31,214,504 · related or exempt $31,214,504 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: AFFILIATE SUBSIDY REVENUE

    total $22,249,464 · related or exempt $22,249,464 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: HOSPITAL SERVICE REVENUE

    total $1,763,475 · related or exempt $1,763,475 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: PHYSICIAN STIPEND

    total $117,679 · related or exempt $117,679 · unrelated business $0 · excluded $0

  • 2e · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $87,753 · related or exempt $0 · unrelated business $0 · excluded $87,753

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $0

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 7d · Net gain or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 8a · Fundraising events: gross income

    $0

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

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11a · Other revenue: EMPLOYEE RETENTION CREDIT

    total $385,829 · related or exempt $385,829

  • 11b · Other revenue: RESEARCH REVENUE

    total $77,974 · related or exempt $77,974

  • 11c · Other revenue: QUALITY INCENTIVE

    total $61,126 · related or exempt $61,126

  • 11d · All other revenue

    total $35,032 · related or exempt $35,032 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $559,961

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0 · program services $0

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $742,936 · program services $734,080 · management and general $8,856

  • 7 · Other salaries and wages

    total $46,472,412 · program services $45,918,475 · management and general $553,937 · fundraising $0

  • 8 · Pension plan contributions

    total $1,280,881 · program services $1,265,613 · management and general $15,268 · fundraising $0

  • 9 · Other employee benefits

    total $4,038,093 · program services $3,989,960 · management and general $48,133 · fundraising $0

  • 10 · Payroll taxes

    total $1,488,366 · program services $1,470,625 · management and general $17,741 · fundraising $0

  • 11a · Fees: management

    total $5,129 · program services $0 · management and general $5,129 · fundraising $0

  • 11b · Fees: legal

    total $60,621 · program services $0 · management and general $60,621 · fundraising $0

  • 11c · Fees: accounting

    total $148,284 · program services $0 · management and general $148,284 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $62,097 · management and general $62,097

  • 11g · Fees: other

    total $1,625,029 · program services $1,605,660 · management and general $19,369 · fundraising $0

  • 12 · Advertising and promotion

    total $73,015 · program services $72,145 · management and general $870 · fundraising $0

  • 13 · Office expenses

    total $303,960 · program services $300,337 · management and general $3,623 · fundraising $0

  • 14 · Information technology

    total $1,357,402 · program services $1,341,222 · management and general $16,180 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $516,798 · program services $510,638 · management and general $6,160 · fundraising $0

  • 17 · Travel

    total $79,746 · program services $78,795 · management and general $951 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $13,209 · program services $13,052 · management and general $157 · fundraising $0

  • 20 · Interest

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $947,154 · program services $935,864 · management and general $11,290 · fundraising $0

  • 23 · Insurance

    total $595,004 · program services $517,518 · management and general $77,486 · fundraising $0

  • 24a · Other expenses: EQUIPMENT RENTAL

    total $703,015 · program services $694,635 · management and general $8,380

  • 24b · Other expenses: LICENSES AND DUES

    total $179,065 · program services $176,929 · management and general $2,136

  • 24c · Other expenses: MEDICAL SUPPLIES

    total $168,092 · program services $168,092

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,534,687 · end of year $4,214,515

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $1,386,378 · end of year $1,287,669

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $116,236 · end of year $162,207

  • 10a · Land, buildings and equipment: cost or other basis

    $5,891,939

  • 10b · Land, buildings and equipment: accumulated depreciation

    $3,888,268

  • 10c · Land, buildings and equipment, net

    beginning of year $2,518,161 · end of year $2,003,671

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $3,007,797 · end of year $2,673,597

  • 15 · Other assets

    beginning of year $27,891,152 · end of year $47,614,974

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,147,755 · end of year $7,199,496

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $37,879,477 · end of year $60,197,430

  • 27 · Net assets without donor restrictions

    beginning of year -$4,572,821 · end of year -$9,440,293

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2022

Mission

IMPROVE THE HEALTH OF EVERY PERSON IN OUR COMMUNITY THROUGH THE EFFICIENT DELIVERY OF EXCELLENT, INNOVATIVE AND COMPASSIONATE CARE.

  • HUDSON VALLEY CARDIOVASCULAR PRACTICE, PC (HVCP) PROVIDE CARDIOVASCULAR CARE TO PATIENTS IN THE MID-HUDSON VALLEY AND NORTHWEST CONNECTICUT, WITH APPROXIMATELY 12 LOCATIONS. 87,304 PATIENTS DURING FISCAL YEAR 2023 286,794 VISITS DURING FISCAL YEAR 2023 $11,162 - CHARITY CARE DURING FISCAL YEAR 2023 HVCP SERVES INDIVIDUALS OF ALL INCOME LEVELS AND FOLLOWS THE FINANCIAL ASSISTANCE POLICY ESTABLISHED BY ITS PARENT ORGANIZATION, NUVANCE HEALTH, AND FOLLOWED BY VASSAR BROTHERS MEDICAL CENTER, NORTHERN DUTCHESS HOSPITAL, PUTNAM HOSPITAL AND SHARON HOSPITAL.

