Valley Health Development Corporation
- Assets
- $403.5k
- Revenue
- $56.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Herkimer, NY
- Founding
- 08/1985
- Data as of
- 12/2021
- EIN
- 22-2607657
Organization Overview
Valley Health Development Corporation is located in Herkimer, NY. The organization was established in 1985. According to its NTEE Classification (E11) the organization is classified as: Single Organization Support, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Valley Health Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Valley Health Development Corporation generated $56.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (20.8%) each year. All expenses for the organization totaled $77.3k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (18.1%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
VALLEY HEALTH DEVELOPMENT CORPORATION ISSUED TAX EXEMPT MORTGAGE REVENUE BONDS AND HOLDS A MORTGAGE NOTE FROM VALLEY HEALTH SERVICES, INC., A NOT-FOR-PROFIT RESIDENTIAL HEALTH CARE FACILITY. IN SEPTEMBER 2000, VALLEY HEALTH DEVELOPMENT CORPORATION ISSUED $8,795,000 IN TAX EXEMPT MORTGAGE REVENUE REFUNDING BONDS TO REFINANCE VALLEY HEALTH SERVICES', INC. EXISTING DEBT. VALLEY HEALTH DEVELOPMENT CORPORATION ADMINISTERS THE BOND PAYMENTS THROUGH THE BANK OF NEW YORK MELLON - NEW ALBANY, OHIO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VALLEY HEALTH DEVELOPMENT CORP. WAS CREATED FOR THE SOLE PURPOSE OF PROVIDING FINANCING FOR VALLEY HEALTH SERVICES, INC., A NOT-FOR-PROFIT RESIDENTIAL HEALTH CARE FACILITY, IN HERKIMER, NEW YORK. IN APRIL 1985, VALLEY HEALTH DEVELOPMENT CORP. ISSUED $7,395,000 SERIES 1985 MORTGAGE REVENUE BONDS FOR THE RENOVATION AND CONSTRUCTION OF VALLEY HEALTH SERVICES, INC., THE SUCCESSOR ORGANIZATION TO HERKIMER MEMORIAL HOSPITAL. IN DECEMBER 1990, VALLEY HEALTH DEVELOPMENT CORP. ISSUED $2,675,000 SERIES 1990 A AND $100,000 SERIES 1990 B MORTGAGE REVENUE BONDS TO FINANCE VALLEY HEALTH SERVICES' EXPANSION PROJECT WHICH INCLUDED THE ADDITION OF 32 BEDS AND AN ADULT DAY HEALTH CARE PROGRAM. TODAY, VALLEY HEALTH SERVICES, INC. IS A 160 BED FACILITY OFFERING SKILLED NURSING LONG TERM CARE, SHORT TERM INPATIENT REHABILITATION AND SUBACUTE CARE, PALLIATIVE CARE, OUTPATIENT REHABILITATION AND MEDICAL MODEL ADULT DAY HEALTH CARE SERVICES TO THE RESIDENTS OF HERKIMER AND THE SURROUNDING COMMUNITIES. A MAJORITY OF VALLEY HEALTH SERVICES' REVENUE IS PROVIDED BY MEDICAID FUNDING. ANNUALLY, VALLEY HEALTH DEVELOPMENT CORP. ADMINISTERS THE BOND PAYMENTS THROUGH THE BANK OF NEW YORK MELLON. THE INCOME GENERATED EACH YEAR BY VALLEY HEALTH DEVELOPMENT CORP. INVESTMENTS IS UTILIZED TO PAY OUT SEMI ANNUAL INTEREST TO BOND HOLDERS, PERIODIC TRUSTEE AND MAINTENANCE FEES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Militello Secretary | OfficerTrustee | 0 | $0 |
Lisa Betrus President | OfficerTrustee | 0 | $0 |
Anna Lyga Treasurer | OfficerTrustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $56,297 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $56,297 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,250 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $59,569 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,521 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $77,340 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,634 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $397,845 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $403,479 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $315,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $315,000 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $88,479 |
| Total liabilities and net assets/fund balances | $403,479 |
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