Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $89,600

• 1e · Government grants (contributions)

  $403,825

• 1f · All other contributions, gifts and grants

  $1,182,164

• 2a · Program service revenue: PATIENT SERVICE REVENUE

  total $97,977,903 · related or exempt $97,977,903

• 2b · Program service revenue: FIXED PROSPECTIVE PAYMENTS

  total $23,808,147 · related or exempt $23,808,147

• 2c · Program service revenue: PATIENT SERVICES - PHARMACY

  total $1,809,269 · related or exempt $1,809,269

• 2d · Program service revenue: DSH REVENUE

  total $402,057 · related or exempt $402,057

• 3 · Investment income

  total $1,017,209 · excluded $1,017,209

• 6a · Gross rents

  real property $5,135

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $5,135

• 6d · Net rental income or loss

  total $5,135 · excluded $5,135

• 7a · Gross sales of assets other than inventory

  securities $5,377,668

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

  securities $5,304,704

• 7c · Gain or loss

  securities $72,964

• 7d · Net gain or loss

  total $72,964 · excluded $72,964

• 11a · Other revenue: OTHER MISC REVENUE

  total $1,426,806 · related or exempt $1,426,806

• 11b · Other revenue: CAFETERIA

  total $365,883 · excluded $365,883

• 11e · Other revenue, total

  $1,792,689

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $207,056 · program services $207,056

• 7 · Other salaries and wages

  total $50,369,653 · program services $43,775,331 · management and general $6,594,322

• 8 · Pension plan contributions

  total $1,787,542 · program services $1,605,999 · management and general $181,543

• 9 · Other employee benefits

  total $6,145,888 · program services $5,016,101 · management and general $1,129,787

• 10 · Payroll taxes

  total $3,382,628 · program services $2,915,223 · management and general $467,405

• 11b · Fees: legal

  total $114,460 · management and general $114,460

• 11d · Fees: lobbying

  total $10,435 · management and general $10,435

• 11f · Fees: investment management

  total $13,594 · management and general $13,594

• 11g · Fees: other

  total $29,178,340 · program services $14,889,681 · management and general $14,115,800 · fundraising $172,859

• 12 · Advertising and promotion

  total $103,268 · program services $102,927 · management and general $341

• 13 · Office expenses

  total $7,997,594 · program services $7,554,454 · management and general $442,998 · fundraising $142

• 14 · Information technology

  total $408,406 · program services $63,457 · management and general $344,949

• 16 · Occupancy

  total $2,392,991 · program services $889,292 · management and general $1,503,699

• 17 · Travel

  total $163,171 · program services $100,021 · management and general $63,150

• 19 · Conferences, conventions and meetings

  total $88,316 · program services $88,316

• 20 · Interest

  total $226,028 · program services $175,957 · management and general $49,742 · fundraising $329

• 22 · Depreciation, depletion and amortization

  total $2,400,812 · program services $1,868,967 · management and general $528,347 · fundraising $3,498

• 23 · Insurance

  total $887,919 · program services $633,237 · management and general $254,682

• 24a · Other expenses: MEDICARE PROVIDER TAX

  total $6,682,910 · program services $6,682,910

• 24b · Other expenses: NON CHEMO PHARM

  total $5,906,459 · program services $5,906,459

• 24c · Other expenses: LEASED EQUIPMENT

  total $744,563 · program services $614,342 · management and general $130,221

• 24d · Other expenses: NON CONTRACT MAINTAINEN

  total $214,357 · program services $38,787 · management and general $175,570

• 24e · All other expenses

  total $924,741 · program services $515,669 · management and general $409,072

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,316 · end of year $4,317

• 2 · Savings and temporary cash investments

  beginning of year $7,658,237 · end of year $11,426,775

• 4 · Accounts receivable

  beginning of year $15,079,859 · end of year $10,836,399

• 8 · Inventories for sale or use

  beginning of year $2,651,388 · end of year $2,980,234

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,095,657 · end of year $3,455,335

