Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

Schedule K
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information on Tax-Exempt Bonds
SchKMediumBullet Complete if the organization answered "Yes" to Form 990, Part Ⅵ, line 24a. Provide descriptions,
explanations, and any additional information in Part Ⅵ.
SchKMediumBullet Attach to Form 990.
SchKMediumBulletGo to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2020
Open to Public
Inspection
Name of the organization
Spectrum Health System Group Return
 
Employer identification number
61-1740292
Part Ⅰ
Bond Issues
(a) Issuer name (b) Issuer EIN (c) CUSIP # (d) Date issued (e) Issue price (f) Description of purpose (g) Defeased (h) On
behalf of
issuer		 (i) Pool
financing
Yes No Yes No Yes No
A Kent Hospital Finance Authority (2011AB)
  		38-2350002 490580DQ7 06-22-2011 212,859,639 2005B & 2008B1 Revenue Refunding Bonds   X   X   X
B Kent Hospital Finance Authority (2008C)
  		38-2350002 490580CY1 09-09-2008 67,200,000 1998B Refunding Bond   X   X X  
C Kent Hospital Finance Authority (2012A)
  		38-2350002 000000000 10-24-2018 56,490,000 2012A Revenue refunding Bonds - reissued (2008A1 & 2008B2 Revenue Refunding Bonds)   X   X   X
D Kent Hospital Finance Authority (2008A & 2008B)
  		38-2350002 490580CW5 04-15-2008 471,211,001 2001B, 2007A & 2007B Refunding Bond   X   X   X
Kent Hospital Finance Authority (2014AB)
  		38-2350002 000000000 01-15-2014 111,850,000 2008A2 ZCH 2010 Gerber 2002&2007 Revenue Refunding Bonds   X   X X  
Kent Hospital Finance Authority (2015A)
  		38-2350002 490580EG8 01-13-2015 78,400,000 Revenue Refunding Bonds   X   X   X
Kent Hospital Finance Authority (2017A)
  		38-2350002 000000000 03-21-2019 56,490,000 Revenue Refunding Bonds (2017A Reissuance)   X   X   X
Hospital Authority of The City of St Joseph (MI)
  		38-3151499 790678CC8 12-17-2003 41,525,000 REFUND BONDS ISSUED 1/13/1994 AND FACILITY CONSTRUCTION AND IMPROVEMENTS   X   X   X
Hospital Authority of The City of St Joseph (MI)
  		38-3151499 790678CD6 01-26-2006 50,000,000 FACILITY CONSTRUCTION AND IMPROVEMENTS   X   X   X
Hospital Authority of The City of St Joseph (MI)
  		38-3151499 000000000 09-06-2012 8,500,000 NEW FACILITY CONSTRUCTION   X   X   X
Part Ⅱ
Proceeds
A B C D
1 Amount of bonds retired .................. 120,824,639 38,700,000 0 421,211,001
2 Amount of bonds legally defeased .............. 0 0 0 0
3 Total proceeds of issue .................. 212,859,639 67,200,000 56,490,000 471,211,001
4 Gross proceeds in reserve funds ............. 0 0 0 0
5 Capitalized interest from proceeds ............. 0 0 0 13,556,465
6 Proceeds in refunding escrows ............... 0 0 0 0
7 Issuance costs from proceeds ............... 1,359,065 0 0 2,528,820
8 Credit enhancement from proceeds ............. 0 0 0 0
9 Working capital expenditures from proceeds ............. 0 0 0 0
10 Capital expenditures from proceeds ............. 50,000,574 0 0 0
11 Other spent proceeds ............. 161,500,000 67,200,000 56,490,000 455,125,716
12 Other unspent proceeds ............. 0 0 0 0
13 Year of substantial completion ............. 2011 2008 2012 2008
Yes No Yes No Yes No Yes No
14 Were the bonds issued as part of a current refunding issue of tax-exempt
bonds (or, if issued prior to 2019, a current refunding issue)? ........ 		X   X   X   X  
15 Were the bonds issued as part of an advance refunding issue of taxable
bonds (or, if issued prior to 2019, an advance refunding issue)? ........ 		  X   X   X   X
16 Has the final allocation of proceeds been made? .......... X   X   X   X  
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? .................. X   X   X   X  
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50193E
Schedule K (Form 990) 2020

