Valley Children’s has filed its tax returns for fiscal year 2022, showing a significant gain in net assets for the hospital as CEO Todd Suntrapak once again received a bonus of over $1 million.
The hospital also added about $20 million to its life insurance-based retirement policies for a select few executives.
Assets increase again: Valley Children’s reported $1.77 billion in net assets for the tax year, which ran from October 2022 through September 2023.
- That includes $2 billion in total assets and $379 million in total liabilities.
- The hospital’s net assets in 2021 were reported at $1.68 billion, making it a year-over-year increase of over $88.5 million.
- That followed a $210 million increase in net assets from tax year 2020 to tax year 2021.
Suntrapak’s lucrative compensation: Valley Children’s CEO Todd Suntrapak’s total reportable compensation is listed at $2.989 million.
- When adding around $60,000 in retirement, deferred compensation and nontaxable benefits, his total pay package came in at $3.05 million for 2022.
- Suntrapak earned a base salary of $1.697 million, with a $1.055 million bonus and $236,000 in other compensation.
- Valley Children’s gave Suntrapak an $18,980 raise in his base salary from tax year 2021.
- His bonus and other reportable compensation came in less than the previous years, which helped put him at $5.1 million in total compensation for 2021 and $5.5 million for 2020. Valley Children’s said after The Sun’s reporting earlier this year that the hospital’s bonus payout to its executive suite was moved up to include two bonuses in one year for 2021 for tax purposes.
- In total, from 2020-2022, Suntrapak has received over $13.5 million in total compensation for his work as CEO.
- The $5 million forgivable home loan that he received in 2021 is once again listed on the 2022 filing. Suntrapak used that money to purchase a $6.5 million house in Carmel-by-the-Sea in early 2022.
Executive pay: Total executive compensation came in at $17 million for 23 employees, around $10 million less than 2021 given the two bonuses in one year structure that the hospital previously used.
- Besides Suntrapak, five other executives took home a total compensation package worth over $1 million.
- Beverly Hayden-Pugh, the Senior Vice President and senior advisor to Suntrapk, totaled $1.64 million in compensation. That includes over $540,000 in base salary, over $300,000 in bonuses and nearly $660,000 in other reportable compensation.
- CFO Michele Waldron made a base salary of $687,772 as part of a total $1.35 million package.
- Senior Vice President and senior advisor to Hayden-Pugh Natale Ponticello had $1.27 million in total compensation.
- Senior Vice President and President of Valley Children’s Medical Group David Christensen had a total compensation of $1.26 million, which included the highest base salary behind Suntrapak of $834,988.
- Senior Vice President and Chief Strategy Officer Jane Wilson rounded out the highest-earners at $1.16 million in total compensation.
- Seven executives were given total packages worth over $700,000, three others were in the $600,000 range with another executive falling just short of the $600,000 number.
- Clovis Mayor Lynne Ashbeck works as the Senior Vice President and Chief Community Impact Officer. She made $421,891 in base salary and had a total package worth $716,000.
Valley Children’s balance sheet: Valley Children’s reported $646 million in savings and temporary cash investments, as well as an additional $885,000 in cash.
- The hospital also reported $461 million in investments in publicly traded securities, $206 million in investments in other securities and $45 million in program related investments.
- Valley Children’s also continued its offshore investments. Last year, the hospital had $102 million in investments in Central America and the Caribbean, as well as another $22 million in Europe.
- For tax year 2022, Valley Children’s reported $137 million in investments in Central America and the Caribbean and $23 million in Europe.
Life insurance perks: Valley Children’s continued to list its multi-million dollar life insurance policies for some of the top executives, adding three more to the list from 2021.
- Suntrapak has a life insurance policy worth over $11.1 million.
- Waldron is close behind with a policy worth over $9.7 million. That’s worth $1 million more than the policy was in 2021.
- Christensen’s policy remained at $5.28 million, along with $5.498 million for Senior Vice President of Strategic Partnerships Michael Goldring.
- The hospital’s chief legal officer William Chaltraw, who had a total compensation package worth over $700,000, retained his life insurance policy worth over $2.1 million.
- The 2022 tax returns also list an additional $3.1 million policy for Chaltraw.
- The three executives who were added to the hospital’s life insurance policy plan in 2022 were COO Danielle Barry, Senior Vice President and Chief People Officer Kelly Beall and Vice President of Patient Care Vickey Tilton.
- Barry’s policy is worth over $5 million, Beall’s is worth over $5.6 million and Tilton’s is worth nearly $4.5 million.
- Valley Children’s reported over $58 million locked up for 2022 between the life insurance policies and the forgivable home loan given to Suntrapak in 2021.
- The hospital stated in the tax returns that it fully funded the premiums at implementation.
- A spokesperson for Valley Children’s told The Sun that the plans are life insurance-based retirement plans that have lengthy vesting periods.
- Executives will receive a tax-free annuity payout at the time of retirement, making the plan a retention bonus.
- When the executives retire, the hospital recoups the entire initial investment, interest and excess proceeds. The hospital estimated in September 2023, at the end of its fiscal year, that the money heading back to Valley Children’s will be over $78.9 million.
- If a covered executive dies before retirement, the hospital will be repaid the investment and accrued returns. Any remaining excess proceeds will be donated to the hospital.
