Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $114,623

• 2a · Program service revenue: INFORMATION TECHNOLOGY SERVICES

  total $252,009,145 · related or exempt $247,938,761 · unrelated business $4,070,384 · excluded $0

• 2b · Program service revenue: MANAGED LONG TERM HOME HEALTH CARE SERV

  total $90,209,990 · related or exempt $90,209,990 · unrelated business $0 · excluded $0

• 2c · Program service revenue: INTERCOMPANY SHARED SERVICES

  total $27,368,410 · related or exempt $27,368,410 · unrelated business $0 · excluded $0

• 2d · Program service revenue: MEMBERSHIP DUES

  total $14,969,036 · related or exempt $14,969,036 · unrelated business $0 · excluded $0

• 2e · Program service revenue: RENTAL INCOME FROM EXEMPT AFFILIATES

  total $1,816,200 · related or exempt $1,816,200 · unrelated business $0 · excluded $0

• 2f · All other program service revenue

  total $3,080,160 · related or exempt $3,080,160 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $3,677,979 · related or exempt $0 · unrelated business $0 · excluded $3,677,979

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7c · Gain or loss

  securities $0 · other assets $0

• 11a · Other revenue: MISCELLANEOUS

  total $199,950 · related or exempt $0 · unrelated business $0 · excluded $199,950

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $199,950

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $2,293,985 · program services $2,293,985 · management and general $0 · fundraising $0

• 7 · Other salaries and wages

  total $133,826,041 · program services $81,076,597 · management and general $52,749,444 · fundraising $0

• 8 · Pension plan contributions

  total $679,137 · program services $679,137 · management and general $0 · fundraising $0

• 9 · Other employee benefits

  total $51,058,442 · program services $32,192,808 · management and general $18,865,634 · fundraising $0

• 10 · Payroll taxes

  total $390,896 · program services $366,815 · management and general $24,081 · fundraising $0

• 11a · Fees: management

  total $10,359,349 · program services $10,359,349 · management and general $0 · fundraising $0

• 11b · Fees: legal

  total $428,208 · program services $0 · management and general $428,208 · fundraising $0

• 11c · Fees: accounting

  total $2,490,817 · program services $0 · management and general $2,490,817 · fundraising $0

• 11g · Fees: other

  total $23,783,347 · program services $9,545,764 · management and general $14,237,583 · fundraising $0

• 12 · Advertising and promotion

  total $5,580 · program services $5,580 · management and general $0 · fundraising $0

• 13 · Office expenses

  total $14,044,354 · program services $10,679,141 · management and general $3,365,213 · fundraising $0

• 14 · Information technology

  total $93,161,581 · program services $71,972,391 · management and general $21,189,190 · fundraising $0

• 16 · Occupancy

  total $14,167,902 · program services $9,463,209 · management and general $4,704,693 · fundraising $0

• 17 · Travel

  total $238,062 · program services $237,769 · management and general $293 · fundraising $0

• 19 · Conferences, conventions and meetings

  total $353,882 · program services $353,719 · management and general $163 · fundraising $0

• 20 · Interest

  total $3,562,240 · program services $3,562,240 · management and general $0 · fundraising $0

• 22 · Depreciation, depletion and amortization

  total $10,548,852 · program services $6,856,754 · management and general $3,692,098

• 23 · Insurance

  total $206,537 · program services $206,537 · management and general $0 · fundraising $0

• 24a · Other expenses: MEDICAL CLAIM EXPENSES

  total $81,228,074 · program services $81,227,033 · management and general $1,041 · fundraising $0

• 24b · Other expenses: EXCISE TAX

  total $903,194 · program services $903,194 · management and general $0 · fundraising $0

• 24c · Other expenses: MEMBERSHIP DUES

  total $832,868 · program services $832,327 · management and general $541 · fundraising $0

• 24e · All other expenses

  total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $17,954,619 · end of year $17,025,924

• 3 · Pledges and grants receivable

  beginning of year $2,341,466 · end of year $24,531,704

• 4 · Accounts receivable

  beginning of year $1,086,835 · end of year $1,063,435

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $59,344,902 · end of year $67,200,887

• 9 · Prepaid expenses and deferred charges

  beginning of year $17,707,964 · end of year $20,580,391

• 10a · Land, buildings and equipment: cost or other basis

  $181,221,182

• 10b · Land, buildings and equipment: accumulated depreciation

  $35,496,594

• 10c · Land, buildings and equipment, net

  beginning of year $127,071,126 · end of year $145,724,588

• 12 · Investments: other securities

  beginning of year $5,421,828 · end of year $5,675,586

• 13 · Investments: program-related

  beginning of year $542,384,000 · end of year $542,384,000

• 15 · Other assets

  beginning of year $66,872,484 · end of year $62,114,201

• 17 · Accounts payable and accrued expenses

  beginning of year $72,718,760 · end of year $72,468,666

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $294,462,906 · end of year $177,885,014

