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← H-C MANAGEMENT SERVICES INC

Form 990 for tax year 2022

Filed by H-C MANAGEMENT SERVICES INC.

Totals

Total revenue
$4,867,099
Total expenses
$202,283
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$25,027
Investment income
$17
Other revenue
$4,842,055
Total assets, end of year
$61,116
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$61,116
Program services expenses (Part IX)
$202,283
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$202,283

Program services were 100.0% 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.

  • 2a · Program service revenue: Affiliate Rent Income

    total $25,027 · related or exempt $25,027

  • 3 · Investment income

    total $17 · excluded $17

  • 11a · Other revenue: Gain on Debt Extinguishment

    total $4,842,055 · excluded $4,842,055

  • 11e · Other revenue, total

    $4,842,055

Functional expenses

Part IX, the statement of functional expenses.

  • 20 · Interest

    total $56,473 · program services $56,473

  • 22 · Depreciation, depletion and amortization

    total $145,810 · program services $145,810

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $72,804 · end of year $61,116

  • 2 · Savings and temporary cash investments

    beginning of year $16,156

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $16,199,348

  • 23 · Secured mortgages and notes payable

    beginning of year $17,077,470 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year -$789,162 · end of year $61,116

Mission and programs · 2022

Mission

To acquire, hold, manage, maintain, develop, and/or dispose of real property on behalf of affiliated tax-exempt organizations.

  • H-C Management Services, Inc. (HCM) owned and operated an emergency department medical office building for the benefit of its supported organizations. The building qualified for the New Market Tax Credit (NMTC) during construction due to its potential for creating new jobs and meeting the healthcare needs of the community. It included an emergency room, ancillary departments, and medical office space. During the period covered by this tax return, Holyoke Medical Center, a related, supported organization, forgave all existing debt on the office building, cancelled the lease between the Medical Center and HCM, and assumed ownership of the building from HCM.

    Expenses $202,283 · Revenue $25,027

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Carl Cameron

    Director

    Total calculated
    $517,548
    From this org
    $0
    From related orgs
    $470,369
    Other
    $47,179
    Hours/week
    0.5 + 42.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $470,369 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $29,019 related
    Nontaxable benefits
    $0 + $18,160 related
    Filer's total
    $0 + $517,548 related

  • Carl Eger

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Dr Robert Fishman

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Jeff Hayden

    Chair

    Total calculated
    $0
    Hours/week
    0.5 + 1.5 related

  • Spiridon E Hatiras

    President & CEO, Clerk

    Total calculated
    $980,821
    From this org
    $0
    From related orgs
    $907,453
    Other
    $73,368
    Hours/week
    2.5 + 47 related

    Schedule J breakdown matched by us

    Base
    $0 + $907,453 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $51,770 related
    Nontaxable benefits
    $0 + $21,598 related
    Filer's total
    $0 + $980,821 related

  • Dean Vitarisi

    Treasurer & CFO

    Total calculated
    $363,276
    From this org
    $0
    From related orgs
    $338,192
    Other
    $25,084
    Hours/week
    2.5 + 45.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $338,192 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $25,084 related
    Filer's total
    $0 + $363,276 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 compensation for the Organization's CEO was established by a related organization, Valley Health Systems, Inc. That organization established the CEO's compensation by using a compensation committee and a compensation study. The compensation was also approved by the System's compensation committee.
Part I, Line 4b
Holyoke Medical Center adopted a 457(f) non-qualified deferred compensation plan that became effective as of July 1, 2017. The Plan allows for eligible individuals and employees of the Medical Center to receive benefits under the Plan until the attainment of age 65. Non-elective contributions made for a Plan participant are tracked and will vest separately based on anniversaries of participants' employment. Each contribution will be 0% vested until the participant reaches the end of their second year of employment after each contribution. Each contribution will become 100% vested as of the last day of the 2nd year of a participant's employment, if the participant is still employed on that date. Only eligible employees are participants in the plan, and the plan does not allow for employee elective deferrals or employer matches. For the 2022 Tax Year, the following listed individuals received 457(f) contributions under the plan: Spiros Hatiras, $48,870; and Carl Cameron, $28,000.

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.

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

Provenance

Return type
form_990
Tax year
2022
Filed
8 August 2024
IRS schema version
2022v5.0
Source object
202402259349301370

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