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Nonprofiteer
← MMC CORPORATION

Form 990 for tax year 2024

Filed by MMC CORPORATION.

Totals

Total revenue
$8,627,593
Total expenses
$8,474,333
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$8,615,494
Investment income
$12,099
Other revenue
$0
Total assets, end of year
$83,395,852
Total liabilities, end of year
$57,761,536
Net assets or fund balances, end of year
$25,634,316
Program services expenses (Part IX)
$8,470,891
Management and general expenses
$3,442
Fundraising expenses
$0
Program service expenses (Part III)
$8,470,891

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: RENTAL INCOME

    total $8,615,494 · related or exempt $8,615,494

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $12,099 · excluded $12,099

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $8,094 · program services $8,094

  • 11g · Fees: other

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

  • 13 · Office expenses

    total $887 · program services $887

  • 16 · Occupancy

    total $1,854,342 · program services $1,854,342

  • 20 · Interest

    total $2,975,709 · program services $2,975,709

  • 22 · Depreciation, depletion and amortization

    total $3,398,650 · program services $3,398,650

  • 23 · Insurance

    total $233,209 · program services $233,209

  • 24a · Other expenses: BANK FEES

    total $2,692 · management and general $2,692

  • 24b · Other expenses: FILING FEES

    total $750 · management and general $750

  • 24e · All other expenses

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

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $38,311 · end of year $102

  • 3 · Pledges and grants receivable

    beginning of year $0

  • 4 · Accounts receivable

    beginning of year $1,946 · end of year $304

  • 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 $516,381 · end of year $46,209

  • 8 · Inventories for sale or use

    beginning of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $12,779

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

    $108,493,365

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

    $37,860,587

  • 10c · Land, buildings and equipment, net

    beginning of year $72,730,891 · end of year $70,632,778

  • 11 · Investments: publicly traded securities

    beginning of year $0

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $0

  • 15 · Other assets

    beginning of year $12,647,828 · end of year $12,703,680

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,013,123 · end of year $1,054,711

  • 18 · Grants payable

    beginning of year $0

  • 19 · Deferred revenue

    beginning of year $63,975 · end of year $63,975

  • 20 · Tax-exempt bond liabilities

    beginning of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $29,900 · end of year $29,900

  • 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 $2,175,690 · end of year $2,154,985

  • 24 · Unsecured notes and loans payable

    beginning of year $0

  • 25 · Other liabilities

    beginning of year $57,171,613 · end of year $54,457,965

  • 27 · Net assets without donor restrictions

    beginning of year $25,481,056 · end of year $25,634,316

  • 28 · Net assets with donor restrictions

    beginning of year $0

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0

Mission and programs · 2024

Mission

TO OWN AND MANAGE REAL ESTATE FOR USE BY MONTEFIORE MEDICAL CENTER AND MONTEFIORE HEALTH SYSTEM, INC., TO SUPPORT THE PROVISION OF HEALTHCARE.

Activities or mission (Part I)

TO OWN AND OPERATE REAL ESTATE FOR USE BY MONTEFIORE MEDICAL CENTER AND MONTEFIORE HEALTH SYSTEM, INC., TO SUPPORT THE PROVISION OF HEALTHCARE.

  • MMC CORPORATION IS A NEW YORK STATE NOT-FOR-PROFIT CORPORATION EXEMPT FROM FEDERAL INCOME TAX PURSUANT TO SECTION 501(A) OF THE INTERNAL REVENUE CODE AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) OF THE CODE. MMC CORPORATION WAS INCORPORATED TO SUPPORT AND BENEFIT THE PROVISION OF HEALTH CARE IN THE NEW YORK AREA. MMC CORPORATION OWNS SEVERAL PROPERTIES LOCATED IN THE BRONX, AND ONE IN TARRYTOWN, NEW YORK THAT ARE LEASED PRIMARILY TO MONTEFIORE MEDICAL CENTER AND MONTEFIORE HEALTH SYSTEM TO SUPPORT THE PROVISION OF HEALTHCARE IN THE COMMUNITIES SERVED BY THE MONTEFIORE HEALTH SYSTEM.

    Expenses $8,470,891 · Revenue $8,615,494

As filed on the 2024 return.