• 27 · Net assets without donor restrictions

  beginning of year $446,590,558 · end of year $609,534,036

• 28 · Net assets with donor restrictions

  beginning of year $26,413,000 · end of year $26,413,000

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Discretionary spending account

THE ORGANIZATION PROVIDES SENIOR LEVEL EXECUTIVES WITH A $21,000 AUTOMOBILE ALLOWANCE. THIS ALLOWANCE WAS INCLUDED IN THEIR TAXABLE INCOME AND COLUMN B(III) OF PART II.

Schedule J, Part I, Line 7 Non-fixed payments

PART OF THE ANNUAL INCENTIVE AWARDS IN COLUMN (B)(II) PAID BY THE ORGANIZATION TO A KEY EMPLOYEE AND THE FIVE HIGHEST COMPENSATED WERE BASED EITHER ON THE COMPENSATION BOARD OR MANAGEMENT DISCRETION.

Schedule J, Part I, Line 3 Lines 3, 4b & Part II - Columns (B)(I), (II), (III)

AS IT RELATES TO COMPENSATION FROM MONTEFIORE MEDICINE ACADEMIC HEALTH SYSTEM, INC. AND MONTEFIORE HEALTH SYSTEM, INC. FOR ALL OFFICERS AND KEY EMPLOYEES: THE COMPENSATION COMMITTEE REVIEWS AND APPROVES ALL FORMS OF COMPENSATION AND BENEFITS PROVIDED TO EACH EXECUTIVE WITH THE ASSISTANCE OF A NATIONAL INDEPENDENT COMPENSATION CONSULTING FIRM. THE CONSULTING FIRM ASSISTS THE COMPENSATION COMMITTEE WITH ITS DECISION-MAKING PROCESS TO ENSURE EXECUTIVE COMPENSATION LEVELS ARE REASONABLE AND APPROPRIATE RELATIVE TO THOSE OF OTHER SIMILARLY SITUATED ORGANIZATIONS. THE COMPENSATION COMMITTEE IS COMPRISED OF INDEPENDENT MEMBERS OF THE BOARD OF TRUSTEES. BASE SALARIES IN COLUMN B(I) ARE DETERMINED BASED ON COMPETITIVE MARKET PRACTICES FOR POSITIONS WITH COMPARABLE SCOPE OF RESPONSIBILITIES WITHIN A PEER GROUP OF SIMILARLY SITUATED HEALTH SYSTEMS. BONUS AND INCENTIVE COMPENSATION IN COLUMN B(II) IS BASED ON THE ACHIEVEMENT OF PERFORMANCE GOALS. THE EXECUTIVES' COMPENSATION PROGRAM HAS A SIGNIFICANT PAY-AT-RISK COMPONENT TO ENSURE THE ALIGNMENT OF PAY AND ORGANIZATIONAL PERFORMANCE. GOALS ARE SET IN ADVANCE IN AREAS SUCH AS QUALITY OF PATIENT CARE, PATIENT SATISFACTION, COMMUNITY SERVICES AND FINANCIAL PERFORMANCE. COMPENSATION IS AT RISK IF THE GOALS ESTABLISHED BY THE COMPENSATION COMMITTEE ARE NOT MET. OTHER REPORTABLE COMPENSATION IN COLUMN B(III) INCLUDES DISTRIBUTIONS FROM THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN. IN A MANNER DESIGNED TO QUALIFY FOR THE "REBUTTABLE PRESUMPTION OF REASONABLENESS" THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES EXPRESSLY REVIEWED AND APPROVED ALL COMPENSATION AND BENEFITS ARRANGEMENTS, INCLUDING THESE RETIREMENT BENEFIT ARRANGEMENTS FOR SENIOR EXECUTIVES, IN A MANNER THAT QUALIFIED UNDER THE INTERMEDIATE SANCTIONS RULES OF THE FEDERAL TAX LAW, AND IN RECOGNITION OF (A) THE EXECUTIVES' YEARS OF SERVICE TO THE ORGANIZATION AND (B) THE SIGNIFICANT CONTRIBUTIONS TO ENHANCING THE ABILITY OF THE ORGANIZATION TO ACHIEVE ITS CHARITABLE MISSION