Skip to content
Nonprofiteer
← VALLEY RESIDENTIAL SERVICES INC

Form 990 for tax year 2024

Filed by VALLEY RESIDENTIAL SERVICES INC.

Totals

Total revenue
$3,272,881
Total expenses
$3,527,108
Contributions and grants received
$156,365
Grants paid
$0
Program service revenue
$3,116,516
Investment income
$0
Other revenue
$0
Total assets, end of year
$8,620,675
Total liabilities, end of year
$6,308,289
Net assets or fund balances, end of year
$2,312,386
Program services expenses (Part IX)
$3,242,011
Management and general expenses
$285,097
Fundraising expenses
$0
Program service expenses (Part III)
$3,242,011

Program services were 91.9% 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

    $25,715

  • 1e · Government grants (contributions)

    $121,150

  • 1f · All other contributions, gifts and grants

    $9,500

  • 2a · Program service revenue: RESIDENT SERVICE REVENUE, NET

    total $3,077,704 · related or exempt $3,077,704

  • 2b · Program service revenue: MISCELLANEOUS REVENUE

    total $36,833 · related or exempt $36,833

  • 2c · Program service revenue: CAFETERIA

    total $1,979 · related or exempt $1,979

  • 2f · All other program service revenue

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

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 8c · Net income from fundraising events

    total $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $114,625 · management and general $114,625

  • 7 · Other salaries and wages

    total $1,712,138 · program services $1,666,083 · management and general $46,055

  • 8 · Pension plan contributions

    total $46,933 · program services $42,517 · management and general $4,416

  • 9 · Other employee benefits

    total $35,479 · program services $31,817 · management and general $3,662

  • 10 · Payroll taxes

    total $137,502 · program services $137,502 · management and general $0

  • 11b · Fees: legal

    total $3,105 · management and general $3,105

  • 11c · Fees: accounting

    total $6,800 · management and general $6,800

  • 11g · Fees: other

    total $238,770 · program services $144,118 · management and general $94,652 · fundraising $0

  • 13 · Office expenses

    total $257,887 · program services $251,855 · management and general $6,032

  • 16 · Occupancy

    total $106,180 · program services $106,180 · management and general $0

  • 19 · Conferences, conventions and meetings

    total $1,868 · program services $1,868 · management and general $0

  • 20 · Interest

    total $229,542 · program services $229,542 · management and general $0

  • 22 · Depreciation, depletion and amortization

    total $570,749 · program services $570,749 · management and general $0

  • 23 · Insurance

    total $59,780 · program services $59,780 · management and general $0

  • 24a · Other expenses: MISCELLANEOUS EXPENSES

    total $5,750 · program services $0 · management and general $5,750

  • 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 $63,266 · end of year $183,118

  • 2 · Savings and temporary cash investments

    beginning of year $503 · end of year $503

  • 4 · Accounts receivable

    beginning of year $68,079 · end of year $109,863

  • 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

  • 8 · Inventories for sale or use

    beginning of year $15,639 · end of year $17,946

  • 9 · Prepaid expenses and deferred charges

    beginning of year $14,952 · end of year $10,464

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

    $12,837,157

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

    $4,947,464

  • 10c · Land, buildings and equipment, net

    beginning of year $8,405,151 · end of year $7,889,693

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $261,937 · end of year $409,088

  • 17 · Accounts payable and accrued expenses

    beginning of year $500,521 · end of year $513,578

  • 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 $3,964,338 · end of year $2,745,212

  • 25 · Other liabilities

    beginning of year $1,798,055 · end of year $3,049,499

  • 27 · Net assets without donor restrictions

    beginning of year $2,566,613 · end of year $2,312,386

Mission and programs · 2024

Mission

TO PROVIDE A SUPPORTIVE LIVING ENVIRONMENT FOR SENIORS, ENSURING A COMFORTABLE LIFE-ENRICHING ATMOSPHERE AND ASSISTANCE WITH DAILY NEEDS, WHILE PROMOTING DIGNITY, PRIVACY AND INDEPENDENCE.

