Valley Health Development Corporation

What it reported doing in 2024

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.

Financial Efficiency

• Mission deployment rate: Limited
• Program expense ratio: Limited

Transparency & Controls

• Consistency checks: 88.9%; rating input score 89; 2nd percentile among comparable filings
• Major donor itemization: Limited

Sustainability

• Operating margin: Limited
• Total-asset coverage ratio: Limited
• Liabilities to assets ratio: Limited
• Officer compensation ratio: Limited

Growth

• Program expense growth: Limited
• Revenue growth: -77.2% per year; rating input score 0; 3rd percentile among comparable filings
• Asset growth: -87% per year; rating input score 0; 2nd percentile among comparable filings