Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $25,000

• 1e · Government grants (contributions)

  $401,906

• 1f · All other contributions, gifts and grants

  $6,027,074

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

  total $438,877,014 · related or exempt $438,877,014

• 2b · Program service revenue: OP PHARMACY REVENUE

  total $13,762,671 · related or exempt $13,762,671

• 2c · Program service revenue: 340B REVENUE

  total $4,290,977 · related or exempt $4,290,977

• 2d · Program service revenue: BLOOD BANK

  total $306,564 · related or exempt $306,564

• 2e · Program service revenue: DIALYSIS

  total $300,935 · related or exempt $300,935

• 3 · Investment income

  total $457,678 · excluded $457,678

• 6a · Gross rents

  real property $44,374

• 6b · Less rental expenses

  real property $80,524

• 6c · Rental income or loss

  real property -$36,150

• 6d · Net rental income or loss

  total -$36,150 · excluded -$36,150

• 7a · Gross sales of assets other than inventory

  securities $355,198

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

  securities $321,977

• 7c · Gain or loss

  securities $33,221

• 7d · Net gain or loss

  total $33,221 · excluded $33,221

• 11a · Other revenue: CAFETERIA SALES

  total $1,683,208 · related or exempt $1,683,208

• 11b · Other revenue: INICIATIVE/CME PAYMENTS

  total $869,431 · related or exempt $869,431

• 11c · Other revenue: MED SURG SUPPLIES

  total $143,953 · related or exempt $143,953

• 11d · All other revenue

  total $2,658,584 · related or exempt $2,658,584

• 11e · Other revenue, total

  $5,355,176

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $2,012,198 · program services $1,693,641 · management and general $318,557

• 6 · Compensation of disqualified persons

  total $43,223 · program services $36,380 · management and general $6,843

• 7 · Other salaries and wages

  total $198,082,813 · program services $167,254,411 · management and general $30,828,402

• 8 · Pension plan contributions

  total $3,317,196 · program services $1,813,466 · management and general $1,503,730

• 9 · Other employee benefits

  total $48,303,833 · program services $39,860,211 · management and general $8,443,622

• 10 · Payroll taxes

  total $13,095,947 · program services $7,991,435 · management and general $5,104,512

• 11b · Fees: legal

  total $335,881 · program services $3,362 · management and general $332,519

• 11c · Fees: accounting

  total -$176,930 · management and general -$176,930

• 11f · Fees: investment management

  total $23,567 · management and general $23,567

• 11g · Fees: other

  total $59,121,189 · program services $51,769,576 · management and general $7,351,613

• 12 · Advertising and promotion

  total $150,459 · program services $99,800 · management and general $50,659

• 13 · Office expenses

  total $302,756 · program services $260,609 · management and general $42,147

• 16 · Occupancy

  total $7,887,386 · program services $4,921,155 · management and general $2,966,231

• 17 · Travel

  total $1,577,356 · program services $1,192,275 · management and general $385,081

• 20 · Interest

  total $2,718,771 · management and general $2,718,771

• 22 · Depreciation, depletion and amortization

  total $10,789,912 · management and general $10,789,912

• 23 · Insurance

  total $4,369,761 · program services $3,234,823 · management and general $1,134,938

• 24a · Other expenses: MEDICAL SUPPLIES & PHAR

  total $74,689,571 · program services $72,269,676 · management and general $2,419,895

• 24b · Other expenses: SHARED SERVICES

  total $18,317,185 · program services $0 · management and general $18,317,185

• 24c · Other expenses: BAD DEBTS

  total $14,650,634 · program services $14,650,634

• 24d · Other expenses: MAINTENANCE & REPAIRS

  total $7,961,328 · program services $5,656,396 · management and general $2,304,932

• 24e · All other expenses

  total $4,600,136 · program services $4,298,539 · management and general $301,597

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $7,922,018 · end of year $11,015,187

• 4 · Accounts receivable

  beginning of year $52,867,970 · end of year $61,104,972

• 8 · Inventories for sale or use

  beginning of year $7,651,595 · end of year $8,564,180

• 9 · Prepaid expenses and deferred charges

  beginning of year $20,446,458 · end of year $21,421,577

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

  $235,113,026

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

  $158,502,153

• 10c · Land, buildings and equipment, net

  beginning of year $79,095,314 · end of year $76,610,873

• 11 · Investments: publicly traded securities

  beginning of year $10,175,849 · end of year $11,751,793

• 15 · Other assets

  beginning of year $23,163,207 · end of year $18,512,294

• 17 · Accounts payable and accrued expenses

  beginning of year $32,824,943 · end of year $37,526,123

• 20 · Tax-exempt bond liabilities

  beginning of year $22,727,444 · end of year $21,487,978

• 23 · Secured mortgages and notes payable

  beginning of year $34,130,585 · end of year $32,778,182

• 25 · Other liabilities

  beginning of year $107,558,358 · end of year $116,184,966

• 27 · Net assets without donor restrictions

  beginning of year $2,737,138 · end of year -$340,316

• 28 · Net assets with donor restrictions

  beginning of year $1,343,943 · end of year $1,343,943

The filer's explanations (Part III)

