2025-11-13T11:37:44-06:00 2024-12-31 331374517 PKF O'CONNOR DAVIES ADVISORY LLC 300 TICE BOULEVARD SUITE 315 WOODCLIFF LAKE NJ 07677 990 2024-01-01 465285330 VALLEY PHYSICIANS SERVICES PC VALL 2012916000 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 WILLIAM KLUTKOWSKI SR. VP, FINANCE & CFO 2012916000 2025-11-13 1 1 GARRETT M HIGGINS P00543209 2017129800 2025-11-13 2024 2025-03-06 01:10:19Z X ROBERT W BRENNER 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 229614679 0 X WWW.VALLEYHEALTH.COM/VALLEY-MEDICAL-GROUP X 2014 NJ TO PROVIDE MEDICAL CARE AND TO CARRY OUT THE PURPOSES OF THE VALLEY HEALTH SYSTEM, INC. 19 18 544 30 0 0 454857 0 207769450 229590074 0 0 0 24605 208224307 229614679 27076288 28475490 0 0 143812302 164254500 0 0 0 37335717 38185460 208224307 230915450 0 -1300771 24434404 29403094 39760324 46029785 -15325920 -16626691 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. 0 0 212938103 28475490 229590074 THE ORGANIZATION PROVIDED MEDICAL CARE TO A TOTAL OF 572,644 PATIENTS IN 2024 IN THE FIELDS OF INTERNAL MEDICINE, FAMILY MEDICINE, AND CARDIOLOGY. THE ORGANIZATION ALSO PROVIDED STRATEGIC FUNDING TO VALLEY HOSPITAL, INC. 212938103 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 17 0 544 1 0 0 0 0 0 0 0 0 0 0 0 0 X 19 18 0 1 0 0 1 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X MARIETTA STONE 2012916391 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 AUDREY MEYERS PRESIDENT/CEO, VHS, THRU JUNE 2024 1.80 38.20 X X 0 6593387 54469 ROBERT W BRENNER PRESIDENT/CEO, VHS, EFF. JULY 2024 3.00 37.00 X X 0 1878651 31214 KEVIN LOBO CHAIR 0.10 0.50 X X 0 0 0 ANN LIMBERG VICE CHAIR 0.10 0.50 X X 0 0 0 FRANK J SHEEHY VICE CHAIR 0.10 0.50 X X 0 0 0 JOSEPH MARION TREASURER 0.10 0.50 X X 0 0 0 DENIS SALAMONE SECRETARY 0.10 0.50 X X 0 0 0 VINCENT FORLENZA CHAIR EMERITUS 0.10 0.50 X 0 0 0 JUDY BASELICE TRUSTEE 0.10 0.50 X 0 0 0 JAMES BUSH TRUSTEE 0.10 0.50 X 0 0 0 MICHELLE HASSON TRUSTEE 0.10 0.50 X 0 0 0 M SHAWN KENNEDY TRUSTEE 0.10 0.50 X 0 0 0 BRUCE MACTAS TRUSTEE 0.10 0.50 X 0 0 0 MICHAEL MCGUIRE TRUSTEE 0.10 0.50 X 0 0 0 DUANE SACHS TRUSTEE 0.10 0.50 X 0 0 0 SCOTT SCHROEDER TRUSTEE 0.10 0.50 X 0 0 0 JEFFREY TUCKER TRUSTEE 0.10 0.50 X 0 0 0 PATRICIA VERDUIN TRUSTEE 0.10 0.50 X 0 0 0 WAYNE WALD ESQ TRUSTEE 0.10 0.50 X 0 0 0 TIMOTHY WENTWORTH TRUSTEE 0.10 0.50 X 0 0 0 WILLIAM KLUTKOWSKI SR. VP, FINANCE & CFO 2.00 38.00 X 0 1252548 53234 GERALD SOTSKY ASSOCIATE CHAIR, CARDIOLOGY SERVICES 40.00 0.00 X 774758 0 48671 PUNEETA SHARMA CHIEF MEDICAL OFFICER, VMG 40.00 0.00 X 622732 0 31382 JUAN GRAU DIRECTOR, CARDIOTHORACIC SURGERY 40.00 0.00 X 1745095 0 45597 SUNEET MITTAL CHAIR, CARDIOLOGY SERVICES 40.00 0.00 X 1673228 0 61399 PAUL BURNS SURGICAL DIRECTOR, HEART FAILURE 40.00 0.00 X 1577221 0 45696 MICHAEL RAHMIN MD PHYSICIAN 40.00 