Form 990 for tax year 2023
Filed by VALLEY PHYSICIAN SERVICES NY PC.
Totals
- Total revenue
- $11,354,450
- Total expenses
- $11,354,450
- Contributions and grants received
- $12,059
- Grants paid
- $323,263
- Program service revenue
- $11,342,391
- Investment income
- $0
- Other revenue
- $0
- Total assets, end of year
- $2,545,441
- Total liabilities, end of year
- $1,885,311
- Net assets or fund balances, end of year
- $660,130
- Program services expenses (Part IX)
- $10,911,026
- Management and general expenses
- $443,424
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $10,911,026
Program services were 96.1% 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.
-
1e · Government grants (contributions)
$12,059
-
2a · Program service revenue: PATIENT REVENUE
total $7,918,632 · related or exempt $7,918,632
-
2b · Program service revenue: MANAGEMENT FEE REVENUE
total $2,640,656 · related or exempt $2,640,656
-
2c · Program service revenue: MEDICAL SVCS. TO TVH
total $783,103 · related or exempt $783,103
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $323,263 · program services $323,263
-
7 · Other salaries and wages
total $7,452,559 · program services $7,452,421 · management and general $138
-
8 · Pension plan contributions
total $126,103 · program services $9,344 · management and general $116,759
-
9 · Other employee benefits
total $558,775 · program services $535,976 · management and general $22,799
-
10 · Payroll taxes
total $286,528 · program services $21,232 · management and general $265,296
-
11c · Fees: accounting
total $3,899 · management and general $3,899
-
11g · Fees: other
total $1,390,306 · program services $1,390,306
-
13 · Office expenses
total $103,602 · program services $69,069 · management and general $34,533
-
14 · Information technology
total $58,339 · program services $58,339
-
16 · Occupancy
total $568,466 · program services $568,466
-
17 · Travel
total $3,440 · program services $3,440
-
22 · Depreciation, depletion and amortization
total $87,975 · program services $87,975
-
23 · Insurance
total $84,743 · program services $84,743
-
24a · Other expenses: CLINICAL SUPPLIES
total $199,264 · program services $199,264
-
24b · Other expenses: CONTINUING EDUCATION
total $69,135 · program services $69,135
-
24c · Other expenses: RECRUITMENT
total $20,000 · program services $20,000
-
24d · Other expenses: MISCELLANEOUS EXPENSES
total $8,760 · program services $8,760
-
24e · All other expenses
total $9,293 · program services $9,293
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $329,978 · end of year $317,603
-
4 · Accounts receivable
beginning of year $1,339,634 · end of year $2,036,723
-
9 · Prepaid expenses and deferred charges
beginning of year $43,572 · end of year $0
-
10a · Land, buildings and equipment: cost or other basis
$1,512,570
-
10b · Land, buildings and equipment: accumulated depreciation
$1,445,343
-
10c · Land, buildings and equipment, net
beginning of year $155,203 · end of year $67,227
-
15 · Other assets
beginning of year $501,630 · end of year $123,888
-
17 · Accounts payable and accrued expenses
beginning of year $877,118 · end of year $1,364,026
-
25 · Other liabilities
beginning of year $832,769 · end of year $521,285
-
27 · Net assets without donor restrictions
beginning of year $660,130 · end of year $660,130
Mission and programs · 2023
Mission
TO ENGAGE IN THE RENDERING OF PROFESSIONAL SERVICES OF AND RELATED TO THE PRACTICE OF MEDICINE PURSUANT TO "THE PROFESSIONAL SERVICES CORPORATION ACT, AND TO SUPPORT AND CARRY OUT THE CHARITABLE PURPOSE OF VALLEY HEALTH SYSTEM, INC. THE ORGANIZATION ALSO PROVIDED STRATEGIC FUNDING TO VALLEY HOSPITAL, INC.
Activities or mission (Part I)
TO PROVIDE MEDICAL CARE AND TO CARRY OUT THE PURPOSES OF THE VALLEY HEALTH SYSTEM, INC.
