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Nonprofiteer
← HOLYOKE MEDICAL CENTER INC

Form 990 for tax year 2024

Filed by HOLYOKE MEDICAL CENTER INC.

Totals

Total revenue
$306,197,810
Total expenses
$321,259,834
Contributions and grants received
$1,620,246
Grants paid
$46,810
Program service revenue
$304,022,561
Investment income
$457,940
Other revenue
$97,063
Total assets, end of year
$144,653,522
Total liabilities, end of year
$83,311,600
Net assets or fund balances, end of year
$61,341,922
Program services expenses (Part IX)
$277,572,713
Management and general expenses
$43,687,121
Fundraising expenses
$0
Program service expenses (Part III)
$277,572,713

Program services were 86.4% 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

    $26,965

  • 1e · Government grants (contributions)

    $1,451,618

  • 1f · All other contributions, gifts and grants

    $141,663

  • 2a · Program service revenue: Patient services

    total $255,952,260 · related or exempt $255,952,260

  • 2b · Program service revenue: Hospital relief payments

    total $37,893,939 · related or exempt $37,893,939

  • 2c · Program service revenue: Pharmacies

    total $4,938,559 · related or exempt $4,938,559

  • 2d · Program service revenue: Auxiliary and lab services

    total $4,099,712 · related or exempt $1,640,327 · unrelated business $2,459,385

  • 2e · Program service revenue: Affiliate management fees

    total $822,293 · related or exempt $822,293

  • 2f · All other program service revenue

    total $315,798 · related or exempt $315,798

  • 3 · Investment income

    total $191,274 · excluded $191,274

  • 6a · Gross rents

    real property $231,309

  • 6b · Less rental expenses

    real property $134,246

  • 6c · Rental income or loss

    real property $97,063

  • 6d · Net rental income or loss

    total $97,063 · unrelated business $47,248 · excluded $49,815

  • 7a · Gross sales of assets other than inventory

    securities $5,500,000

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

    securities $5,233,334

  • 7c · Gain or loss

    securities $266,666

  • 7d · Net gain or loss

    total $266,666 · excluded $266,666

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $37,000 · program services $37,000

  • 2 · Grants to domestic individuals

    total $9,810 · program services $9,810

  • 5 · Compensation of officers, directors and key employees

    total $819,107 · program services $745,627 · management and general $73,480

  • 7 · Other salaries and wages

    total $142,800,503 · program services $130,220,759 · management and general $12,579,744

  • 8 · Pension plan contributions

    total $30,906,721 · program services $28,059,402 · management and general $2,847,319

  • 9 · Other employee benefits

    total $17,531,285 · program services $15,293,316 · management and general $2,237,969

  • 10 · Payroll taxes

    total $11,141,503 · program services $10,160,013 · management and general $981,490

  • 11a · Fees: management

    total $3,343,569 · management and general $3,343,569

  • 11b · Fees: legal

    total $255,564 · program services $150,318 · management and general $105,246

  • 11c · Fees: accounting

    total $128,915 · management and general $128,915

  • 11d · Fees: lobbying

    total $84,469 · management and general $84,469

  • 11g · Fees: other

    total $28,372,829 · program services $18,904,141 · management and general $9,468,688

  • 12 · Advertising and promotion

    total $323,936 · program services $18,706 · management and general $305,230

  • 13 · Office expenses

    total $4,619,874 · program services $2,205,910 · management and general $2,413,964

  • 14 · Information technology

    total $2,230,471 · program services $122,377 · management and general $2,108,094

  • 16 · Occupancy

    total $4,411,645 · program services $3,776,982 · management and general $634,663

  • 17 · Travel

    total $81,511 · program services $56,512 · management and general $24,999

  • 19 · Conferences, conventions and meetings

    total $158,684 · program services $114,445 · management and general $44,239

  • 20 · Interest

    total $950,771 · program services $813,361 · management and general $137,410

  • 22 · Depreciation, depletion and amortization

    total $7,168,743 · program services $6,132,687 · management and general $1,036,056