0.00 X 1232071 0 31396 ROBERT KORST CHIEF OF ONCOLOGY SURGICAL SERVICE 40.00 0.00 X 992461 0 61318 8617566 9724586 464376 412 0 1 0 ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI 1 GUSTAVE L LEVY PLACE NEW YORK NY 10029 MEDICAL SERVICES 1084967 BERGEN ANESTHESIA GROUP PC 500 WEST MAIN STREET SUITE 16 WYCKOFF NJ 07481 MEDICAL SERVICES 1020156 CHRISTIAN HEALTH CARE CENTER 301 SICOMAC AVENUE WYCKOFF NJ 07481 MEDICAL SERVICES 978147 VALLEY INSTITUTE FOR PAIN 1 VALLEY HEALTH PLAZA 3RD FLOOR PARAMUS NJ 07652 MEDICAL SERVICES 538804 PROGRESSIVE RADIOLOGY LLC 86 CLINTON AVENUE MONTCLAIR NJ 07042 MEDICAL SERVICES 450750 13 PATIENT SERVICE REVENUE 624100 191415780 191415780 MEDICAL SVCS. TO HOSPITAL 624100 38174294 38174294 229590074 OTHER REVENUE 900099 24605 24605 24605 229614679 229590074 0 24605 28475490 28475490 1477543 1466991 10552 149211659 148343356 868303 3457542 3323044 134498 4379269 4201825 177444 5728487 5505649 222838 15789570 15789570 2000 2000 152262 152262 15445810 15406867 38943 674570 106884 567686 9410 203 9207 1707 1707 38276 35864 2412 4142 4142 4484496 4484496 CONTINUING EDUCATION 1241983 1241983 RECRUITMENT 272014 269450 2564 BAD DEBT EXPENSE 61165 61165 LAUNDRY, LINENS, UNIFOR 3180 3180 4875 3807 1068 230915450 212938103 17977347 0 2973495 2034368 21261409 27268976 199500 99750 24434404 29403094 30212917 35360964 9547407 10668821 39760324 46029785 X -15325920 -16626691 -15325920 -16626691 24434404 29403094 -1300771 0 X X 0 1 X 1 0 X 3860788 4322503 0 454857 0 8638148 152266708 180847751 200994425 207769450 229614679 971493013 156127496 185170254 200994425 208224307 229614679 980131161 0 0 0 980131161 156127496 185170254 200994425 208224307 229614679 980131161 1.00000 1.00000 0.00000 0.00000 X 0 ESTIMATED 3RD PARTY PAYOR SETTLEMENTS 10668821 10668821 X 342937808 141859784 141859784 201078024 28536655 28536655 229614679 344238582 141859787 141859787 202378795 28536655 28536655 230915450 PART X, LINE 2: VMG RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT VMG HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. VMG IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAXING JURISDICTIONS FOR PERIODS PRIOR TO 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE OF RELATED ENTITIES INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 141,859,784. PART XI, LINE 4B - OTHER ADJUSTMENTS: STRATEGIC FUNDING TO RELATED ORGANIZATION NETTED AGAINST EXPENSES IN CONSOLIDATED FINANCIAL STATEMENTS 28,475,490. BAD DEBT NETTED AGAINST PATIENT SERVICE REVENUE IN FINANCIAL STATEMENTS 61,165. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES OF RELATED ENTITIES INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 141,859,787. PART XII, LINE 4B - OTHER ADJUSTMENTS: STRATEGIC FUNDING TO RELATED ORGANIZATION NETTED AGAINST EXPENSES IN CONSOLIDATED FINANCIAL STATEMENTS 28,475,490. BAD DEBT NETTED AGAINST PATIENT SERVICE REVENUE IN FINANCIAL STATEMENTS 61,165. 