-
THE ORGANIZATION PROVIDED MEDICAL CARE TO A TOTAL OF 49,783 PATIENTS IN 2023 IN THE FIELDS OF CLINICAL CARDIAC ELECTROPHYSIOLOGY, INTERNAL MEDICINE, AND CARDIOLOGY. THE ORGANIZATION ALSO PROVIDED STRATEGIC FUNDING TO VALLEY HOSPITAL, INC.
Expenses $10,911,026 · Grants $323,263 · Revenue $11,342,391
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Audrey MeyersAUDREY MEYERS
PRESIDENT & CEO, VHS
- Total calculated
- $2,932,436
- From this org
- $0
- From related orgs
- $2,880,401
- Other
- $52,035
- Hours/week
- 1.8 + 38.2 related
Schedule J breakdown matched by us
- Base
- $0 + $1,349,573 related
- Bonus
- $0 + $1,039,480 related
- Other
- $0 + $491,348 related
- Deferred
- $0 + $24,750 related
- Nontaxable benefits
- $0 + $27,285 related
- Filer's total
- $0 + $2,932,436 related
-
Kevin LoboKEVIN LOBO
CHAIR
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
Ann LimbergANN LIMBERG
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
Frank J SheehyFRANK J SHEEHY
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
Joseph MarionJOSEPH MARION
TREASURER
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
Denis SalamoneDENIS SALAMONE
SECRETARY
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
Vincent ForlenzaVINCENT FORLENZA
CHAIR EMERITUS
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
Judy BaseliceJUDY BASELICE
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
James BushJAMES BUSH
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
Michelle HassonMICHELLE HASSON
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
M Shawn KennedyM SHAWN KENNEDY
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
Bruce MactasBRUCE MACTAS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
Duane SachsDUANE SACHS
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
Scott SchroederSCOTT SCHROEDER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
Edward B Self MDEDWARD B SELF MD
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.1 + 1 related
-
Steven SilversteinSTEVEN SILVERSTEIN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
Jeffrey TuckerJEFFREY TUCKER
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
Patricia VerduinPATRICIA VERDUIN
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
Wayne Wald EsqWAYNE WALD ESQ
TRUSTEE
- Total calculated
- $0
- Hours/week
- 0.1 + 0.5 related
-
Robert W Brenner PresidentROBERT W BRENNER PRESIDENT
CLINICAL INTEGRATION/PHYSICIAN ENT.
- Total calculated
- $1,559,711
- From this org
- $0
- From related orgs
- $1,529,833
- Other
- $29,878
- Hours/week
- 3 + 37 related
Schedule J breakdown matched by us
- Base
- $0 + $852,454 related
- Bonus
- $0 + $366,860 related
- Other
- $0 + $310,519 related
- Deferred
- $0 + $14,850 related
- Nontaxable benefits
- $0 + $15,028 related
- Filer's total
- $0 + $1,559,711 related
-
William KlutkowskiWILLIAM KLUTKOWSKI
SR. VP, FINANCE & CFO
- Total calculated
- $1,130,575
- From this org
- $0
- From related orgs
- $1,079,106
- Other
- $51,469
- Hours/week
- 2 + 38 related
Schedule J breakdown matched by us
- Base
- $0 + $669,565 related
- Bonus
- $0 + $204,270 related
- Other
- $0 + $205,271 related
- Deferred
- $0 + $21,450 related
- Nontaxable benefits
- $0 + $30,019 related
- Filer's total
- $0 + $1,130,575 related
-
Suneet MittalSUNEET MITTAL
PHYSICIAN
- Total calculated
- $1,446,985
- From this org
- $1,378,937
- From related orgs
- $0
- Other
- $68,048
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $1,219,766
- Bonus
- $154,269
- Other
- $4,902
- Deferred
- $11,550
- Nontaxable benefits
- $56,498
- Filer's total
- $1,446,985
-
Dan Musat MDDAN MUSAT MD
PHYSICIAN
- Total calculated
