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Nonprofiteer
← ROYAL CHARTER PROPERTIES INC

Form 990 for tax year 2022

Filed by ROYAL CHARTER PROPERTIES INC.

Totals

Total revenue
$45,685,024
Total expenses
$45,685,024
Contributions and grants received
$0
Grants paid
$875,000
Program services expenses (Part IX)
$41,335,102
Management and general expenses
$4,349,922
Fundraising expenses
$0
Program service expenses (Part III)
$41,335,102

Program services were 90.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • BRUCE A BEAL JR

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    0.1 + 2.7 related

  • HARRISON T LEFRAK

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • HERBERT PARDES

    BOARD OF DIRECTORS

    Total calculated
    $2,127,285
    From this org
    $0
    From related orgs
    $2,127,285
    Other
    $0
    Hours/week
    0.1 + 39.9 related

    Schedule J breakdown matched by us

    Base
    $0 + $2,092,097 related
    Bonus
    $0
    Other
    $0 + $35,188 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $2,127,285 related

  • JEFFREY A HARRIS

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.3 + 6.7 related

  • LEONARD A WILF

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    0.1 + 3 related

  • PETER S KALIKOW

    CHAIRMAN EMERITUS

    Total calculated
    $0
    Hours/week
    0.1 + 6 related

  • PHILIP MILSTEIN

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    0.1 + 2 related

  • RAYMOND J MCGUIRE

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    0.1 + 3 related

  • ROB J SPEYER

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0.3 + 3.3 related

  • STEVEN J CORWIN

    BOARD OF DIRECTORS

    Total calculated
    $13,892,200
    From this org
    $0
    From related orgs
    $8,933,522
    Other
    $4,958,678
    Hours/week
    0.5 + 59.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $2,367,405 related
    Bonus
    $0 + $4,195,463 related
    Other
    $0 + $2,370,654 related
    Deferred
    $0 + $4,918,651 related
    Nontaxable benefits
    $0 + $40,027 related
    Filer's total
    $0 + $13,892,199 related

  • JOHN V CAMPANO

    ASS'T CORP SECRETARY

    Total calculated
    $643,427
    From this org
    $0
    From related orgs
    $558,080
    Other
    $85,347
    Hours/week
    0.5 + 59.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $383,369 related
    Bonus
    $0 + $130,821 related
    Other
    $0 + $43,890 related
    Deferred
    $0 + $43,199 related
    Nontaxable benefits
    $0 + $42,148 related
    Filer's total
    $0 + $643,427 related

  • JOSEPH A IENUSO

    PRESIDENT

    Total calculated
    $1,676,730
    From this org
    $0
    From related orgs
    $1,613,071
    Other
    $63,659
    Hours/week
    9 + 51 related

    Schedule J breakdown matched by us

    Base
    $0 + $860,315 related
    Bonus
    $0 + $613,969 related
    Other
    $0 + $138,787 related
    Deferred
    $0 + $21,071 related
    Nontaxable benefits
    $0 + $42,588 related
    Filer's total
    $0 + $1,676,730 related

  • MARY BETH CLAUS

    GSVP, CLO & GENERAL COUNSEL

    Total calculated
    $2,278,395
    From this org
    $0
    From related orgs
    $2,236,322
    Other
    $42,073
    Hours/week
    0.5 + 59.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,238,431 related
    Bonus
    $0 + $813,750 related
    Other
    $0 + $184,141 related
    Deferred
    $0 + $16,324 related
    Nontaxable benefits
    $0 + $25,749 related
    Filer's total
    $0 + $2,278,396 related

  • MARY BRAUNSDORF

    ASS'T CORP SECRETARY

    Total calculated
    $209,317
    From this org
    $0
    From related orgs
    $183,554
    Other
    $25,763
    Hours/week
    0.5 + 34.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $171,740 related
    Bonus
    $0 + $10,120 related
    Other
    $0 + $1,694 related
    Deferred
    $0 + $11,968 related
    Nontaxable benefits
    $0 + $13,795 related
    Filer's total
    $0 + $209,318 related