IN A MANNER CONSISTENT WITH FINANCIAL SOLVENCY. ACCORDINGLY, THIS BENEFIT SHOULD BE VIEWED AS APPLYING TO YEARS OF SERVICE FOR THE ORGANIZATION. POOLED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN DISTRIBUTIONS BASED ON MULTIPLE YEARS OF SERVICE AND PAID OUT IN 2023 AS TAXABLE INCOME: SUSAN GREEN-LORENZEN, R.N. - $997,537 PHILIP O. OZUAH, M.D., PH.D. - $691,761; ANDREW RACINE, M.D., PH.D. - $436,739 CHRISTOPHER PANCZNER - $616,551; COLLEEN BLYE - $915,869. THE HEALTH SYSTEM ALSO FUNDS A SECOND DEFINED CONTRIBUTION SERP PLAN. TWO REPORTABLE INDIVIDUALS OF THE ORGANIZATION CURRENTLY PARTICIPATES IN THIS PLAN. CONTRIBUTIONS ARE AT A FIXED PERCENTAGE OF BASE SALARY OR TOTAL CASH COMPENSATION (BASE SALARY PLUS ANNUAL INCENTIVE AWARD). A NOTIONAL BALANCE IS DEVELOPED FOR EACH PARTICIPANT THAT IS THE TOTAL OF CONTRIBUTIONS LESS DISTRIBUTIONS (INTEREST IS NOT ACCRUED). ON JANUARY 1 FOLLOWING THE THIRD, SIXTH AND NINTH ANNIVERSARIES OF EACH PARTICIPANT'S PARTICIPATION DATE, 50% OF THE REMAINING SERP ACCOUNT BECOMES VESTED AND IS PAID OUT IF THE PARTICIPANT IS EMPLOYED ON THAT DATE. ON JANUARY 1 FOLLOWING THE TWELFTH ANNIVERSARY OF EACH PARTICIPANT'S PARTICIPATION DATE, THE REMAINDER OF THE SERP ACCOUNT BECOMES FULLY VESTED AND IS PAID OUT. IF A PARTICIPANT REACHES AGE 65 BEFORE THEIR TWELFTH ANNIVERSARY OF THEIR PARTICIPATION DATE, THEIR SERP ACCOUNT BALANCE WILL BECOME FULLY VESTED ON THE LATER OF THE FIRST OF THE MONTH FOLLOWING THEIR 65TH BIRTHDAY OR THE THIRD ANNIVERSARY OF THEIR PARTICIPATION DATE. SERP ACCOUNT BALANCES WILL ALSO BECOME FULLY VESTED UPON THE EARLIEST OF DEATH OR DISABILITY WHILE EMPLOYED BY MONTEFIORE, INVOLUNTARY TERMINATION WITHOUT CAUSE OR IF MONTEFIORE CHOOSES TO TERMINATE THE PLAN. THERE WERE TWO DISTRIBUTIONS PAID OUT AS TAXABLE INCOME RELATED TO THE NONQUALIFYING DEFINED CONTRIBUTION SERP PLAN: PHILIP O. OZUAH, M.D., PH.D. - $4,574,850 AND STEPHEN ROSENTHAL - $221,591 BASED ON MULTIPLE YEARS OF SERVICE (SEE ABOVE FOR VESTING). UNVESTED CONTRIBUTIONS MADE TO THE PLAN FOR ONE OF THE FIVE HIGHEST COMPENSATED OF THE ORGANIZATION IN 2023 WAS REPORTED AS DEFERRED COMPENSATION IN HIS COLUMN (C) COMPENSATION: PETER SEMCZUK - $326,115.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• MONTEFIORE SS HOLDINGS LLC

  HOLDING COMP · NY · income $1,440,000 · assets $27,090,000

  Directly controlled by MHS

• MONTEFIORE MV HOLDINGS LLC

  HOLDING COMP · NY · income $0 · assets $9,433,138

  Directly controlled by MHS

• MONTEFIORE HA HOLDINGS LLC

  HOLDING COMP · NY · income $376,200 · assets $3,921,934

  Directly controlled by MHS

• MONTEFIORE HMO LLC

  MANAGED CARE · NY · income $93,972,011 · assets $18,797,620

  Directly controlled by MHS

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• UNIVERSITY BEHAVIORAL ASSOCIATES INC