Schedule K (Form 990) 2020
Page 2
Part Ⅲ
Private Business Use
A B C D
Yes No Yes No Yes No Yes No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? .............   X   X   X   X
2 Are there any lease arrangements that may result in private business use of bond-financed property? ...............   X   X   X   X
3a Are there any management or service contracts that may result in private business use of bond-financed property? ............. X   X   X   X  
b If "Yes" to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property? X   X   X   X  
c Are there any research agreements that may result in private business use of bond-financed property? ............. X   X   X   X  
d If "Yes" to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property? X   X   X   X  
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government ....SchKMediumBullet 0 % 0 % 0 % 0 %
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government ......... SchKMediumBullet 0 % 0 % 0 % 0 %
6 Total of lines 4 and 5 ............. 0 % 0 % 0 % 0 %
7 Does the bond issue meet the private security or payment test? ...   X   X   X   X
8a Has there been a sale or disposition of any of the bond-financed property to a nongovernmental person other than a 501(c)(3) organization since the bonds were issued?.............   X   X   X   X
b If "Yes" to line 8a, enter the percentage of bond-financed property sold or disposed of. ..        
c If "Yes" to line 8a, was any remedial action taken pursuant to Regulations sections 1.141-12 and 1.145-2? .............                
9 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under
Regulations sections 1.141-12 and 1.145-2? ........ 		X   X   X   X  
Part Ⅳ
Arbitrage
A B C D
Yes No Yes No Yes No Yes No
1 Has the issuer filed Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate? ...   X   X   X   X
2 If "No" to line 1, did the following apply? ....
a Rebate not due yet? .......               X
b Exception to rebate? ........             X  
c No rebate due? ......... X   X   X   X  
If "Yes" to line 2c, provide in Part Ⅵ the date the rebate
computation was performed ......
3 Is the bond issue a variable rate issue? ..... X   X   X   X  
Schedule K (Form 990) 2020

Schedule K (Form 990) 2020
Page 3
Part Ⅳ
Arbitrage (Continued)
A B C D
Yes No Yes No Yes No Yes No
4a Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue?   X   X   X   X
b Name of provider .......... UBS AG
  		 
  		 
  		UBS AG
 
c Term of hedge ......... 2890 %     2800 %
d Was the hedge superintegrated? ......   X           X
e Was the hedge terminated? ........   X           X
5a Were gross proceeds invested in a guaranteed investment contract (GIC)?   X   X   X   X
b Name of provider .......... CITIGROUP GLOBAL MA
  		 
  		 
  		 
