Overview
What is Valley Health Development Corporation?
Valley Health Development Corporation is a nonprofit organization established primarily to finance the development and expansion of Valley Health Services, Inc., a not-for-profit Residential Health Care Facility in Herkimer, New York. The corporation has issued several Mortgage Revenue Bonds to fund renovations, constructions, and expansions of Valley Health Services, Inc., resulting in a 160-bed facility offering various healthcare services, such as skilled nursing, rehabilitation, and palliative care. The corporation administers the bond payments, and a majority of Valley Health Services' revenue comes from Medicaid funding. Its mission, as per its Certificate of Incorporation, is to promote and advance decent, safe, and sanitary health facilities and services in the area, aiming to improve the well-being of the community.
Is Valley Health Development Corporation legitimate?
Valley Health Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Valley Health Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Valley Health Development Corporation?
Valley Health Development Corporation, as per its Certificate of Incorporation, is established with the primary objective of promoting the improvement and well-being of individuals. Its purpose is to alleviate the shortage of decent, safe, and sanitary health facilities and services, acting on behalf of a specific location if necessary. The corporation aims to advance such facilities and services by financing their acquisition, construction, or rehabilitation. It also manages funds to support these endeavors, all in line with the regulations set by Article 28 of the Public Health Law.
Who is the CEO of Valley Health Development Corporation?
Lisa Betrus is the President of Valley Health Development Corporation.
What is the revenue of Valley Health Development Corporation?
Valley Health Development Corporation's revenue in 2022 was $10,060.
Who are the executives of Valley Health Development Corporation and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $386,903
- Other: $19,771
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Valley Health Development Corporation?
Valley Health Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Valley Health Development Corporation
Valley Health Development Corporation, a charitable organization, is established with the primary objective of promoting the betterment of human health and well-being. In line with Section 501(c)(3) of the Internal Revenue Code, Valley Health Development Corporation aims to alleviate the scarcity of decent, safe, and sanitary health facilities and services. The organization serves as a representative for the Village of Herkimer, New York, and strives to enhance the availability of such facilities and services for its inhabitants. To achieve this, Valley Health Development Corporation finances the construction, rehabilitation, and equipping of health facilities, adhering to the regulations outlined in Article 28 of the Public Health Law. Additionally, the corporation receives and manages funds intended for the acquisition and development of health facilities, thereby contributing significantly to the improvement of health facilities and services in the broader community.
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Impact
October, 2024
Valley Health Development Corporation plays a crucial role in enhancing healthcare facilities and services in Herkimer, New York. By issuing tax-exempt Mortgage Revenue Bonds, it facilitates significant financial support for Valley Health Services, Inc., a not-for-profit residential health care facility.
Since its inception in 1985, the Corporation has issued multiple series of bonds aimed at financing renovations, expansions, and essential projects that bolster the facility's capacity and service offerings. For example, the issuance of $7,395,000 in 1985 enabled the construction and renovation of the health services facility, while subsequent bonds financed expansions that added critical services such as an Adult Day Health Care Program and additional beds for residents.
Today, Valley Health Services, Inc. operates as a 160-bed facility, providing a spectrum of care including skilled nursing long-term care, short-term rehabilitation, subacute care, palliative care, and outpatient rehabilitation. This enhanced capability directly addresses the community's healthcare needs, offering vital services that contribute to the well-being of residents and surrounding communities.
The financial framework established by Valley Health Development Corporation ensures that the bond payments are managed effectively, allowing the healthcare facility to maintain its operations and continue to improve the quality of care provided. The income generated through its investments is strategically utilized to fulfill financial obligations, thus sustaining the operational viability of Valley Health Services.
In summary, Valley Health Development Corporation significantly impacts the Herkimer community by providing financial access to improved healthcare services and facilities, thereby addressing critical health needs and fostering enhanced community health outcomes.
This information is meant to be a general summary of Valley Health Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $10,060
- Gross Receipts: $10,060
Assets and Liabilities:
- Total Assets: $0
- Total Liabilities: $0
- Net Assets: $0
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
See Part III, Line 4A
Revenue
$10,060
Organization Details
Founding Year
1984
Phone
(315) 866-3330Principal Officer
Lisa Betrus
Main Address
690 West German Street, Herkimer, NY, 13350
NTEE Category
Code: E110 - Health
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