  C Corporation · MGMT SERVICES · NY · controlled entity

  Directly controlled by NA

• THE MONTEFIORE IPA INC

  C Corporation · INTEG PROVR ASSOC · NY · controlled entity

  Directly controlled by NA

• MMC GI HOLDINGS EAST INC

  C Corporation · HOLDING COMPANY · NY · controlled entity

  Directly controlled by NA

• MMC GI HOLDINGS WEST INC

  C Corporation · HOLDING COMPANY · NY · controlled entity

  Directly controlled by NA

• MONTEFIORE BEHAVIORAL CARE IPA NO 1 INC

  C Corporation · INTEG PROVR ASSOC · NY · controlled entity

  Directly controlled by NA

• BRONX ACCOUNTABLE CARE NETWORK IPA INC

  C Corporation · INTEG PROVR ASSOC · NY · controlled entity

  Directly controlled by NA

• MONTEFIORE CONSOLIDATED VENTURES INC

  C Corporation · HOLDING COMPANY · NY · 100% owned · share of income $312,436,990 · share of assets $2,146,941,386 · controlled entity

  Directly controlled by MHS

• MONTEFIORE INSURANCE COMPANY INC

  C Corporation · INACTIVE · NY · 100% owned · share of income $0 · share of assets $0 · controlled entity

  Directly controlled by MHS

• HUDSON VALLEY IPA INC

  C Corporation · INTEG PROVR ASSOC · NY · controlled entity

  Directly controlled by NA

• MONTEFIORE INNOVATIONS INC

  C Corporation · HOLDING COMPANY · NY · controlled entity

  Directly controlled by NA

• HIGHLAND MEDICAL PC

  C Corporation · HEALTHCARE SERV. · NY · controlled entity

  Directly controlled by NA

• WHITE PLAINS MEDICAL DIAGNOSTIC SVCS PC

  C Corporation · HEALTHCARE SERV · NY · controlled entity

  Directly controlled by NA

• CANCER AND BLOOD MEDICAL SERV OF NY PC

  C Corporation · HEALTHCARE SERV. · NY · controlled entity

  Directly controlled by NA

• DAVIS AVENUE CORP

  C Corporation · PROPERTY HOLDING · NY · controlled entity

  Directly controlled by NA

• WHITE PLAINS MANAGEMENT CO INc

  C Corporation · PROPERTY HOLDING · NY · controlled entity

  Directly controlled by NA

• WPHC BUILDING CORP

  C Corporation · PROPERTY HOLDING · NY · controlled entity

  Directly controlled by NA

• WHITE PLAINS MEDICAL SERVICES PC

  C Corporation · HEALTHCARE SERV · NY · controlled entity

  Directly controlled by NA

• WHITE PLAINS PHYSICIAN SERVICES PC

  C Corporation · HEALTHCARE SERV. · NY · controlled entity

  Directly controlled by NA

• CHARITABLE REMAINDER TRUST (4)

  Trust · CHAR REMR TRUST · NY · controlled entity

  Directly controlled by NA

• CRHT ACQUISITION INC

  C Corporation · HOLDING COMPANY · NY · controlled entity

  Directly controlled by NA

• QUANTUM BIOTHERAPEUTICS LLC

  C Corporation · INACTIVE · NY · controlled entity

  Directly controlled by NA

• WHITE PLAINS PHYSICIAN MEDICAL SERV PC

  C Corporation · INACTIVE · NY · controlled entity

  Directly controlled by NA

• EAST POST ROAD MEDICAL SERVICES PC

  C Corporation · HEALTHCARE SERV. · NY · controlled entity

  Directly controlled by NA

• EAST POST ROAD PHYSICIAN SERV PC

  C Corporation · INACTIVE · NY · controlled entity

  Directly controlled by NA

• DAVIS AVENUE MEDICAL SERVICES PC

  C Corporation · INACTIVE · NY · controlled entity

  Directly controlled by NA

• WPH HOLDINGS INC

  C Corporation · HOLDING COMPANY · NY · controlled entity

  Directly controlled by NA

• INNOVATOR ACQUSITION CORP

  C Corporation · HOLDING COMPANY · NY · controlled entity

  Directly controlled by NA

• PY DEVELOPMENT CORP

  C Corporation · REIT · NY · controlled entity

  Directly controlled by NA

• SPECIALTY SURGEONS OF CONNECTICUT PC

  C Corporation · HEALTHCARE SERV. · CT · 100% owned · share of income $10,813 · share of assets $225,996 · controlled entity

  Directly controlled by MHS

• CMO THE CARE MANAGEMENT COMPANY LLC

  C Corporation · CARE MANAGMENT · NY · controlled entity

  Directly controlled by NA

• Hudson River Medical Practice PLLC

  C Corporation · HEALTHCARE SERV. · NY · 100% owned · share of income $0 · share of assets $0 · controlled entity

  Directly controlled by MHS