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

  $25,615,554

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

  $12,951,145

• 10c · Land, buildings and equipment, net

  beginning of year $12,139,048 · end of year $12,664,409

• 11 · Investments: publicly traded securities

  beginning of year $24,260,367 · end of year $29,686,290

• 12 · Investments: other securities

  beginning of year $4,717,075 · end of year $5,005,389

• 15 · Other assets

  beginning of year $19,524,383 · end of year $29,522,397

• 17 · Accounts payable and accrued expenses

  beginning of year $9,438,527 · end of year $10,079,237

• 18 · Grants payable

  beginning of year $65,642 · end of year $257,313

• 19 · Deferred revenue

  beginning of year $13,456 · end of year $2,500

• 20 · Tax-exempt bond liabilities

  beginning of year $8,383,243 · end of year $7,783,850

• 25 · Other liabilities

  beginning of year $2,414,274 · end of year $10,189,075

• 27 · Net assets without donor restrictions

  beginning of year $62,131,631 · end of year $71,436,273

• 28 · Net assets with donor restrictions

  beginning of year $5,683,557 · end of year $5,833,297

The filer's explanations (Part III)

PART I, LINE 3

PORTER HOSPITAL RELIED ON THE UNIVERSITY OF VERMONT HEALTH NETWORK ("UVM HEALTH NETWORK"), PARENT OF PORTER HOSPITAL'S PARENT ORGANIZATION, PORTER MEDICAL CENTER, 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

PORTER MEDICAL CENTER PRESIDENT & COO TOM THOMPSON ENTERED INTO AN AGREEMENT EFFECTIVE 10/2023 UNDER WHICH HE RECEIVED 6 MONTHS CONTINUATION OF BASE SALARY. PAYMENTS MADE UNDER THIS AGREEMENT WERE MADE IN THE 2023 CALENDAR YEAR AND ARE THEREFORE INCLUDED IN THE AMOUNTS REPORTED HEREIN. AVP/ CHIEF NURSING OFFICER TIFFANY LOVE ENTERED INTO AN AGREEMENT EFFECTIVE 7/2023 UNDER WHICH SHE RECEIVED THE FIRST 6 MONTHS OF ANNUAL BASE SALARY IN A LUMP SUM PAYMENT WITH THE REMAINING 3 MONTHS OF ANNUAL BASE SALARY PAID IN REGULAR EQUAL BIWEEKLY INSTALLMENTS OVER THE COURSE OF THREE MONTHS CONSISTENT WITH CUSTOMARY PAYROLL PRACTICES. SUPPLEMENTAL RETIREMENT PLAN: THE UNIVERSITY OF VERMONT HEALTH NETWORK MAINTAINS A SUPPLEMENTAL RETIREMENT BENEFIT PLAN (SRP) FOR CERTAIN EMPLOYEES AT ANY NETWORK ENTITY UNDER CONTRACTUAL ARRANGEMENT 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: BOB ORTMYER (6.42%); AND JASON SANDERS ( 8.68%). 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. TOM THOMPSON RECEIVED SRP DISTRIBUTIONS REFLECTED IN SCH J, PART II, COL (B)(III) AND (F). 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

PORTER HOSPITAL PAID AWARDS TO CERTAIN MEMBERS OF UPPER MANAGEMENT (OFFICERS, 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 OF TRUSTEES. THESE MEASURES INCLUDED FINANCIAL, POPULATION HEALTH & QUALITY, AND OPERATIONAL RELATED METRICS. ADDITIONALLY, CERTAIN EMPLOYEES OF THE ORGANIZATION WERE ELIGIBLE TO RECEIVE DISCRETIONARY BONUSES FOR RETENTION AND TAKING ON EXTRA RESPONSIBILITIES.

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.

Related corporations and trusts

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

• UVMHN VENTURES INC

  C · HOLDING COMPANY · VT

• UVMHN CREDENTIALING & ENROLLMENT

  C · ADMIN SVC · VT

• CHARITABLE REMAINDER TRUSTS (6)

  T · SUPPORT · VT

• PERPETUAL TRUSTS (10)

  T · SUPPORT · VT

• CHARITABLE IRREVOCABLE TRUSTS (8)

  T · SUPPORT · VT

• CHAMPLAIN VALLEY HEALTH NETWORK

  C · ADMIN SVC · NY

• MEDIQUEST INC

  C · MED OFFICE LEASE · NY