1 THE VALLEY HOSPITAL INC 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 221487307 501(C)(3) 28475490 0 STRATEGIC FUNDING 1 PART I, LINE 2: THE ORGANIZATION PROVIDED STRATEGIC FUNDING TO ITS RELATED ENTITY, THE VALLEY HOSPITAL, INC. THE ORGANIZATION MONITORS THE USE OF THE FUNDS THROUGH COMMON MANAGEMENT. 0 1 0 0 0 0 0 1 0 AUDREY MEYERS PRESIDENT/CEO, VHS, THRU JUNE 2024 0 1414852 0 1167040 0 4011495 0 25875 0 28594 0 6647856 0 3954895 ROBERT W BRENNER PRESIDENT/CEO, VHS, EFF. JULY 2024 0 1277532 0 443100 0 158019 0 15525 0 15689 0 1909865 0 0 JUAN GRAU DIRECTOR, CARDIOTHORACIC SURGERY 1517193 0 200000 0 27902 0 12075 0 33522 0 1790692 0 0 0 SUNEET MITTAL CHAIR, CARDIOLOGY SERVICES 1321088 0 324238 0 27902 0 14107 0 47292 0 1734627 0 0 0 PAUL BURNS SURGICAL DIRECTOR, HEART FAILURE 1187123 0 382574 0 7524 0 6640 0 39056 0 1622917 0 0 0 WILLIAM KLUTKOWSKI SR. VP, FINANCE & CFO 0 830046 0 309631 0 112871 0 24150 0 29084 0 1305782 0 0 MICHAEL RAHMIN MD PHYSICIAN 950780 0 250767 0 30524 0 12075 0 19321 0 1263467 0 0 0 ROBERT KORST CHIEF OF ONCOLOGY SURGICAL SERVICE 837121 0 147816 0 7524 0 17575 0 43743 0 1053779 0 0 0 GERALD SOTSKY ASSOCIATE CHAIR, CARDIOLOGY SERVICES 582780 0 154500 0 37478 0 12075 0 36596 0 823429 0 0 0 PUNEETA SHARMA CHIEF MEDICAL OFFICER, VMG 516022 0 105000 0 1710 0 6708 0 24674 0 654114 0 0 0 PART I, LINE 3 THE 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 2024. AUDREY MEYERS AND WILLIAM KLUTKOWSKI PARTICIPATED IN A SUPPLEMENTAL NON-QUALIFIED DEFERRED COMPENSATION PLAN. AUDREY MEYERS RECEIVED A PAYMENT IN 2024 IN THE AMOUNT OF $3,954,895 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). FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION RECEIVED MANAGEMENT SERVICES FROM TWO RELATED ORGANIZATIONS, VALLEY PHYSICIAN SERVICES NY, P.C. AND VALLEY PHYSICIAN SERVICES, INC. SERVICES PROVIDED INCLUDED HUMAN RESOURCE MANAGEMENT, MARKETING, AND OTHER ADMINISTRATIVE SERVICES. THE ORGANIZATION INCURRED EXPENSES OF $778,202 AND $15,011,368 RESPECTIVELY FOR SERVICES FROM THESE RELATED ORGANIZATIONS. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION IS A PROFESSIONAL CORPORATION WITH SHAREHOLDERS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN OUTSIDE ACCOUNTING FIRM. IT IS REVIEWED BY MANAGEMENT AND THE AUDIT COMMITTEE OF VALLEY HEALTH SYSTEM. A COMPLETE COPY OF THE FORM 990 IS MADE AVAILABLE TO ALL MEMBERS OF THE ORGANIZATION'S GOVERNING BODY PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE VALLEY HEALTH SYSTEM HAS A CONFLICT OF INTEREST POLICY WHICH COVERS ALL CONTROLLED ORGANIZATIONS WITHIN THE HEALTH SYSTEM, INCLUDING THIS ORGANIZATION. THE POLICY REQUIRES ALL TRUSTEES, OFFICERS, AND