- $690,400
- From this org
- $659,466
- From related orgs
- $0
- Other
- $30,934
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $323,222
- Bonus
- $334,594
- Other
- $1,650
- Deferred
- $10,842
- Nontaxable benefits
- $20,092
- Filer's total
- $690,400
-
Tina Sichrovsky MDTINA SICHROVSKY MD
PHYSICIAN
- Total calculated
- $703,574
- From this org
- $647,185
- From related orgs
- $0
- Other
- $56,389
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $539,387
- Bonus
- $105,176
- Other
- $2,622
- Deferred
- $10,802
- Nontaxable benefits
- $45,587
- Filer's total
- $703,574
-
Advay Bhatt MDADVAY BHATT MD
PHYSICIAN
- Total calculated
- $617,862
- From this org
- $568,412
- From related orgs
- $0
- Other
- $49,450
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $393,486
- Bonus
- $173,575
- Other
- $1,351
- Deferred
- $7,881
- Nontaxable benefits
- $41,569
- Filer's total
- $617,862
-
Mark Preminger MDMARK PREMINGER MD
PHYSICIAN
- Total calculated
- $539,229
- From this org
- $500,581
- From related orgs
- $0
- Other
- $38,648
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $426,119
- Bonus
- $70,546
- Other
- $3,916
- Deferred
- $10,878
- Nontaxable benefits
- $27,770
- Filer's total
- $539,229
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
- 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)
- PART I, LINE 3
- VALLEY HEALTH SYSTEM HAS DEVELOPED A COMPENSATION PLAN, WHICH GOVERNS THE COMPENSATION FOR ALL EXECUTIVES, INCLUDING THE CEO AND VICE PRESIDENTS OF THE ORGANIZATION. THE PLAN WAS DEVELOPED IN CONJUNCTION WITH A CONSULTING FIRM, REVIEWED BY THE PHYSICIAN LEADERSHIP COUNCIL AND APPROVED BY THE BOARD OF TRUSTEES AND THE VALLEY HEALTH SYSTEM PHYSICIAN COMPENSATION COMMITTEE. ON AN ANNUAL BASIS, THE PLAN IS REVIEWED AND UPDATED AS NEEDED.
- PART I, LINE 4B
- AUDREY MEYERS PARTICIPATED IN A CAP-EX (SPLIT-DOLLAR LIFE INSURANCE PLAN). SHE DID NOT RECEIVE A PAYMENT DURING 2023. AUDREY MEYERS AND WILLIAM KLUTKOWSKI PARTICIPATED IN A SUPPLEMENTAL NON-QUALIFIED DEFERRED COMPENSATION PLAN. AUDREY MEYERS RECEIVED A PAYMENT IN 2023 IN THE AMOUNT OF $437,682 AS REPORTED IN PART II, COLUMN BIII AND COLUMN F.
- PART I, LINE 7
- EMPLOYEES OF THE ORGANIZATION RECEIVED A BOARD-APPROVED DISCRETIONARY BONUS, AWARDED BASED ON PERFORMANCE, AS REPORTED FOR THEM IN PART II, COLUMN B(II).
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
-
$323,263
STRATEGIC FUNDING
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.
-
THE VALLEY HOSPITAL FOUNDATION INC
501(C)(3) · SOLICITS AND RECEIVES CONTRIBUTIONS FOR THE BENEFIT OF HEALTH SYSTEM · NJ
Directly controlled by VALLEY HEALTH SYSTEM INC
-
501(C)(3) · PROVIDE HEALTHCARE PROGRAMS AND SERVICES TO ALL · NJ
Directly controlled by VALLEY HEALTH SYSTEM INC
-
501(C)(3) · PROVIDE MANAGEMENT AND PLANNING SERVICES FOR ITS MEMBERS · NJ
-
501(C)(3) · PROVIDE HOME CARE AND HOSPICE SERVICES TO RESIDENTS OF NORTHERN NJ · NJ
Directly controlled by VALLEY HEALTH SYSTEM INC
-
501(C)(3) · PROVIDES MANAGEMENT AND VARIED CONSULTING SERVICES · NJ
Directly controlled by THE VALLEY HOSPITAL INC
-
501(C)(3) · PROVIDE PRIMARY AND SPECIALTY MEDICAL CARE · NJ
Directly controlled by VALLEY PHYSICIAN SERVICES INC
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 corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
VHS INSURANCE COMPANY LTD
C · PROVIDES PROFESSIONAL, MEDICAL, AND COMMERCIAL GENERAL LIABILITY INSURANCE · CJ
Directly controlled by VALLEY HEALTH SYSTEM INC
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 4 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202433099349303313
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