Valley Health System Inc.

“The bylaws of all valley health system entities underwent review and change to make them consistent between the entities. On 5/22/2019, valley health systems, inc. Updated and adopted new bylaws and legal documents to implement formally the board's integration into a parallel board of the valley health system's ("vhs") board. This change took effect july 1, 2019.”

“Valley health system's form 990 was provided to the organization's governing body's finance committee. When the 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it's submitted to members of the organization's governing body's finance committe for any comments. The finance committee reviews the 990 and provides any comments. The comments are reviewed and addressed until the return is finalized and approved for filing.”

“The board mandates that all members of management and the governing body sign a conflict of interest policy and disclose any potential or actual conflicts that may exist annually. If a conflict of interest exists the organization will notify members of management or the governing body and investigate the conflict. If it is determined that an actual conflict of interest exists, the member of management or the governing body will be notified immediately and will not be allowed to vote or be part of any decisions about such transactions.”

“An annual review of executive compensation is conducted where the compensation committee of the board of trustees reviews compensation for valley health system executives (currently 13 individuals). Compensation benchmarks for each position is presented by an outside consultant, and recommendations are made based on these benchmarks. The committee ensures individual compensation general falls within the committee's philosophy (targeting between 50th and 75th percentile). The committee also reviews organizational results on goals and incentive payouts according to these results. The ceo recommends specific salary adjustments and incentive payouts and the committee approves the recommendations. The review was last conducted in the first quarter of this year, and minutes exist of such meetings.”

“Valley health system, inc. Makes its form 990, financial statements, form 1023, governing documents, and conflict of interest policy available upon written request at 223 north van dien ave, ridgewood, nj 07450 or by calling the organization directly at 201-291-6200.”

“Outside service fees: program service expenses 0. Management and general expenses 323,443. Fundraising expenses 0. Total expenses 323,443. Maintenance contracts: program service expenses 0. Management and general expenses 7,718,427. Fundraising expenses 0. Total expenses 7,718,427. Temporary help: program service expenses 0. Management and general expenses 364,409. Fundraising expenses 0. Total expenses 364,409. Consulting: program service expenses 0. Management and general expenses 2,602,583. Fundraising expenses 0. Total expenses 2,602,583. Agency fees: program service expenses 0. Management and general expenses 106,539. Fundraising expenses 0. Total expenses 106,539. Other fees: program service expenses 0. Management and general expenses 75,969. Fundraising expenses 0. Total expenses 75,969.”

“Equity in net income (loss) of subsidiary -96,422. Transfer to the valley hospital -45,000,002. Net assets transferred from the valley hospital 41,381,963.”

“The organization has a committee that assumes responsibility for oversight of the audit of its financial statrements and selection of an independent accountant. This process did not change from the prior year.”