MEMBERS OF COMMITTEES WITH BOARD DELEGATED POWERS, TO ANNUALLY SIGN A CONFLICT OF INTEREST STATEMENT, DISCLOSING ANY POTENTIAL CONFLICTS WHICH MAY EXIST. SUCH PERSONS ARE ALSO REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS AS THEY ARISE. CONFLICTS ARE DETERMINED BY THE BOARD OF TRUSTEES OR DELEGATED COMMITTEE CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. PERSONS WITH CONFLICTS OF INTEREST MUST NOT PARTICIPATE IN THE DISCUSSION OR VOTE ON THE RELATED MATTER. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMPENSATION COMMITTEE OF VALLEY HOSPITAL WILL BE RESPONSIBLE FOR APPROVING THE COMPENSATION OF THE PRESIDENT AND OTHER KEY EXECUTIVES OF VPS, P.C. THE COMPENSATION FOR OTHER PHYSICIANS WILL BE APPROVED BY THE PHYSICIAN COMPENSATION COMMITTEE OF VALLEY HEALTH SYSTEM. TOTAL COMPENSATION WILL BE SET BASED ON INFORMATION REGARDING COMPENSATION PAID BY SIMILARLY SITUATED ORGANIZATIONS FOR SIMILAR SERVICES, CURRENT COMPENSATION SURVEYS COMPLETED BY INDEPENDENT FIRMS, OR ACTUAL WRITTEN OFFERS FROM SIMILARLY SITUATED ORGANIZATIONS. THE COMPENSATION IS CONTEMPORANEOUSLY DOCUMENTED AND THE PROCESS WAS LAST UNDERTAKEN IN 2024. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES THEIR FORM 1023, 990, FINANCIAL STATEMENTS, GOVERNING DOCUMENTS, AND CONFLICT OF INTEREST AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE RESPONSIBLE FOR THE OVERSIGHT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. THE VALLEY HOSPITAL FOUNDATION INC 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 222324554 SOLICITS AND RECEIVES CONTRIBUTIONS FOR THE BENEFIT OF HEALTH SYSTEM NJ 501(C)(3) LINE 7 VALLEY HEALTH SYSTEM INC 0 THE VALLEY HOSPITAL INC 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 221487307 PROVIDE HEALTHCARE PROGRAMS AND SERVICES TO ALL NJ 501(C)(3) LINE 3 VALLEY HEALTH SYSTEM INC 0 VALLEY HEALTH SYSTEM INC 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 222922016 PROVIDE MANAGEMENT AND PLANNING SERVICES FOR ITS MEMBERS NJ 501(C)(3) LINE 10 N/A 0 VALLEY HOME CARE INC 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 223208480 PROVIDE HOME CARE AND HOSPICE SERVICES TO RESIDENTS OF NORTHERN NJ NJ 501(C)(3) LINE 10 VALLEY HEALTH SYSTEM INC 0 VALLEY PHYSICIAN SERVICE NY PC 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 453125678 OPERATES URGENT/PRIMARY CARE CLINICS NY 501(C)(3) LINE 10 VALLEY PHYSICIAN SERVICES INC 0 VALLEY PHYSICIAN SERVICES INC 4 VALLEY HEALTH PLAZA PARAMUS NJ 07652 320041186 PROVIDES MANAGEMENT AND VARIED CONSULTING SERVICES NJ 501(C)(3) LINE 10 THE VALLEY HOSPITAL INC 0 VHS INSURANCE COMPANY LTD 010 MAIN STREET CAYMAN ISLANDS CJ 980408200 PROVIDES PROFESSIONAL, MEDICAL, AND COMMERCIAL GENERAL LIABILITY INSURANCE CJ VALLEY HEALTH SYSTEM INC C 0 0 1 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1