  • MELISSA E WELCH

    CORPORATE SECRETARY

    Total calculated
    $216,466
    From this org
    $0
    From related orgs
    $181,801
    Other
    $34,665
    Hours/week
    0.5 + 34.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $176,332 related
    Bonus
    $0 + $5,313 related
    Other
    $0 + $156 related
    Deferred
    $0 + $18,695 related
    Nontaxable benefits
    $0 + $15,970 related
    Filer's total
    $0 + $216,466 related

  • MICHAEL P BRESLIN

    GSVP, CFO & TREASURER

    Total calculated
    $2,293,059
    From this org
    $0
    From related orgs
    $2,214,819
    Other
    $78,240
    Hours/week
    3 + 57 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,209,820 related
    Bonus
    $0 + $809,119 related
    Other
    $0 + $195,881 related
    Deferred
    $0 + $23,000 related
    Nontaxable benefits
    $0 + $55,240 related
    Filer's total
    $0 + $2,293,059 related

  • RICHARD EINWECHTER

    VP AND ASS'T TREASURER

    Total calculated
    $826,739
    From this org
    $0
    From related orgs
    $739,004
    Other
    $87,735
    Hours/week
    0.5 + 59.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $484,131 related
    Bonus
    $0 + $204,098 related
    Other
    $0 + $50,774 related
    Deferred
    $0 + $46,113 related
    Nontaxable benefits
    $0 + $41,622 related
    Filer's total
    $0 + $826,739 related

  • KENRICK T OU

    CORP. DIRECTOR REAL ESTATE

    Total calculated
    $370,681
    From this org
    $0
    From related orgs
    $334,543
    Other
    $36,138
    Hours/week
    30 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $282,133 related
    Bonus
    $0 + $28,000 related
    Other
    $0 + $24,410 related
    Deferred
    $0 + $19,971 related
    Nontaxable benefits
    $0 + $16,167 related
    Filer's total
    $0 + $370,682 related

  • BENITO SEQUEIRA

    DIR-FINANCE REAL ESTATE

    Total calculated
    $297,944
    From this org
    $0
    From related orgs
    $244,086
    Other
    $53,858
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $0 + $222,742 related
    Bonus
    $0 + $20,000 related
    Other
    $0 + $1,344 related
    Deferred
    $0 + $26,457 related
    Nontaxable benefits
    $0 + $27,401 related
    Filer's total
    $0 + $297,944 related

  • EDWARD CLEVELAND

    DIR-REAL ESTATE

    Total calculated
    $275,346
    From this org
    $0
    From related orgs
    $213,480
    Other
    $61,866
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $0 + $194,197 related
    Bonus
    $0 + $19,000 related
    Other
    $0 + $283 related
    Deferred
    $0 + $19,359 related
    Nontaxable benefits
    $0 + $42,507 related
    Filer's total
    $0 + $275,346 related

  • IMAD N SAAD

    DIR PARKING

    Total calculated
    $269,338
    From this org
    $0
    From related orgs
    $226,487
    Other
    $42,851
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $0 + $214,605 related
    Bonus
    $0 + $11,000 related
    Other
    $0 + $881 related
    Deferred
    $0 + $16,033 related
    Nontaxable benefits
    $0 + $26,818 related
    Filer's total
    $0 + $269,338 related

  • JOHN MCADAMS

    DIRECTOR-REAL ESTATE

    Total calculated
    $292,027
    From this org
    $0
    From related orgs
    $233,846
    Other
    $58,181
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $0 + $216,077 related
    Bonus
    $0 + $17,000 related
    Other
    $0 + $769 related
    Deferred
    $0 + $20,515 related
    Nontaxable benefits
    $0 + $37,666 related
    Filer's total
    $0 + $292,027 related

  • RALPH BOHNENBERGER

    ENTERPRISE LEASE ADMINISTRATOR

    Total calculated
    $229,204
    From this org
    $0
    From related orgs
    $191,210
    Other
    $37,994
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $0 + $171,758 related
    Bonus
    $0 + $8,500 related
    Other
    $0 + $10,952 related
    Deferred
    $0 + $19,026 related
    Nontaxable benefits
    $0 + $18,968 related
    Filer's total
    $0 + $229,204 related