  • 23 · Insurance

    total $3,215,855 · program services $30,520 · management and general $3,185,335

  • 24a · Other expenses: Medical supplies

    total $44,667,326 · program services $44,660,784 · management and general $6,542

  • 24b · Other expenses: HSN assessment

    total $7,022,268 · program services $7,022,268

  • 24c · Other expenses: Provision for bad debts

    total $6,970,954 · program services $6,970,954

  • 24d · Other expenses: Laboratory tests

    total $1,807,361 · program services $1,789,778 · management and general $17,583

  • 24e · All other expenses

    total $2,199,160 · program services $277,043 · management and general $1,922,117

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $363,780 · end of year $603,390

  • 2 · Savings and temporary cash investments

    beginning of year $15,481,212 · end of year $16,452,716

  • 4 · Accounts receivable

    beginning of year $32,964,138 · end of year $50,004,401

  • 8 · Inventories for sale or use

    beginning of year $3,394,668 · end of year $3,574,743

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,354,079 · end of year $2,344,152

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

    $155,230,712

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

    $97,087,527

  • 10c · Land, buildings and equipment, net

    beginning of year $59,145,911 · end of year $58,143,185

  • 11 · Investments: publicly traded securities

    beginning of year $5,568,889 · end of year $334,880

  • 13 · Investments: program-related

    beginning of year $4,384,160 · end of year $4,753,115

  • 14 · Intangible assets

    beginning of year $2,733,812 · end of year $3,146,265

  • 15 · Other assets

    beginning of year $3,954,009 · end of year $5,296,675

  • 17 · Accounts payable and accrued expenses

    beginning of year $42,471,438 · end of year $45,970,145

  • 19 · Deferred revenue

    beginning of year $661,936 · end of year $1,017,673

  • 20 · Tax-exempt bond liabilities

    beginning of year $13,053,174 · end of year $12,753,108

  • 23 · Secured mortgages and notes payable

    beginning of year $8,373,273 · end of year $8,519,387

  • 25 · Other liabilities

    beginning of year $25,323,965 · end of year $15,051,287

  • 27 · Net assets without donor restrictions

    beginning of year $34,109,615 · end of year $55,623,246

  • 28 · Net assets with donor restrictions

    beginning of year $5,351,257 · end of year $5,718,676

Mission and programs · 2024

Mission

Our Mission at Holyoke Medical Center is to improve the health of all people in our community. We do that with honesty, respect and dignity for our patients, visitors and staff. We do that through expert and compassionate care, education and knowledge sharing, community partnerships, fostering innovation and growth and by inspiring hope in all we touch. We do that by being good stewards of our resources and providing efficient and cost effective care to all.

Activities or mission (Part I)

Acute care hospital, providing medical and other healthcare services to residents of Holyoke, MA and the surrounding areas.

  • Holyoke Medical Center, Inc. (HMC) strives to serve the health needs of their medical service community in a high quality and efficient manner. To this end, HMC shall: (1) provide compassionate care to all of whom it serves with a commitment to developing cultural diversity and competencies in our programs and workforce so that we may better serve our patients; (2) identify and serve those needs which are prevalent and substantial in the community as a whole, or within major population groups, and which can be adequately met by the provision of basic primary and secondary health care services; (3) provide information, education, and expertise to our community in order to promote the general health of its citizens; (4) provide an environment of excellence and growth in which health care professionals can use their skills and abilities to the fullest extent possible; (5) provide competitive wages and benefits, as well as safe and dignified working conditions, for all employees; (6) ensure financial responsibility in the operation of the medical center in order to guarantee the future viability of our mission; (7) provide a formal, public, and ongoing program of community benefits, in cooperation with community individuals and organizations, to improve the health status of the public including especially the medically and economically vulnerable. Holyoke Medical Center, Inc. provided inpatient, outpatient, OB/GYN, and emergency healthcare services and certain physician services to the residents of Holyoke, Massachusetts and the surrounding communities. Inpatient healthcare services included medical, surgical, critical care, cardiac, obstetrical, psychiatric, and oncology services. During FY 2025, HMC provided 43,931 patient days of inpatient services with 7,686 discharges. Outpatient healthcare services included a full array of diagnostic, therapeutic, and behavioral health services. During FY 2025, HMC had 461,203 outpatient visits. Emergency services were provided by a 24-hour emergency department. During FY 2025, HMC had 44,069 emergency department visits.