    Expenses $59,793,640 · Revenue $55,905,083

As filed on the 2022 return.

Listed in Part VII

  • Christopher M Lehrach MD

    HVCP PRES/CHIEF PHYSICIAN EXECUTIVE

    Total calculated
    $1,261,476
    From this org
    $0
    From related orgs
    $1,102,394
    Other
    $159,082
    Hours/week
    12 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $662,078 related
    Bonus
    $0 + $315,430 related
    Other
    $0 + $124,886 related
    Deferred
    $0 + $116,460 related
    Nontaxable benefits
    $0 + $42,622 related
    Filer's total
    $0 + $1,261,476 related

  • Daniel Debarba

    CHIEF FINANCIAL OFFICER; TREASURER (FROM 01/01)

    Total calculated
    $318,307
    From this org
    $0
    From related orgs
    $275,184
    Other
    $43,123
    Hours/week
    2 + 48 related

    Schedule J breakdown matched by us

    Base
    $0 + $267,926 related
    Bonus
    $0
    Other
    $0 + $7,258 related
    Deferred
    $0 + $33,150 related
    Nontaxable benefits
    $0 + $9,973 related
    Filer's total
    $0 + $318,307 related

  • Steven H Rosenberg

    FORMER CFO/TREASURER (TO 12/31)

    Total calculated
    $1,407,109
    From this org
    $0
    From related orgs
    $1,257,989
    Other
    $149,120
    Hours/week
    0.5 + 39.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $725,696 related
    Bonus
    $0 + $366,729 related
    Other
    $0 + $165,564 related
    Deferred
    $0 + $135,180 related
    Nontaxable benefits
    $0 + $13,940 related
    Filer's total
    $0 + $1,407,109 related

  • Kelli Stock

    VP HEART & VASCULAR INSTITUTE

    Total calculated
    $396,036
    From this org
    $0
    From related orgs
    $365,020
    Other
    $31,016
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $294,956 related
    Bonus
    $0 + $59,500 related
    Other
    $0 + $10,564 related
    Deferred
    $0 + $18,300 related
    Nontaxable benefits
    $0 + $12,716 related
    Filer's total
    $0 + $396,036 related

  • Mark K Warshofsky MD

    SVP & SYS. CHAIRMAN HEART & VASC. INST.

    Total calculated
    $1,074,296
    From this org
    $0
    From related orgs
    $1,011,135
    Other
    $63,161
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $802,611 related
    Bonus
    $0 + $196,500 related
    Other
    $0 + $12,024 related
    Deferred
    $0 + $18,300 related
    Nontaxable benefits
    $0 + $44,861 related
    Filer's total
    $0 + $1,074,296 related

  • Ali Hammoud MD

    PHYSICIAN CLINICAL

    Total calculated
    $1,038,095
    From this org
    $992,821
    From related orgs
    $0
    Other
    $45,274
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $572,289
    Bonus
    $399,109
    Other
    $21,423
    Deferred
    $18,300
    Nontaxable benefits
    $26,974
    Filer's total
    $1,038,095

  • Joseph W Christiana MD

    PHYSICIAN- CLINICAL

    Total calculated
    $1,054,420
    From this org
    $1,007,712
    From related orgs
    $0
    Other
    $46,708
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $562,326
    Bonus
    $416,792
    Other
    $28,594
    Deferred
    $18,300
    Nontaxable benefits
    $28,408
    Filer's total
    $1,054,420

  • Kamran Haleem MD

    PHYSICIAN NON-INVASIVE

    Total calculated
    $1,028,180
    From this org
    $963,202
    From related orgs
    $0
    Other
    $64,978
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $562,660
    Bonus
    $378,341
    Other
    $22,201
    Deferred
    $18,300
    Nontaxable benefits
    $46,678
    Filer's total
    $1,028,180

  • M Zubair Jafar MD

    PHYSICIAN INTERVENTIONAL

    Total calculated
    $1,018,700
    From this org
    $953,251
    From related orgs
    $0
    Other
    $65,449
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $581,214
    Bonus
    $366,103
    Other
    $5,934
    Deferred
    $18,300
    Nontaxable benefits
    $47,149
    Filer's total
    $1,018,700

  • Rajeev L Narayan MD

    PHYSICIAN INTERVENTIONAL

    Total calculated
    $1,026,173
    From this org
    $962,703
    From related orgs
    $0
    Other
    $63,470
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $563,091
    Bonus
    $376,121
    Other
    $23,491
    Deferred
    $18,300
    Nontaxable benefits
    $45,170
    Filer's total
    $1,026,173