PART I, LINE 3

CHAMPLAIN VALLEY PHYSICIANS HOSPITAL RELIED ON THE UNIVERSITY OF VERMONT HEALTH NETWORK ("UVM HEALTH NETWORK"), THE PARENT ORGANIZATION, TO ESTABLISH SENIOR EXECUTIVE COMPENSATION. UVM HEALTH NETWORK UTILIZED THE FOLLOWING METHODS TO ESTABLISH COMPENSATION: - COMPENSATION COMMITTEE - INDEPENDENT COMPENSATION CONSULTANT - COMPENSATION SURVEY OR STUDY - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE

PART I, LINES 4A-B

REGIONAL VP OF EQUITY, DIVERSITY & INCLUSION NANCY ZIMUCHA ENTERED INTO AN AGREEMENT EFFECTIVE 4/2023 UNDER WHICH SHE RECEIVED TWO PAYMENTS. PAYMENTS MADE UNDER THIS AGREEMENT WERE MADE IN THE 2023 CALENDAR YEAR AND ARE THEREFORE INCLUDED IN THE AMOUNTS REPORTED HEREIN. THE UNIVERSITY OF VERMONT HEALTH NETWORK, BY AND THROUGH ITS AFFILIATED SUBSIDIARIES, MAINTAINS A SUPPLEMENTAL RETIREMENT BENEFIT PLAN (SRP) UNDER CONTRACTUAL ARRANGEMENTS WITH SEVERAL PERSONS LISTED ON FORM 990, PART VII, SECTION A, LINE 1A. PURSUANT TO THE TERMS OF THE SRP, ANNUAL CREDITS WERE MADE EQUAL TO A FIXED PERCENTAGE OF BASE SALARY. THE FOLLOWING PERSONS PARTICIPATED IN THE SRP IN CALENDAR YEAR 2023, AND THEIR RESPECTIVE FIXED PERCENTAGE IS DESIGNATED IN PARENTHESES: JASON SANDERS (8.68%); AND MICHELLE LEBEAU (10.04%). DEFERRED AMOUNTS VEST ON THE EARLIER OF: (I) JANUARY 1 OF THE THIRD PLAN YEAR AFTER THE PLAN YEAR FOR WHICH THE ACCOUNT WAS CREATED; OR (II) THE PARTICIPANT'S 65TH BIRTHDAY. FOR THE PLANS NOTED ABOVE, AMOUNTS DEFERRED DURING CALENDAR YEAR 2023 ARE INCLUDED ON SCHEDULE J, PART II, COLUMN C. AMOUNTS DEFERRED REMAIN SUBJECT TO FORFEITURE IF CERTAIN CONDITIONS ARE NOT MET.

PART I, LINE 7

CHAMPLAIN VALLEY PHYSICIANS HOSPITAL MEDICAL CENTER PAID AWARDS TO CERTAIN MEMBERS OF UPPER MANAGEMENT (DIRECTORS, VICE PRESIDENTS, PHYSICIAN CHAIRS AND SENIOR EXECUTIVES) THROUGH ITS ANNUAL VARIABLE PAY PLAN AS THE PLAN'S PERFORMANCE MEASURES WERE MET. THE MEASURES WERE REVIEWED AND APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD TRUSTEES. THESE MEASURES INCLUDED FINANCIAL, POPULATION HEALTH & QUALITY, AND OPERATIONAL RELATED METRICS.

PART I, LINE 8

SALARIES AND OTHER FIXED AMOUNTS PAYABLE TO EXECUTIVES SUCH AS OFFICERS AND CERTAIN KEY EMPLOYEES ARE SET BY CONTRACTS THAT ARE NEGOTIATED AND ENTERED INTO PRIOR TO THE COMMENCEMENT OF EACH EXECUTIVES' EMPLOYMENT. THE TERMS OF SUCH CONTRACTS ARE APPROVED IN ADVANCE BY THE APPROPRIATE COMPENSATION COMMITTEE OR OTHER BOARD-AUTHORIZED BODY, WHICH OBTAINS AND RELIES ON APPROPRIATE DATA AS TO COMPARABILITY PRIOR TO MAKING SUCH OFFER, AND CONCURRENTLY DOCUMENTS ITS BASIS FOR DETERMINATION.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• VALCOUR IMAGING LLC

  DIAGNOSTIC IMAGING · NY

  Directly controlled by CVPH

Related corporations and trusts

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

• UVMHN VENTURES INC

  C · HOLDING COMPANY · VT

  Directly controlled by UVMHN

• UVMHN CREDENTIALING & ENROLLMENT

  C · ADMIN SVC · VT

  Directly controlled by UVMHN VENTURES

• CHARITABLE REMAINDER TRUST (6)

  T · SUPPORT · VT

  Directly controlled by UVMMCCVMC

• PERPETUAL TRUST (10)

  T · SUPPORT · VT

  Directly controlled by UVMMC

• CHARITABLE IRREVOCABLE TRUST (8)

  T · SUPPORT · VT

  Directly controlled by UVMMCCVMC

• CHAMPLAIN VALLEY HEALTH NETWORK

  C · ADMIN SVC · NY

• MEDIQUEST INC

  C · MED OFFICE LEASE · NY

  Directly controlled by CPI