    Expenses $277,572,713 · Grants $46,810 · Revenue $301,563,176

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Simon Ahtaridis MD

    Director/Medical Dir. (end 11/24)

    Total calculated
    $431,378
    From this org
    $394,096
    From related orgs
    $0
    Other
    $37,282
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $394,096
    Bonus
    $0
    Other
    $0
    Deferred
    $23,179
    Nontaxable benefits
    $14,103
    Filer's total
    $431,378

  • John Mazzucco MD

    Director/General Surgeon

    Total calculated
    $376,191
    From this org
    $356,143
    From related orgs
    $0
    Other
    $20,048
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $356,143
    Bonus
    $0
    Other
    $0
    Deferred
    $3,450
    Nontaxable benefits
    $16,598
    Filer's total
    $376,191

  • Vishal Tiwari MD

    Director/Medical Dir. (start 12/24)

    Total calculated
    $11,538
    From this org
    $11,538
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

  • Kartik Viswanathan MD

    Director/Int. Medicine (start 12/24)

    Total calculated
    $365,309
    From this org
    $0
    From related orgs
    $339,918
    Other
    $25,391
    Hours/week
    0.5 + 50.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $339,918 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $3,450 related
    Nontaxable benefits
    $0 + $21,941 related
    Filer's total
    $0 + $365,309 related

  • Spiridon E Hatiras

    President & CEO, Clerk

    Total calculated
    $983,904
    From this org
    $0
    From related orgs
    $906,011
    Other
    $77,893
    Hours/week
    40 + 9.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $906,011 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $56,334 related
    Nontaxable benefits
    $0 + $21,559 related
    Filer's total
    $0 + $983,904 related

  • Dean Vitarisi

    Treasurer & CFO

    Total calculated
    $429,616
    From this org
    $0
    From related orgs
    $380,743
    Other
    $48,873
    Hours/week
    40 + 8 related

    Schedule J breakdown matched by us

    Base
    $0 + $380,743 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $26,932 related
    Nontaxable benefits
    $0 + $21,941 related
    Filer's total
    $0 + $429,616 related

  • Julie A Beck MD

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Tom Buck MD

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Shannon Gurek

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Mary Jo Maydew

    Director

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • Gary Rome

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Idelia Smith

    Director

    Total calculated
    $0
    Hours/week
    0.5 + 0.5 related

  • George Timmons PhD

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Tricia Koss

    Chair

    Total calculated
    $0
    Hours/week
    1

  • Michael Sugrue

    Director/Vice Chair

    Total calculated
    $0
    Hours/week
    1

  • Frederik Pennings MD

    Neurosurgeon

    Total calculated
    $1,436,064
    From this org
    $1,414,123
    From related orgs
    $0
    Other
    $21,941
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $1,414,123
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $21,941
    Filer's total
    $1,436,064

  • Andrey Pavlov MD

    Pulmonologist

    Total calculated
    $901,716
    From this org
    $898,653
    From related orgs
    $0
    Other
    $3,063
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $898,653
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $3,063
    Filer's total
    $901,716

  • Noah J Epstein MD

    Orthopedic Surgeon

    Total calculated
    $1,143,783
    From this org
    $1,118,392
    From related orgs
    $0
    Other
    $25,391
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $1,118,392
    Bonus
    $0
    Other
    $0
    Deferred
    $3,450
    Nontaxable benefits
    $21,941
    Filer's total
    $1,143,783

  • Alexander Berry MD

    Urologist

    Total calculated
    $851,880
    From this org
    $826,489
    From related orgs
    $0
    Other
    $25,391
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $826,489
    Bonus
    $0
    Other
    $0
    Deferred
    $3,450
    Nontaxable benefits
    $21,941
    Filer's total
    $851,880

  • Nirav R Sheth MD

    Cardiologist

    Total calculated
    $874,173
    From this org
    $848,782
    From related orgs
    $0
    Other
    $25,391
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $848,782
    Bonus
    $0
    Other
    $0
    Deferred
    $3,450
    Nontaxable benefits
    $21,941
    Filer's total
    $874,173

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 2024 calendar tax year, the following listed individuals received 457(f) contributions under the plan are: - Spiros Hatiras, $52,884. - Dean Vitarisi, $23,482. - Simon Ahtaridis, $23,179.

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.

Provenance

Return type
form_990
Tax year
2024
Filed
6 August 2026
IRS schema version
2024v5.5
Source object
202612199349303611

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