Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $155,070

• 1c · Fundraising events

  $361,166

• 1e · Government grants (contributions)

  $3,628,099

• 1f · All other contributions, gifts and grants

  $16,064,147

• 1g · Noncash contributions included above

  $840,292

• 2a · Program service revenue: PATIENT SERVICE REVENUE

  total $1,002,211,404 · related or exempt $1,002,211,404

• 2b · Program service revenue: OTHER HEALTHCARE RELATED SERVICES

  total $3,737,431 · related or exempt $3,247,389 · unrelated business $490,042

• 2f · All other program service revenue

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

• 3 · Investment income

  total $6,559,601 · excluded $6,559,601

• 6a · Gross rents

  real property $469,349

• 6b · Less rental expenses

  real property $535,861

• 6c · Rental income or loss

  real property -$66,512 · personal property $0

• 6d · Net rental income or loss

  total -$66,512 · excluded -$66,512

• 7a · Gross sales of assets other than inventory

  securities -$5,796,382

• 7c · Gain or loss

  securities -$5,796,382 · other assets $0

• 7d · Net gain or loss

  total -$5,796,382 · excluded -$5,796,382

• 8a · Fundraising events: gross income

  $1,068,741

• 8a · Fundraising events: contributions included on line 1c

  $361,166

• 8b · Fundraising events: direct expenses

  $593,876

• 8c · Net income from fundraising events

  total $474,865 · excluded $474,865

• 10a · Gross sales of inventory

  $128,679

• 10b · Cost of goods sold

  $43,469

• 10c · Net income from sales of inventory

  total $85,210 · excluded $85,210

• 11a · Other revenue: INTERCOMPANY MANAGEMENT FEES

  total $4,559,740 · excluded $4,559,740

• 11b · Other revenue: CAFETERIA AND VENDING INCOME

  total $1,668,699 · excluded $1,668,699

• 11c · Other revenue: PARKING INCOME

  total $1,529,819 · excluded $1,529,819

• 11d · All other revenue

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

• 11e · Other revenue, total

  $7,758,258

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $410,353 · program services $410,353

• 5 · Compensation of officers, directors and key employees

  total $11,855,380 · management and general $11,855,380

• 7 · Other salaries and wages

  total $325,243,003 · program services $308,662,476 · management and general $14,965,534 · fundraising $1,614,993

• 8 · Pension plan contributions

  total $33,108,402 · program services $28,338,287 · management and general $4,611,341 · fundraising $158,774

• 9 · Other employee benefits

  total $49,640,572 · program services $47,895,570 · management and general $1,745,002

• 10 · Payroll taxes

  total $35,474,938 · program services $28,930,743 · management and general $6,382,102 · fundraising $162,093

• 11a · Fees: management

  total $4,925,808 · program services $4,798,074 · management and general $60,810 · fundraising $66,924

• 11b · Fees: legal

  total $2,390,507 · program services $2,380,463 · management and general $10,044

• 11c · Fees: accounting

  total $845,621 · management and general $845,621

• 11f · Fees: investment management

  total $107,702 · management and general $107,702

• 11g · Fees: other

  total $34,044,800 · program services $33,962,738 · management and general $0 · fundraising $82,062

• 12 · Advertising and promotion

  total $7,095,465 · program services $95,345 · management and general $6,892,421 · fundraising $107,699

• 13 · Office expenses

  total $32,460,073 · program services $31,486,956 · management and general $830,534 · fundraising $142,583

• 14 · Information technology

  total $4,955,379 · program services $4,060,530 · management and general $853,213 · fundraising $41,636

• 16 · Occupancy

  total $25,684,883 · program services $25,120,435 · management and general $564,448

• 17 · Travel

  total $189,975 · program services $169,782 · management and general $20,193

• 19 · Conferences, conventions and meetings

  total $323,104 · program services $308,639 · management and general $10,518 · fundraising $3,947

• 20 · Interest

  total $9,096,868 · program services $9,096,868

• 22 · Depreciation, depletion and amortization

  total $59,844,962 · program services $59,844,962

• 23 · Insurance

  total $20,547,293 · program services $20,547,293

• 24a · Other expenses: MEDICAL SUPPLIES

  total $206,544,523 · program services $205,119,175 · management and general $1,425,348

• 24b · Other expenses: SHARED SERVICES

  total $22,545,315 · program services $22,335,289 · management and general $210,026

• 24c · Other expenses: BILLING AND COLLECTION

  total $8,913,803 · program services $8,913,803

• 24e · All other expenses

  total $6,403,840 · program services $6,070,206 · management and general $327,199 · fundraising $6,435

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,050 · end of year $2,050

• 2 · Savings and temporary cash investments

  beginning of year $93,373,050 · end of year $60,668,818

• 3 · Pledges and grants receivable

  beginning of year $6,785,462 · end of year $9,695,585

• 4 · Accounts receivable

  beginning of year $111,203,066 · end of year $107,700,597

• 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 $37,539 · end of year $38,102