Activities or mission (Part I)

(SEE ON SCHEDULE O)

  • VALLEY RESIDENTIAL SERVICES, INC. (THE FACILITY) IS A 76-BED NOT-FOR-PROFIT ENRICHED HOUSING FACILITY LOCATED IN HERKIMER, NEW YORK. THE FACILITY OFFER RESIDENTS THE INDEPENDENCE OF APARTMENT LIVING, WITH THE CONVENIENCE OF ASSISTED LIVING. RESIDENTS HAVE ACCESS TO SKILLED STAFF MEMBERS AND NURSES THAT PROVIDE MEDICATION MANAGEMENT, ASSISTANCE IN THE HEALTH CENTER, AND READILY AVAILABLE CARE AND TRANSPORTATION IN THE INSTANCE OF AN EMERGENCY. RESIDENTS OF LIMITED MEANS WHO QUALIFY FOR MEDICAID HAVE ACCESS TO THE FACILITY'S ASSISTED LIVING SERVICES THROUGH ITS NYS ASSISTED LIVING PROGRAM (ALP). THE FACILITY WAS INCORPORATED IN SEPTEMBER 2013 AND OPENED TO THE PUBLIC IN THE SPRING OF 2015 WITH 48 BEDS. THE FACILITY COMPLETED CONSTRUCTION ON A 12,107-SQUARE FOOT EXPANSION WHICH INCLUDED 12 ONE BEDROOM APARTMENTS, 2 ONE BEDROOM APARTMENTS WITH A DEN AND 1.5 BATHS, ALONG WITH A NEW WELLNESS AND FITNESS CENTER IN DECEMBER 2018.

    Expenses $3,242,011 · Revenue $3,116,516

As filed on the 2024 return.

Listed in Part VII

  • Connie A Jastremski

    Chair

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • John P Militello

    Vice Chair

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Marianne E O'Donnell

    Secretary

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Robert N Basloe

    Treasurer

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Alan Vincent

    Board Member

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Anna Lyga

    Board Member

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Curtis Pearsall

    Board Member

    Total calculated
    $0
    Hours/week
    2 + 4 related

  • Delores Caruso

    Board Member (As of 8/24)

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • James Seward

    Board Member

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Jeffrey J Woeppel

    Board Member

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Judith Gorman

    Board Member

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Kathleen A Horn

    Board Member

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Kathleen Marollo

    Board Member

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Linda Talerico

    Board Member

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Marybeth McCall MD

    Board Member

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Craig Faerber

    Interim Network CFO

    Total calculated
    $524,460
    From this org
    $0
    From related orgs
    $524,460
    Other
    $0
    Hours/week
    2 + 56 related

    Schedule J breakdown matched by us

    Base
    $0 + $524,460 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $524,460 related

  • Jennifer Miller

    Administrator

    Total calculated
    $114,625
    From this org
    $101,005
    From related orgs
    $0
    Other
    $13,620
    Hours/week
    40

  • Lisa M Betrus

    President

    Total calculated
    $545,632
    From this org
    $0
    From related orgs
    $518,868
    Other
    $26,764
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $471,506 related
    Bonus
    $0 + $47,362 related
    Other
    $0
    Deferred
    $0 + $17,250 related
    Nontaxable benefits
    $0 + $9,514 related
    Filer's total
    $0 + $545,632 related

  • Michael R Treen

    CFO

    Total calculated
    $143,020
    From this org
    $0
    From related orgs
    $131,412
    Other
    $11,608
    Hours/week
    2 + 42 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

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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

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.

  • FIRST COMMUNITY CARE OF BASSETT

    Related · HEALTHCARE · NY

    Directly controlled by BHN

  • STAMFORD PROFESSIONAL ASSOCIATES

    Related · RENTAL · NY

    Directly controlled by CATSKILL CARE

Related corporations and trusts

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

  • LEATHERSTOCKING PHYSICIANS PC

    C Corporation · HEALTHCARE SVCS · NY

    Directly controlled by NA

  • CATSKILL CARE ENTERPRISES

    C Corporation · RETAIL PHARMACY · NY

    Directly controlled by AO Fox

Provenance

Return type
form_990
Tax year
2024
Filed
13 November 2025
IRS schema version
2024v5.1
Source object
202503179349307905

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.