Valley Physician Servcies Inc.

“The organization is a membership corporation. The sole member of the organization shall be the parent, the valley hospital,inc.”

“The parent board shall have the right to approve the slate of nominees for trustees and/or to determine and submit a substitute slate of nominees pursuant to the provisions of section 3.3 of the by-laws.”

“The following governance decisions are reserved and/or subject to approval of the parent board: 1) strategic actions 2) major corporate decisions 3) any single expenditure greater than five percent of the annual operating budget 4) selection of auditors 5) appointment and removal of the chief physician executive/cmo and the president of the group 6) major corporate decisions regarding the incurrence of debt in excess of five percent of the operating budget”

“Vps has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the from 990 is prepared, it's submitted to management for review. Any comments are summarized and provided to the individual in charge. Each issue is documented and addressed until the return is finalized and approved for filing with the internal revenue service. The form 990 is made available for the board's review, by hard copy and or electronic copy, after it is filed.”

“Valley physician services, inc. Has a conflict of interest policy that applies to all of the members of management and board members. Annually, 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 of interest 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. This process is documented in the minutes of the board meetings.”

“Vps has established a policy for compensation of its officers and top management. The policy mandates that compensation for its officers and top management, be periodically reviewed by the executive compensation committee of the board of trustees free of any members with conflicts of interest related thereto. The committee determines that the executives are being paid an appropriate level of compensation by using comparative data for similarly qualified persons in functionally comparable positions at similarly situated organizations. Compensation decision on the amount of compensation paid and term is adequately documented in a contemporaneously written format. This process was last undertaken in 2015.”

“Vps makes its form 990 available for public inspection as required under section 6104 of the internal revenue code by posting it on guidestar.com and other similar types of websites. In addition to form 990 the financial statements, form 1023 and conflict of interest policy are available upon written request at 223 north van dien ave, ridgewood, nj 07450.”

“Transfer from affiliates 48,003,575. Equity loss on investment -1,423,004. Change in prior year allowance and reimbursement estimates 20,031. Capital strategic funding valley hospital 8,090,454. Change in assets held at foundation 5,881,739. Fund transfer to vps ny -1,512,171.”

“The process for selecting an independent accountant and establishing a committee that assumes responsibility for oversight of the audit has not changed from prior years.”