• 8 · Inventories for sale or use

  beginning of year $18,095,947 · end of year $23,878,306

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,737,432 · end of year $1,625,082

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

  $1,388,837,275

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

  $610,682,550

• 10c · Land, buildings and equipment, net

  beginning of year $773,362,715 · end of year $778,154,725

• 11 · Investments: publicly traded securities

  beginning of year $173,648,068 · end of year $172,530,877

• 12 · Investments: other securities

  beginning of year $1,000,000 · end of year $100,259,943

• 13 · Investments: program-related

  beginning of year $3,266,740

• 14 · Intangible assets

  beginning of year $43,760,961 · end of year $43,760,961

• 15 · Other assets

  beginning of year $331,718,305 · end of year $421,794,844

• 17 · Accounts payable and accrued expenses

  beginning of year $186,103,322 · end of year $207,303,909

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $10,646,712 · end of year $30,201,461

• 24 · Unsecured notes and loans payable

  beginning of year $30,241,781 · end of year $4,500,000

• 25 · Other liabilities

  beginning of year $512,606,746 · end of year $519,043,584

• 27 · Net assets without donor restrictions

  beginning of year $796,004,942 · end of year $927,243,397

• 28 · Net assets with donor restrictions

  beginning of year $22,387,832 · end of year $31,817,539

The filer's explanations (Part III)

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

THE OFFICERS AND A KEY EMPLOYEE EMPLOYED BY THE ORGANIZATION PARTICIPATED IN A SUPPLEMENTAL RETIREMENT PLAN INITIATED BY THE ORGANIZATION IN 2017. CONTRIBUTIONS ARE MADE BASED ON A PREDEFINED PERCENTAGE OF THE EXECUTIVE'S BASE SALARY THAT BECOMES VESTED AFTER THREE YEARS. CONTRIBUTIONS TO THE SUPPLEMENTAL RETIREMENT PLAN FUNDED BY THE ORGANIZATION DURING 2023: SUSAN FOX - $500,000; MICHAEL J. PALUMBO, M.D. - $165,000; JOSEPH GUARRACINO - $270,000; LEIGH ANNE MCMAHON - $165,000; FRANCES BORDONI - $150,000. THE PLAN ALSO MADE DISTRIBUTIONS IN 2023 FOR PRIOR YEARS CONTRIBUTIONS THAT BECAME VESTED IN 2023: SUSAN FOX - $385,073; MICHAEL J. PALUMBO, M.D.- $149,081; JOSEPH GUARRACINO - $181,881; LEIGH ANNE MCMAHON - $111,671; FRANCES BORDONI - $71,880. TWO BOARD MEMBERS EMPLOYED BY MONTEFIORE MEDICINE ACADEMIC HEALTH SYSTEM, INC. PARTICIPATED IN A DEFINED BENEFITS SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN PROVIDED BY THE MONTEFIORE HEALTH SYSTEM. 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 DISTRIBUTION BASED ON MULTIPLE YEARS OF SERVICE: PHILIP OZUAH, M.D., PH.D. - $691,761; CHRISTOPHER PANCZNER - $616,551. THE HEALTH SYSTEM ALSO FUNDS A SECOND DEFINED CONTRIBUTION SERP PLAN. A BOARD MEMBER OF THE ORGANIZATION CURRENTLY PARTICIPATE 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 WAS ONE DISTRIBUTION PAID OUT AS TAXABLE INCOME RELATED TO THE NONQUALIFYING DEFINED CONTRIBUTION SERP PLAN: PHILIP O. OZUAH, M.D., PH.D. - $4,574,850 BASED ON MULTIPLE YEARS OF SERVICE (SEE ABOVE FOR VESTING).

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

PART OF THE INCENTIVE PAYMENTS PAID BY THE ORGANIZATION TO INDIVIDUALS REPORTED IN PART VII, SECTION A. WAS BASED ON THE INDIVIDUAL'S JOB PERFORMANCE AND ACCOMPLISHMENTS AS DETERMINED BY EITHER THE COMPENSATION BOARD OR MANAGEMENT DISCRETION.

Disregarded entities

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

• 11 EAST POST ROAD LLC

  REAL ESTATE · NY · income $0 · assets $0

  Directly controlled by WPHMC

• EAST POST ROAD VENTURES I LLC

  HOLDING COMP · DE · income $0 · assets $1,449,999

  Directly controlled by WPHMC

• 34 EPR LLC

  HOLDING COMP · NY · income $0 · assets $1,659,249

  Directly controlled by WPHMC

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 · controlled entity

  Directly controlled by NA

• MONTEFIORE INSURANCE COMPANY INC

  C Corporation · INACTIVE · NY · controlled entity

  Directly controlled by NA

• 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

  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 · controlled entity

  Directly controlled by NA

• 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 · controlled entity

  Directly controlled by NA