  • LAURA L FORESE

    FORMER OFFICER

    Total calculated
    $6,838,824
    From this org
    $0
    From related orgs
    $6,669,549
    Other
    $169,275
    Hours/week
    0 + 60 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,965,221 related
    Bonus
    $0 + $2,663,378 related
    Other
    $0 + $2,040,950 related
    Deferred
    $0 + $122,764 related
    Nontaxable benefits
    $0 + $46,511 related
    Filer's total
    $0 + $6,838,824 related

  • MAXINE FRANK

    FORMER OFFICER

    Total calculated
    $1,744,032
    From this org
    $0
    From related orgs
    $1,505,722
    Other
    $238,310
    Hours/week
    0 + 60 related

    Schedule J breakdown matched by us

    Base
    $0 + $43,599 related
    Bonus
    $0
    Other
    $0 + $1,462,123 related
    Deferred
    $0 + $218,214 related
    Nontaxable benefits
    $0 + $20,096 related
    Filer's total
    $0 + $1,744,032 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation
COMPENSATION DECISIONS FOR THE PRESIDENT WAS DETERMINED BY A RELATED ORGANIZATION FOLLOWING THAT ORGANIZATION'S COMPENSATION POLICY.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
PARTICIPATED IN SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: MAXINE FRANK: 218,214 LAURA FORESE: 74,859 STEVEN CORWIN: 509,668 SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN AS REPORTED ON THE W-2: HERBERT PARDES: 35,188 STEVEN CORWIN: 1,490,783 MAXINE FRANK: 1,460,806 LAURA FORESE: 1,415,739
Schedule J, Part I PART VII AND SCHEDULE J SUPPLEMENTAL INFORMATION
ROYAL CHARTER PROPERTIES, INC. (THE "CORPORATION") HAS NO EMPLOYEES. CERTAIN INDIVIDUALS IDENTIFIED HEREIN AS OFFICERS, KEY EMPLOYEES AND HIGHEST COMPENSATED EMPLOYEES OF THE CORPORATION ARE EMPLOYED AND COMPENSATED BY A RELATED ORGANIZATION, THE NEW YORK AND PRESBYTERIAN HOSPITAL (THE "HOSPITAL"). THESE INDIVIDUALS PERFORM SERVICES FOR THE CORPORATION, AND IN SOME CASES OTHER RELATED ORGANIZATIONS, BY ARRANGEMENT BETWEEN THE HOSPITAL AND SUCH ORGANIZATION(S). THE OFFICERS AND KEY EMPLOYEES IDENTIFIED IN PART VII ARE RESPONSIBLE FOR EXECUTING THE MISSION AND MANAGEMENT OF THE NEW YORK AND PRESBYTERIAN HOSPITAL (NYP) AND ITS AFFILIATED ENTITIES. COMPENSATION FOR 2022 OF THESE UPPER LEVEL EXECUTIVES INCLUDES THE PAYOUT OF AN ANNUAL INCENTIVE PLAN AND A LONG-TERM INCENTIVE PLAN. THIS PERFORMANCE ORIENTED PROGRAM CONDITIONS PAYMENTS UPON THE ACHIEVEMENT OF MULTIPLE INDIVIDUAL AND GROUP PERFORMANCE MEASURES. MEASURES TO MONITOR PERFORMANCE INCLUDE: OPERATIONAL AND FINANCIAL STRENGTH, PATIENT QUALITY AND SAFETY, PATIENT SATISFACTION, ADVANCEMENT OF PATIENT CARE, AND PEOPLE DEVELOPMENT AND PARTNERSHIP. INCENTIVE AWARDS MAY ONLY BE GRANTED IF THE ORGANIZATION ACHIEVES A FINANCIAL SURPLUS. EVEN IF ALL RELEVANT PERFORMANCE MEASUREMENTS ARE ACHIEVED, THE NYP BOARD OF TRUSTEES RETAINS FULL DISCRETION TO MAKE OR NOT MAKE ANY INCENTIVE