  • Daniel J O'Dea MD

    FORMER PRESIDENT

    Total calculated
    $1,251,538
    From this org
    $1,199,540
    From related orgs
    $0
    Other
    $51,998
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,158,490
    Bonus
    $0
    Other
    $41,050
    Deferred
    $18,300
    Nontaxable benefits
    $33,698
    Filer's total
    $1,251,538

  • Denise George

    FORMER CORPORATE SECRETARY

    Total calculated
    $829,865
    From this org
    $0
    From related orgs
    $716,575
    Other
    $113,290
    Hours/week
    0 + 46 related

    Schedule J breakdown matched by us

    Base
    $0 + $460,108 related
    Bonus
    $0 + $150,000 related
    Other
    $0 + $106,467 related
    Deferred
    $0 + $77,580 related
    Nontaxable benefits
    $0 + $35,710 related
    Filer's total
    $0 + $829,865 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

  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Tax indemnification and gross-up payments
FOR THE FOLLOWING, BENEFITS REPORTED IN PART VII INCLUDE GROSS-UP PAYMENTS FOR A TAXABLE RECOGNITION PROGRAM AWARD: 2 HIGHEST-COMPENSATED EMPLOYEES 1 former officer
Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation
HUDSON VALLEY CARDIOVASCULAR PRACTICE, PC RELIED ON NUVANCE HEALTH, A RELATED TAX-EXEMPT ORGANIZATION, TO APPROVE AND DETERMINE COMPENSATION FOR THE CEO AND TOP MANAGEMENT, WHICH USED A COMPENSATION COMMITTEE, AN INDEPENDENT COMPENSATION CONSULTANT, WRITTEN EMPLOYMENT CONTRACTS, COMPENSATION SURVEY OR STUDY AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE TO GATHER COMPARABLE DATA ON OTHER KEY EMPLOYEES.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
EFFECTIVE OCTOBER 1, 2020, NUVANCE HEALTH ESTABLISHED AN EXECUTIVE RETIREMENT PLAN IN ORDER TO PROVIDE NONQUALIFIED DEFINED CONTRIBUTION RETIREMENT BENEFITS TO DESIGNATED KEY MEMBERS OF ITS EXECUTIVE MANAGEMENT TEAM, SELECTED BY THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS. ONLY EXECUTIVES OCCUPYING DESIGNATED TIER 1 OR TIER 2 EXECUTIVE POSITIONS ARE ELIGIBLE TO PARTICIPATE IN THE PLAN. THE PLAN IS INTENDED TO COMPLY WITH SECTION 457(F) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. IN CALENDAR YEAR 2022, THE AMOUNTS EARNED BY THE PARTICIPANTS ARE REPORTED ON SCHEDULE J, PART II, COLUMN (C) RETIREMENT AND OTHER DEFERRED COMPENSATION. FOR CALENDAR YEAR 2022, AMOUNTS EARNED BY KEY MEMBERS OF THE EXECUTIVE MANAGEMENT TEAM WERE AS FOLLOWS: STEVEN H. ROSENBERG $108,180 CHRISTOPHER LEHRACH, MD $98,160 DENISE GEORGE $59,280 DANIEL DEBARBA $26,320
Schedule J, Part I, Line 7 Non-fixed payments
HV CARDIO PHYSICIANS ARE ELIGIBLE TO PARTICIPATE IN A PRODUCTION INCENTIVE PLAN. HV CARDIO SETS WRVU PRODUCTION TARGETS ANNUALLY FOR ALL PHYSICIANS IN THE INCENTIVE PLAN. WHEN ANNUAL PRODUCTION EXCEEDS WRVU TARGETS ESTABLISHED, THEY ARE ELIGIBLE TO ACCRUE INCENTIVE COMPENSATION AT A FIXED RATE PER WRVU FOR EACH WRVU IN EXCESS OF THEIR TARGET. INCENTIVE COMPENSATION IS PAID QUARTERLY ONCE APPROVALS ARE OBTAINED FROM THE PHYSICIAN'S MEDICAL DIRECTOR AND CHAIRMAN.

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

No itemized grants to organizations 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 partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • NEW MILFORD MRI LLC

    N/A · INACTIVE · CT

    Directly controlled by NA

  • NORWALK SURGERY CENTER LLC

    N/A · SURGERY CENTER · CT

    Directly controlled by NA

Related corporations and trusts

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

  • SWC COPORATION

    C Corporation · PHARMACY · CT

    Directly controlled by NA

  • TACONIC IPA INC

    C Corporation · MEDICAL CARE · NY

    Directly controlled by NA

  • VASSAR HEALTH QUEST MEDICAL PRACTICE OF CONNECTICUT INC

    C Corporation · MEDICAL CARE · CT

    Directly controlled by NA

  • NUVANCE HEALTH INSURANCE COMPANY LTD

    C Corporation · MALPRACTICE · CJ

    Directly controlled by NUVANCE HEALTH

Provenance

Return type
form_990
Tax year
2022
Filed
13 August 2024
IRS schema version
2022v5.0
Source object
202402269349302500

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