Valley Children’s Hospital has filed our most recent IRS Form 990 covering fiscal year 2023 and we are making the form easily available in a new area on our website.
The purpose of Form 990 is to provide the IRS with an overview of a non-profit’s activities, governance and detailed financial information. However, it is only a partial snapshot of a hospital’s true impact. This is why we are also providing access to our audited financials and Annual Impact, Nursing Excellence and Community Benefit reports on our Financials page.
Executive Compensation
The Form 990 outlines the annual compensation of our health system President and Chief Executive Officer Todd Suntrapak. His compensation and benefits are established by the Valley Children’s Healthcare Board based on his 12-year tenure, performance against goals and information on comparable compensation packages provided by nationally recognized compensation consultants. It includes retirement contributions and retention considerations, recognizing the disruption that would occur to Valley Children’s leadership team if we had to search for a new CEO.
The Form 990 for fiscal year 2023 shows – as Valley Children’s indicated earlier this year – that the compensation figures for Mr. Suntrapak for the two prior years were an anomaly resulting from a one-time accounting change and adjustments to retirement benefits.
The 990 continues to list several senior leaders whose annual compensation reflects their many years of experience in their executive roles, as well as the need for Valley Children’s to provide compensation that attracts and retains talent at a level appropriate to a nationally recognized children’s hospital.
Financial Operations and Community Impact
The Form 990 also provides information about certain aspects of our financial operations related to our non-profit status.
Because the information provided is based on the IRS definitions of community benefit tied to specific costs, the $66 million in this year’s filing presents only a limited picture of our impact. In fact, Valley Children’s has spent more than $1 billion over the past 11 years in support of our community through programs, equipment and facilities, and direct charity care. Some examples of programs that fall outside the IRS definitions of community benefit include Valley Children’s addition of an epilepsy monitoring unit in the hospital to support the neuroscience program; the operations of specialty care centers and primary care practices in Modesto, Bakersfield and other cities throughout the Central Valley; and expansion of our neonatal intensive care unit (NICU) located inside partner hospitals.
This year’s Form 990 also shows that Valley Children’s maintains a strong and diversified portfolio of investments. These investments are critical to our long-term financial sustainability and continuing ability to provide essential health services to the children of the Central Valley, regardless of their families’ ability to pay, for decades to come.
For more information about Form 990 and IRS requirements, visit the IRS website section on Form 990.