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← HUDSON VALLEY CARDIOVASCULAR PRACTICE PC

Form 990 for tax year 2023

Filed by HUDSON VALLEY CARDIOVASCULAR PRACTICE PC.

Totals

Total revenue
$64,908,453
Total expenses
$66,402,114
Contributions and grants received
$431
Grants paid
$0
Program service revenue
$64,832,515
Investment income
$5,406
Other revenue
$70,101
Total assets, end of year
$83,420,996
Total liabilities, end of year
$94,354,950
Net assets or fund balances, end of year
-$10,933,954
Program services expenses (Part IX)
$65,098,232
Management and general expenses
$1,303,882
Fundraising expenses
$0
Program service expenses (Part III)
$65,098,232

Program services were 98.0% 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.

  • 1d · Related organizations

    $431

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

    total $35,360,731 · related or exempt $35,360,731

  • 2b · Program service revenue: AFFILIATE SUBSIDY REVENUE

    total $27,518,196 · related or exempt $27,518,196

  • 2c · Program service revenue: HOSPITAL SERVICE REVENUE

    total $1,784,881 · related or exempt $1,784,881

  • 2d · Program service revenue: RESEARCH REVENUE

    total $127,212 · related or exempt $127,212

  • 2e · Program service revenue: PHYSICIAN STIPEND

    total $41,495 · related or exempt $41,495

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $5,406 · excluded $5,406

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: CARDIAC SERVICES TO SNF'S

    total $29,000 · related or exempt $29,000

  • 11b · Other revenue: PAYOR INCENTIVES

    total $10,097 · related or exempt $10,097

  • 11c · Other revenue: QUALITY INCENTIVES

    total $6,554 · related or exempt $6,554

  • 11d · All other revenue

    total $24,450 · related or exempt $24,450 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $70,101

Functional expenses

Part IX, the statement of functional expenses.

  • 6 · Compensation of disqualified persons

    total $152,358 · program services $150,033 · management and general $2,325

  • 7 · Other salaries and wages

    total $52,220,635 · program services $51,423,595 · management and general $797,040

  • 8 · Pension plan contributions

    total $1,372,463 · program services $1,351,515 · management and general $20,948

  • 9 · Other employee benefits

    total $3,769,996 · program services $3,712,455 · management and general $57,541

  • 10 · Payroll taxes

    total $1,773,385 · program services $1,746,318 · management and general $27,067

  • 11a · Fees: management

    total $3,946 · management and general $3,946

  • 11b · Fees: legal

    total $65,158 · management and general $65,158

  • 11c · Fees: accounting

    total $103,448 · management and general $103,448

  • 11f · Fees: investment management

    total $63,200 · management and general $63,200

  • 11g · Fees: other

    total $1,992,058 · program services $1,961,653 · management and general $30,405 · fundraising $0

  • 12 · Advertising and promotion

    total $122,754 · program services $120,880 · management and general $1,874

  • 13 · Office expenses

    total $302,788 · program services $298,167 · management and general $4,621

  • 14 · Information technology

    total $1,220,418 · program services $1,201,791 · management and general $18,627

  • 16 · Occupancy

    total $220,048 · program services $216,689 · management and general $3,359

  • 17 · Travel

    total $66,816 · program services $65,796 · management and general $1,020

  • 19 · Conferences, conventions and meetings

    total $13,156 · program services $12,955 · management and general $201

  • 22 · Depreciation, depletion and amortization

    total $989,790 · program services $974,683 · management and general $15,107

  • 23 · Insurance

    total $622,713 · program services $550,771 · management and general $71,942

  • 24a · Other expenses: EQUIPMENT RENTAL

    total $922,959 · program services $908,872 · management and general $14,087

  • 24b · Other expenses: MEDICAL SUPPLIES

    total $275,315 · program services $275,315

  • 24c · Other expenses: LICENSES AND DUES

    total $128,710 · program services $126,744 · management and general $1,966

  • 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 $4,214,515 · end of year $430,386

  • 2 · Savings and temporary cash investments

    beginning of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0

  • 4 · Accounts receivable

    beginning of year $1,287,669 · end of year $2,255,408

  • 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

  • 8 · Inventories for sale or use

    beginning of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $162,207 · end of year $249,469

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

    $6,252,573

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

    $4,307,587

  • 10c · Land, buildings and equipment, net

    beginning of year $2,003,671 · end of year $1,944,986

  • 11 · Investments: publicly traded securities

    beginning 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 $2,673,597 · end of year $2,339,397

  • 15 · Other assets

    beginning of year $47,614,974 · end of year $76,201,350

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,199,496 · end of year $9,034,267

  • 18 · Grants payable

    beginning of year $0

  • 19 · Deferred revenue

    beginning of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0

  • 21 · Escrow or custodial account liability

    beginning 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

  • 24 · Unsecured notes and loans payable

    beginning of year $0

  • 25 · Other liabilities

    beginning of year $60,197,430 · end of year $85,320,683

  • 27 · Net assets without donor restrictions

    beginning of year -$9,440,293 · end of year -$10,933,954

  • 28 · Net assets with donor restrictions

    beginning of year $0

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0

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

    beginning of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0

Mission and programs · 2023

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. 89,552 PATIENTS DURING FISCAL YEAR 2024 307,755 VISITS DURING FISCAL YEAR 2024 $245,256 - CHARITY CARE DURING FISCAL YEAR 2024 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 $65,098,232 · Revenue $64,902,616

As filed on the 2023 return.