Listed in Part VII

  • Christopher S Panczner

    SECRETARY

    Total calculated
    $1,966,237
    From this org
    $0
    From related orgs
    $1,918,564
    Other
    $47,673
    Hours/week
    0.5 + 59.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $951,566 related
    Bonus
    $0 + $277,093 related
    Other
    $0 + $689,905 related
    Deferred
    $0 + $17,000 related
    Nontaxable benefits
    $0 + $30,673 related
    Filer's total
    $0 + $1,966,237 related

  • Philip O Ozuah MD

    PRESIDENT

    Total calculated
    $16,690,037
    From this org
    $0
    From related orgs
    $16,639,270
    Other
    $50,767
    Hours/week
    0.5 + 59.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $5,348,892 related
    Bonus
    $0 + $7,087,500 related
    Other
    $0 + $4,202,878 related
    Deferred
    $0 + $17,000 related
    Nontaxable benefits
    $0 + $33,767 related
    Filer's total
    $0 + $16,690,037 related

  • James M Butler

    EX-OFFICIO DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 3.8 related

  • Colleen Blye

    TREASURER

    Total calculated
    $4,280,008
    From this org
    $0
    From related orgs
    $4,248,644
    Other
    $31,364
    Hours/week
    0.5 + 59.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,972,255 related
    Bonus
    $0 + $1,189,650 related
    Other
    $0 + $1,086,739 related
    Deferred
    $0 + $17,000 related
    Nontaxable benefits
    $0 + $14,364 related
    Filer's total
    $0 + $4,280,008 related

  • Edward Pfleging

    VICE PRESIDENT

    Total calculated
    $1,913,810
    From this org
    $0
    From related orgs
    $1,631,854
    Other
    $281,956
    Hours/week
    2 + 58 related

    Schedule J breakdown matched by us

    Base
    $0 + $869,712 related
    Bonus
    $0 + $175,000 related
    Other
    $0 + $587,142 related
    Deferred
    $0 + $248,613 related
    Nontaxable benefits
    $0 + $33,343 related
    Filer's total
    $0 + $1,913,810 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, and on a Form 990-PF Part VIII's — 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 4b Supplemental nonqualified retirement plan
CERTAIN OFFICERS LISTED IN PART VII, SECTION A, LINE 1A PARTICIPATED IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN PROVIDED BY MONTEFIORE MEDICINE ACADEMIC HEALTH SYSTEM, INC., A RELATED ORGANIZATION OF MMC CORPORATION. AS IT RELATES TO COMPENSATION FROM MONTEFIORE MEDICINE ACADEMIC HEALTH SYSTEM, INC. 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 PAID OUT IN 2024 AS TAXABLE INCOME: PHILIP O. OZUAH, M.D., PH.D. - $757,098; CHRISTOPHER PANCZNER - $667,198; COLLEEN BLYE - $1,011,335. THE HEALTH SYSTEM ALSO FUNDS A SECOND DEFINED CONTRIBUTION SERP PLAN. TWO OFFICERS 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 WAS ONE DISTRIBUTION PAID OUT AS TAXABLE INCOME RELATED TO THE NONQUALIFYING DEFINED CONTRIBUTION SERP PLAN: PHILIP O. OZUAH, M.D., PH.D. - $3,307,500. UNVESTED CONTRIBUTIONS MADE TO THE PLAN FOR ONE OF THE TWO PARTICIPATING OFFICERS IN 2024 WAS REPORTED AS DEFERRED COMPENSATION IN HIS COLUMN (C) COMPENSATION: EDWARD PFLEGING - $231,613.
Schedule J, Part II
THE DIRECTORS/OFFICERS WITH REPORTABLE COMPENSATION LISTED IN PART VII, SECTION AND IN SCHEDULE J PART II ARE NOT EMPLOYEES OF THE FILING ORGANIZATION, MMC CORPORATION. THEY ARE EMPLOYED AND THEIR COMPENSATION IS PAID BY MONTEFIORE MEDICINE ACADEMIC HEALTH SYSTEM, INC. THEY ARE REMUNERATED AS FULL-TIME EMPLOYEES OF THIS RELATED ORGANIZATION AND NOT FOR SERVICES RENDERED AS AN OFFICER OR DIRECTOR OF THE ORGANIZATION'S BOARD OF DIRECTORS.

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

No itemized grants to organizations 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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

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

    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 ACQUISITION 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

Provenance

Return type
form_990
Tax year
2024
Filed
13 November 2025
IRS schema version
2024v5.1
Source object
202523179349309912

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