AWARDS, OR TO REDUCE THE AMOUNT OF ANY INCENTIVE AWARD. THIS INITIATIVE IS CRITICAL TO ASSURING THAT NYP HAS THE REQUISITE LEADERSHIP TO CREATE AND MANAGE A HIGHLY MOTIVATED AND ENGAGED WORKFORCE, TO DRIVE SUPERIOR PERFORMANCE THROUGHOUT THE ORGANIZATION AND TO ACHIEVE TOP TIER MEDICAL CENTER STATUS. AS A SEPARATE MATTER, DUE TO RESTRICTIONS IMPOSED BY THE INTERNAL REVENUE CODE, UPPER LEVEL EXECUTIVES ARE LIMITED IN THE AMOUNT OF BENEFITS RECEIVED UNDER A TAX-QUALIFIED RETIREMENT PLAN. LIKE MANY EMPLOYERS, NYP SUPPLEMENTS THESE EXECUTIVES' PENSION BENEFITS THROUGH A SUPPLEMENTAL ("NONQUALIFIED") RETIREMENT PLAN. THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IS SUBJECT TO A MULTI-YEAR VESTING REQUIREMENT (COMMENCING) AFTER FIVE YEARS OF PARTICIPATION IN THE SERP, IN PRORATED AMOUNTS THROUGH AGE 65) WHICH PLACES AN EXECUTIVE'S SUPPLEMENTAL RETIREMENT BENEFIT AT RISK OF FORFEITURE IF THE VESTING REQUIREMENTS ARE NOT SATISFIED. ONCE VESTED, HOWEVER, PROVISIONS OF THE INTERNAL REVENUE CODE REQUIRE THAT THE VESTED EXECUTIVE INCLUDE IN CURRENT INCOME THE VALUE OF HIS OR HER VESTED SUPPLEMENTAL RETIREMENT BENEFIT. NOTWITHSTANDING THE LEGAL REQUIREMENT TO RECOGNIZE THE VESTED VALUE OF THE SUPPLEMENTAL RETIREMENT BENEFIT AS CURRENT INCOME, THE SUPPLEMENTAL RETIREMENT BENEFIT WILL NOT BE DISTRIBUTED TO THE EXECUTIVE UNTIL THE EXECUTIVE ACTUALLY RETIRES FROM NYP (ALTHOUGH, AS PERMITTED BY THE INTERNAL REVENUE CODE, THE SUPPLEMENTAL RETIREMENT PLAN WILL EFFECT A DISTRIBUTION OF AN AMOUNT NECESSARY TO SATISFY THE EXECUTIVE'S TAX LIABILITY RESULTING FROM THE INCOME RECOGNITION UPON VESTING). AS NOTED, THIS SUPPLEMENTAL RETIREMENT BENEFIT WILL NOT BE DISTRIBUTED TO THE EXECUTIVE UNTIL THE EXECUTIVE ACTUALLY RETIRES FROM NYP. THERE ARE CONSTANTLY CHANGING LEGAL, TAX, ACCOUNTING, AND PUBLIC DISCLOSURE RULES FOR A SERP (SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN) IN NOT-FOR-PROFIT ORGANIZATIONS. THE EXECUTIVE COMPENSATION COMMITTEE CONTINUOUSLY MONITORS THESE CHANGES AND INCORPORATES ANY CHANGES INTO THE OVERALL SERP PLAN DESIGN. AS IN PAST YEARS, THE EXECUTIVE COMPENSATION COMMITTEE OF NYP REQUIRES A THIRD PARTY TO COMPLETE A REVIEW OF THE ORGANIZATION'S COMPENSATION PROGRAM TO ENSURE ITS EFFECTIVENESS IN TERMS OF GOVERNMENT REGULATIONS, MARKET CONDITIONS AND THE NEED TO CONTINUALLY ELEVATE ORGANIZATIONAL PERFORMANCE. THE REPORT ALSO SERVES TO MEET THE REGULATORY OBLIGATIONS TO ENSURE THAT ALL ELEMENTS OF THE EXECUTIVE COMPENSATION PROGRAMS ARE REASONABLE. EACH OF THE OFFICERS AND KEY EMPLOYEES LISTED DEVOTES AN AVERAGE OF SIXTY HOURS PER WEEK TO PERFORM HIS OR HER RESPONSIBILITIES FOR THE REPORTING ENTITY AND OTHER RELATED ORGANIZATIONS IN THE AGGREGATE.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
9 November 2023
IRS schema version
2022v5.0
Source object
202323139349301307

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