Valley Health Development Corporation
Public records show a registered, tax-exempt organization in good standing.
What it says it does
PRIOR TO 2023, VALLEY HEALTH DEVELOPMENT CORPORATION ISSUED TAX EXEMPT MORTGAGE REVENUE BONDS AND HELD A MORTGAGE NOTE FROM VALLEY HEALTH SERVICES, INC., A NOT-FOR-PROFIT RESIDENTIAL HEALTH CARE FACILITY. IN SEPTEMBER 2000, VALLEY HEALTH DEVELOPMENT CORPORATION ISSUED $8,795,000 IN TAX EXEMPT MORTGAGE REVENUE REFUNDING BONDS TO REFINANCE VALLEY HEALTH SERVICES', INC. EXISTING DEBT. VALLEY HEALTH DEVELOPMENT CORPORATION ADMINISTERED THE BOND PAYMENTS THROUGH THE BANK OF NEW YORK MELLON -NEW ALBANY, OHIO.
- Income
- $0
- Spending
- $0
- Highest pay
- $545,632, president
Source: Form 990EZ for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
We do not score finances when yearly spending is very small or the return has too little detail. The ratios stop meaning much at that size.
Source: Form 990EZ for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
This organization files the short tax form, which does not ask about boards, policies or audits. That is normal for a small charity and is not a mark against it.
Source: Form 990EZ for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (1)
- IN 1985, VALLEY HEALTH DEVELOPMENT CORP. ISSUED $7,395,000 SERIES 1985 MORTGAGE REVENUE BONDS FOR THE RENOVATION AND CONSTRUCTION OF VALLEY HEALTH SERVICES, INC., THE SUCCESSOR ORGANIZATION TO HERKIMER MEMORIAL HOSPITAL. IN DECEMBER 1990, VALLEY HEALTH DEVELOPMENT CORP. ISSUED $2,675,000 SERIES 1990 A AND $100,000 SERIES 1990 B MORTGAGE REVENUE BONDS TO FINANCE VALLEY HEALTH SERVICES' EXPANSION PROJECT WHICH INCLUDED THE ADDITION OF 32 BEDS AND AN ADULT DAY HEALTH CARE PROGRAM. TODAY, VALLEY HEALTH SERVICES, INC. IS A 160 BED FACILITY OFFERING SKILLED NURSING LONG TERM CARE, SHORT TERM INPATIENT REHABILITATION AND SUBACUTE CARE, PALLIATIVE CARE, OUTPATIENT REHABILITATION AND MEDICAL MODEL ADULT DAY HEALTH CARE SERVICES TO THE RESIDENTS OF HERKIMER AND THE SURROUNDING COMMUNITIES. A MAJORITY OF VALLEY HEALTH SERVICES' REVENUE IS PROVIDED BY MEDICAID FUNDING. ANNUALLY, VALLEY HEALTH DEVELOPMENT CORP. ADMINISTERS THE BOND PAYMENTS THROUGH THE BANK OF NEW YORK MELLON. THE INCOME GENERATED EACH YEAR BY VALLEY HEALTH DEVELOPMENT CORP. INVESTMENTS IS UTILIZED TO PAY OUT SEMI ANNUAL INTEREST TO BOND HOLDERS, PERIODIC TRUSTEE AND MAINTENANCE FEES. IN 2023, THE LOAN WAS BEEN PAID OFF AND THE BONDS HAVE ALL BEEN SATISFIED. THE FUND BALANCE AND THE INVESTMENTS ARE ZERO, THE BONDS WERE PAID OFF, AND ANY RESIDUAL WAS PAID BACK TO VHS. VALLEY HEALTH DEVELOPMENT CORPORATION WAS NOT DISSOLVED AND REMAINS OPEN AS IT IS A SUPPORTING ORGANIZATION AND BECAUSE THERE IS A POSSIBILITY THAT ANOTHER HUD LOAN MAY BE SECURED IN THE FUTURE TO BE USED FOR FUTURE BONDING NEEDS.
Source: Form 990EZ for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2024.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since August 1985.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.