Listed in Part VII

  • Christopher M Lehrach MD

    HVCP PRES/CHIEF PHYSICIAN EXECUTIVE

    Total calculated
    $1,438,820
    From this org
    $0
    From related orgs
    $1,374,670
    Other
    $64,150
    Hours/week
    12 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $685,447 related
    Bonus
    $0 + $443,364 related
    Other
    $0 + $245,859 related
    Deferred
    $0 + $19,800 related
    Nontaxable benefits
    $0 + $44,350 related
    Filer's total
    $0 + $1,438,820 related

  • Daniel Debarba

    CHIEF FINANCIAL OFFICER; TREASURER

    Total calculated
    $1,649,792
    From this org
    $0
    From related orgs
    $1,474,165
    Other
    $175,627
    Hours/week
    2 + 48 related

    Schedule J breakdown matched by us

    Base
    $0 + $810,684 related
    Bonus
    $0 + $623,143 related
    Other
    $0 + $40,338 related
    Deferred
    $0 + $146,400 related
    Nontaxable benefits
    $0 + $29,227 related
    Filer's total
    $0 + $1,649,792 related

  • Kelly Stock

    VP HEART & VASCULAR INSTITUTE

    Total calculated
    $423,235
    From this org
    $0
    From related orgs
    $390,347
    Other
    $32,888
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $305,398 related
    Bonus
    $0 + $75,000 related
    Other
    $0 + $9,949 related
    Deferred
    $0 + $19,800 related
    Nontaxable benefits
    $0 + $13,088 related
    Filer's total
    $0 + $423,235 related

  • Mark K Warshofsky MD

    SVP & SYS. CHAIRMAN HEART & VASC. INST.

    Total calculated
    $1,161,378
    From this org
    $0
    From related orgs
    $1,097,649
    Other
    $63,729
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $834,385 related
    Bonus
    $0 + $250,000 related
    Other
    $0 + $13,264 related
    Deferred
    $0 + $19,800 related
    Nontaxable benefits
    $0 + $43,929 related
    Filer's total
    $0 + $1,161,378 related

  • Ali Hammoud MD

    PHYSICIAN CLINICAL

    Total calculated
    $1,211,024
    From this org
    $1,163,775
    From related orgs
    $0
    Other
    $47,249
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,107,482
    Bonus
    $33,750
    Other
    $22,543
    Deferred
    $19,800
    Nontaxable benefits
    $27,449
    Filer's total
    $1,211,024

  • Anthony J Patrello MD

    PHYSICIAN INTERVENTIONAL

    Total calculated
    $1,242,715
    From this org
    $1,178,565
    From related orgs
    $0
    Other
    $64,150
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,132,305
    Bonus
    $45,000
    Other
    $1,260
    Deferred
    $19,800
    Nontaxable benefits
    $44,350
    Filer's total
    $1,242,715

  • Joseph W Christiana MD

    PHYSICIAN- CLINICAL

    Total calculated
    $1,195,023
    From this org
    $1,144,832
    From related orgs
    $0
    Other
    $50,191
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,079,813
    Bonus
    $33,750
    Other
    $31,269
    Deferred
    $19,800
    Nontaxable benefits
    $30,391
    Filer's total
    $1,195,023

  • M Zubair Jafar MD

    PHYSICIAN INTERVENTIONAL

    Total calculated
    $1,234,297
    From this org
    $1,166,791
    From related orgs
    $0
    Other
    $67,506
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,113,925
    Bonus
    $45,000
    Other
    $7,866
    Deferred
    $19,800
    Nontaxable benefits
    $47,706
    Filer's total
    $1,234,297

  • Rajeev L Narayan MD

    PHYSICIAN INTERVENTIONAL

    Total calculated
    $1,254,217
    From this org
    $1,187,667
    From related orgs
    $0
    Other
    $66,550
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,118,727
    Bonus
    $45,000
    Other
    $23,940
    Deferred
    $19,800
    Nontaxable benefits
    $46,750
    Filer's total
    $1,254,217

  • Daniel J O'Dea MD

    FORMER PRESIDENT

    Total calculated
    $566,925
    From this org
    $512,281
    From related orgs
    $0
    Other
    $54,644
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $469,326
    Bonus
    $0
    Other
    $42,955
    Deferred
    $19,800
    Nontaxable benefits
    $34,844
    Filer's total
    $566,925

  • Denise George

    FORMER CORPORATE SECRETARY

    Total calculated
    $792,314
    From this org
    $0
    From related orgs
    $752,535
    Other
    $39,779
    Hours/week
    0 + 46 related

    Schedule J breakdown matched by us

    Base
    $0 + $482,153 related
    Bonus
    $0 + $160,000 related
    Other
    $0 + $110,382 related
    Deferred
    $0 + $19,800 related
    Nontaxable benefits
    $0 + $19,979 related
    Filer's total
    $0 + $792,314 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: 1 HIGHEST-COMPENSATED EMPLOYEES
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 TO APPROVE AND DETERMINE COMPENSATION FOR THE CEO, TOP MANAGEMENT AND 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 OF 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 2023, THE FOLLOWING AMOUNTS EARNED BY THE PARTICIPANTS ARE REPORTED ON SCHEDULE J, PART II, COLUMN C RETIREMENT AND OTHER DEFERRED COMPENSATION: DANIEL DEBARBA $126,600 FOR CALENDAR YEAR 2023, THE FOLLOWING AMOUNTS EARNED AND PAID TO PARTICIPANTS WERE REPORTED ON SCHEDULE J, PART II, COLUMN B(iii) OTHER REPORTABLE COMPENSATION: CHRISTOPHER LEHRACH, MD $205,695 DENISE GEORGE $ 61,080
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
2023
Filed
8 August 2025
IRS schema version
2023v6.0
Source object
202522209349300542

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