 
c Term of GIC ......... 300 % 0 %    
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? ........ X              
6 Were any gross proceeds invested beyond an available temporary period?   X   X   X   X
7 Has the organization established written procedures to monitor the requirements of section 148? ... X   X   X   X  
Part Ⅴ
Procedures To Undertake Corrective Action
--------------------------------------------------------------------------------------------------------------- A B C D
Yes No Yes No Yes No Yes No
Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations? X   X   X   X  
Part Ⅵ
Supplemental Information. Provide additional information for responses to questions on Schedule K. (See instructions).
Return Reference Explanation
Schedule K, Part I Tax Exempt Bonds BONDS ARE ISSUED ON BEHALF OF AN OBLIGATED GROUP AND DESIGNATED AFFILIATES UNDER the 1998 Master Trust Indenture (MTI). ALL OBLIGATED GROUP MEMBERS AND/OR DESIGNATED AFFILIATES ARE PART OF THE SAME HEALTH SYSTEM AND ARE TAX-EXEMPT 501(C)(3) CHARITABLE ORGANIZATIONS. THE 2017A BOND IS ATTRIBUTABLE TO ONE LEGAL ENTITY WITHIN THE OBLIGATED GROUP AND/OR DESIGNATED AFFILIATES: *SPECTRUM HEALTH HOSPITALS (EIN 38-1360529) THE 2015a BOND IS ATTRIBUTABLE TO ONE LEGAL ENTITY WITHIN THE OBLIGATED GROUP AND/OR DESIGNATED AFFILIATES: *SPECTRUM HEALTH HOSPITALS (EIN 38-1360529) THE 2014AB BOND IS ATTRIBUTABLE TO THREE LEGAL ENTITIES WITHIN THE OBLIGATED GROUP AND/OR DESIGNATED AFFILIATES: *SPECTRUM HEALTH HOSPITALS (EIN 38-1360529) *NEWAYGO COUNTY GENERAL HOSPITAL ASSOCIATION (EIN 38-1359517) *ZEELAND COMMUNITY HOSPITAL (EIN 38-1411184) THE 2012A BOND IS ATTRIBUTABLE TO ONE LEGAL ENTITY WITHIN THE OBLIGATED GROUP AND/OR DESIGNATED AFFILIATES: * SPECTRUM HEALTH HOSPITALS (EIN 38-1360529) THE 2011AB BOND IS ATTRIBUTABLE TO ONE LEGAL ENTITY WITHIN THE OBLIGATED GROUP AND/OR DESIGNATED AFFILIATES: * SPECTRUM HEALTH HOSPITALS (EIN 38-1360529) THE 2008C BOND IS ATTRIBUTABLE TO FOUR LEGAL ENTITIES WITHIN THE OBLIGATED GROUP AND/OR DESIGNATED AFFILIATES: * SPECTRUM HEALTH HOSPITALS (EIN 38-1360529) * SPECTRUM HEALTH CONTINUING CARE CENTER (EIN 38-2415333) * SPECTRUM HEALTH CONTINUING CARE (EIN 38-3242232) * SPECTRUM HEALTH WORTH SERVICES (EIN 38-2786617) THE 2008AB BOND IS ATTRIBUTABLE TO ONE LEGAL ENTITY WITHIN THE OBLIGATED GROUP AND/OR DESIGNATED AFFILIATES: * SPECTRUM HEALTH HOSPITALS (EIN 38-1360529)
Schedule K, Part I, Column (a) RECONCILIATION OF BOND PROCEEDS - LINE 8 TOTAL ISSUED PROCEEDS: 41,643,043 MINUS ISSUANCE COSTS: 193,091 MINUS WORKING CAPITAL EXPENDITURES: 31,392,506 EQUALS CAPITAL EXPENDITURES FROM PROCEEDS: 10,057,446
Schedule K, Part I, Column (b) RECONCILIATION OF BOND PROCEEDS - LINE 9 TOTAL PROCEEDS ISSUED: 52,613,405 MINUS ISSUANCE COSTS: 467,500 MINUS WORKING CAPITAL EXPENDITURES: 1,012,738 EQUALS CAPITAL EXPENDITURES FROM PROCEEDS: 51,133,167
Schedule K, Part I BOND ISSUE A - LINE 10 THE $8.5 MILLION BOND ISSUE WAS A DIRECT PURCHASE BOND BY J.P. MORGAN CHASE. BOND PROCEEDS WERE DRAWN DURING CONSTRUCTION PERIOD TO BUILD A NEW FACILITY.
Schedule K, Part II BOND PROCEEDS RECONCILIATION - LINE 10 ISSUE PRICE OF BONDS: 8,500,000 SUBTRACT OUT ISSUE COSTS FROM PROCEEDS: 105,875 EQUALS EXPENDITURES FROM PROCEEDS: 8,394,125
Schedule K, Part IV, Line 2c COLUMN A Issuer name: Kent Hospital Finance Authority (2011AB) The calculation for computing no rebate due was performed on 08/13/2012
Schedule K, Part IV, Line 2c COLUMN B Issuer name: Kent Hospital Finance Authority (2008C) The calculation for computing no rebate due was performed on 07/15/2009
Schedule K, Part IV, Line 2c COLUMN C Issuer name: Kent Hospital Finance Authority (2012A) The calculation for computing no rebate due was performed on 08/13/2012
Schedule K, Part IV, Line 2c COLUMN D Issuer name: Kent Hospital Finance Authority (2008A & 2008B) The calculation for computing no rebate due was performed on 07/15/2009
Schedule K, Part IV, Line 2c COLUMN A Issuer name: Kent Hospital Finance Authority (2014AB) The calculation for computing no rebate due was performed on 06/18/2014
Schedule K, Part IV, Line 2c COLUMN B Issuer name: Kent Hospital Finance Authority (2015A) The calculation for computing no rebate due was performed on 06/03/2015
Schedule K, Part IV, Line 2c COLUMN C Issuer name: Kent Hospital Finance Authority (2017A) The calculation for computing no rebate due was performed on 12/22/2017
Schedule K (Form 990) 2020

Additional Data


Software ID: 20011424
Software Version: 2020v4.0