Valley Physicians Services PC

“Valley physician services, p.c. Paid valley physician services, ny, p.c. $1,515,862 and valley physician services, inc. $1,311,526 management fees. Services rendered included human resource management, marketing and other administrative services.”

“The organization is a professional corporation having shareholders.”

“The trustees of the corporation shall elect, appoint, replace or remove trustees; provided, however, that before taking any such action, the trustees shall give the valley physician services, inc. Board of trustees ("vps board") at least thirty (30) days written advance notice of its intended actions; will not vote until written approval of such action is received from the vps board; and will vote in the manner specified in the written notice provided to the vps board.”

“The following decisions of the organization are reserved to the board of valley physician services: strategic actions, which shall include, but not be limited to, new strategic plans, modifications of existing strategic plans or mission statements; major corporate decisions, which may potentially impact the philosophy of the valley system, which shall include, but not be limited to, joint ventures, corporate acquisitions, programmatic affilications, mergers or consolidations, conversion of the tax-exempt status, sale or transfer of substantially all of the assets of the corporation, or the dissolution of the corporation; any single expenditure greater than five percent (5%) of the annual operating budget of the corporation and amendments thereto; the election, appointment, replacement or removal of trustees of the corporation with or without cause; the selection of auditors; the appointment and removal of the president of the corporation (or the approval of any reccomendation of the vps board for removal); the adoption, amendment, revision or deletion of the corporation's bylaws and the creation or approval of any amendments, alterations or revisions to the corporation's certificate of incorporation; the adoption of the corporation's annual capital and operating budgets; major corporate decisions regarding the incurrence of debt in excess of five percent (5%) of the operating budget of the corporation (including capital and operating leases), and the transfer or loan of cash or the conveyance, lease or other disposition of other assets to an affiliate or subsidiary without receiving equivalent value in return. The approval of the purchase or sale of any real property by the corporation and the approval of the creation of a mortgage, lien, or any other security interests in the corporation's real or personal property; determinations of how any and all excess cash generated by the corporation will be spent; the cessation or any change in the corporation's provision of services to medicare and medicaid recipients and its provision of charity care services in accordance with charity care services in accordance with charity care policies established by the valley hospital.”

“Valley physician services, p.c. 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 form 990 is prepared, it is submitted to management and the audit committee of valley healthy system for review. Any comments are summarized and provided to the director of finance valley physician services. Each issue is documented and addressed until the return is finalized and approved by the audit committee for filing with the internal revenue service. Before filing, the form 990 is made available for the board's review, by hard copy and or electronic copy.”

“The executive compensation committee of valley hospital will be responsible for approving the compensation of the president and other key executives of vps, p.c. The compensation for other physicians will be approved by the physician compensation committee of valley health system. Total compensation will be set based on information regarding compensation paid by similarity situated organizations for similar services, current compensation surveys completed by independent firms, or actual written offers from similarly situated organizations. He compensation is contemporaneously documented and the process was last undertaken in 2020.”

“Vps p.c makes its form 990, financial statements, form 1023, conflict of interest policy and governing documents available upon written request at 223 north van dien ave, ridgewood, nj 07450 or by calling the organization directly at 201-447-8000.”

“Net liability transfer from valley medical services, p.c. Ein: 46-5297054 -301,251.”

“The finance committee is responsible for selecting an independent accountant and for oversignt of the audit. This process has not changed from the prior year.”