Form 990, Part III, line 2 |
Valley Health Systems, Inc., in addition to its previous functions as the sole corporate member of the affiliated entities in the Holyoke hospital system, will also now be tasked with managing, operating and providing management counsel and advice in connection with the provision of medical or healthcare and services ancillary to Holyoke Medical Center, Inc. and its affiliates. These functions were previously conducted by Valley Health Systems, Inc.'s affiliate, H-C Management Services, Inc. Valley Health Systems, Inc. continues to operate within the boundaries of its organizing documents originally on record in that it continues to operate exclusively for the benefit of Holyoke Medical Center, Inc. and its affiliated tax-exempt organizations. |
Form 990, Part VI, Section A, line 2 |
Certain officers and directors of MassWest Services, Inc. are employed by a related tax-exempt organization which has common officers and/or directors. By virtue of this arrangement, certain individuals listed in Form 990, Part VII have a business relationship with one another. |
Form 990, Part VI, Section A, line 4 |
Valley Health Systems, Inc. has made the following significant changes to its bylaws: 1. Under the principal functions of the Board, the Organization now will be tasked with managing, operating and providing management counsel and advice in connection with the provision of medical or healthcare and services ancillary to Holyoke Medical Center and its affiliates. 2. The Board of Directors has the power to approve any management contract or other management arrangement to include, but not be limited to, the employment of the President, either of which is of a material nature, with another entity which is not controlled directly by or affiliated with the Member. 3. The President shall appoint the presidents and treasurers of Holyoke Medical Center, Inc., and all other affiliates in accordance with the bylaws of those Corporations and subject to the approval of the Board of Directors of Valley Health Systems, Inc. 4. The principal functions of the Board of Directors of the Corporation shall be to oversee the management, quality of services provided by all affiliates, as well as investment of the Corporation's funds; to coordinate the spectrum of services offered by the affiliates of the Corporation; to develop a strategic plan and set of priorities for the development of an integrated and comprehensive healthcare delivery system for the service areas served by Holyoke Medical Center and its affiliates; managing, operating and providing management counsel and advice in connection with the provision of medical or healthcare and services ancillary to Holyoke Medical Center, Western Mass Physician Associates, River Valley Counseling Center, Holyoke VNA and MassWEST; to identify, encourage and sponsor new ventures which have the potential of (a) generating revenues that can be used to support such a health care delivery system; (b) reducing the costs of operating such a system; or, (c) otherwise benefiting the communities served by Holyoke Medical Center and its affiliates; to review for consistency with the objectives of an integrated and financially viable system the fundamental decisions of the Board of Directors of Holyoke Medical Center and other affiliated corporations of which this Corporation is the sole member or stockholder; to elect the directors of Holyoke Medical Center and other affiliated corporations of which this Corporation is the sole member or stockholder as provided in the Bylaws of such corporations; and to take such other action and steps as may be necessary to maintain the long-range financial strength and viability of Holyoke Medical Center and other affiliates of the Corporation. |
Form 990, Part VI, Section B, line 11 |
A copy of Valley Health Systems, Inc.'s Form 990 was provided to each voting member of the governing body prior to its filing with the Internal Revenue Service. The Form 990 was prepared with the assistance of an independent public accounting firm and thoroughly reviewed by the Senior Vice President of Finance and CFO and key financial staff of the Hospital prior to distibuting it to the governing body for review. |
Form 990, Part VI, Section B, line 12c |
The conflict of interest policy is monitored and enforced as part of the Valley Health Systems, Inc. System and is reviewed annually by the System's conflict of interest committee. Valley Health Systems, Inc. board members, officers, and key employees complete and sign a conflict of interest questionnaire annually. All signed questionnaires are then submitted to the committeed for review and monitoring. |
Form 990, Part VI, Section B, line 15a |
The compensation committee of the Valley Health System, Inc. utilizes a market compensation survey to recommend to the Board the approval of its determination of the appropriate compensation of the Chief Executive Officer. During that process, the Committee also reviews the compensation levels of other senior management and key employees of the System. These individuals are not members of the compensation committee and do not participate in this process. The CEO, as a member of the Board of VHS, does not participate in the approval process of that officer's compensation. |
Form 990, Part VI, Section C, line 19 |
The governing documents, conflict of interest policy, and financial statements of Valley Health Systems and Affiliates, which includes supplemental information of the filing entity, are available to the public upon request at the Organization's administrative office at 575 Beech Street, Holyoke, MA. |
Form 990, Part VII: |
Antonio Correia, though no longer an officer of the filing organization, remained employed by Valley Health Systems, Inc. and H-C Management Services, Inc. as Chief Strategy Officer until March, 2016. Compensation and hours reflected on Form 990, Part VII and Schedule J, Part II is for his services as Chief Strategy Officer and does not reflect compensation in his capacity as a former officer of the organization. During the fiscal year following the period covered by this return, the Organization's CFO and Treasurer, Paul M. Silva, resigned his position within the affiliated hospital system. Michael J. Koziol became interim-CFO in April of 2017. Accordingly, Mr. Silva is listed in Part VII while Mr. Koziol is listed on Page 1 as the authorized signing officer. Mr. Koziol will be listed in Part VII of the Organization's 9/30/17 Form 990. |
Form 990, Part XI, line 9: |
Net Assets Transferred to Holyoke Medical Center -531,510. Net Assets Released from Restriction Used for Operations 92,519. Change in Beneficial Interest of Perpetual Trusts 65,204. Equity Contribution from Affiliates 2,350,000. Equity Contribution to Affiliates -3,127,000. |
Form 990, Part XII, Line 2c: |
The audit process has not changed from the prior year. |