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Nonprofiteer
← ROYAL CHARTER PROPERTIES WESTCHESTER INC

Form 990 for tax year 2023

Filed by ROYAL CHARTER PROPERTIES WESTCHESTER INC.

Totals

Total revenue
$298,768
Total expenses
$298,768
Contributions and grants received
$99,318
Grants paid
$0
Program services expenses (Part IX)
$283,670
Management and general expenses
$15,098
Fundraising expenses
$0
Program service expenses (Part III)
$283,670

Program services were 94.9% 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 + 1.7 related

  • HERBERT PARDES

    BOARD OF DIRECTORS

    Total calculated
    $2,123,368
    From this org
    $0
    From related orgs
    $2,123,368
    Other
    $0
    Hours/week
    0.1 + 39.9 related

    Schedule J breakdown matched by us

    Base
    $0 + $2,087,186 related
    Bonus
    $0
    Other
    $0 + $36,182 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $2,123,368 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 + 1.7 related

  • PETER S KALIKOW

    CHAIRMAN EMERITUS

    Total calculated
    $0
    Hours/week
    0.1 + 5.7 related

  • PHILIP MILSTEIN

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    0.1 + 1.7 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 + 3.2 related

  • STEVEN J CORWIN

    BOARD OF DIRECTORS

    Total calculated
    $14,550,784
    From this org
    $0
    From related orgs
    $9,277,693
    Other
    $5,273,091
    Hours/week
    0.3 + 59.7 related

    Schedule J breakdown matched by us

    Base
    $0 + $2,369,251 related
    Bonus
    $0 + $4,620,652 related
    Other
    $0 + $2,287,790 related
    Deferred
    $0 + $5,231,058 related
    Nontaxable benefits
    $0 + $42,033 related
    Filer's total
    $0 + $14,550,784 related

  • JOHN V CAMPANO

    ASS'T CORP SECRETARY

    Total calculated
    $669,131
    From this org
    $0
    From related orgs
    $576,214
    Other
    $92,917
    Hours/week
    0.3 + 59.7 related

    Schedule J breakdown matched by us

    Base
    $0 + $396,126 related
    Bonus
    $0 + $136,469 related
    Other
    $0 + $43,619 related
    Deferred
    $0 + $47,582 related
    Nontaxable benefits
    $0 + $45,335 related
    Filer's total
    $0 + $669,131 related

  • JOSEPH A IENUSO

    PRESIDENT

    Total calculated
    $1,927,066
    From this org
    $0
    From related orgs
    $1,858,069
    Other
    $68,997
    Hours/week
    0.3 + 59.7 related

    Schedule J breakdown matched by us

    Base
    $0 + $941,273 related
    Bonus
    $0 + $756,295 related
    Other
    $0 + $160,501 related
    Deferred
    $0 + $23,453 related
    Nontaxable benefits
    $0 + $45,544 related
    Filer's total
    $0 + $1,927,066 related

  • MARY BETH CLAUS

    GSVP, CLO & GENERAL COUNSEL

    Total calculated
    $2,407,480
    From this org
    $0
    From related orgs
    $2,362,515
    Other
    $44,965
    Hours/week
    0.3 + 59.7 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,240,047 related
    Bonus
    $0 + $927,434 related
    Other
    $0 + $195,034 related
    Deferred
    $0 + $18,245 related
    Nontaxable benefits
    $0 + $26,720 related
    Filer's total
    $0 + $2,407,480 related

  • MARY BRAUNSDORF

    ASS'T CORP SECRETARY

    Total calculated
    $193,350
    From this org
    $0
    From related orgs
    $167,219
    Other
    $26,131
    Hours/week
    0.3 + 34.7 related

    Schedule J breakdown matched by us

    Base
    $0 + $156,330 related
    Bonus
    $0 + $9,795 related
    Other
    $0 + $1,094 related
    Deferred
    $0 + $11,536 related
    Nontaxable benefits
    $0 + $14,595 related
    Filer's total
    $0 + $193,350 related

  • MELISSA E WELCH

    CORPORATE SECRETARY

    Total calculated
    $231,016
    From this org
    $0
    From related orgs
    $192,422
    Other
    $38,594
    Hours/week
    0.3 + 34.7 related

    Schedule J breakdown matched by us

    Base
    $0 + $185,560 related
    Bonus
    $0 + $6,703 related
    Other
    $0 + $159 related
    Deferred
    $0 + $21,470 related
    Nontaxable benefits
    $0 + $17,124 related
    Filer's total
    $0 + $231,016 related

  • MICHAEL P BRESLIN

    GSVP, CFO & TREASURER

    Total calculated
    $2,705,003
    From this org
    $0
    From related orgs
    $2,619,350
    Other
    $85,653
    Hours/week
    0.3 + 59.7 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,457,262 related
    Bonus
    $0 + $927,434 related
    Other
    $0 + $234,654 related
    Deferred
    $0 + $25,480 related
    Nontaxable benefits
    $0 + $60,173 related
    Filer's total
    $0 + $2,705,003 related

  • RICHARD EINWECHTER

    VP AND ASS'T TREASURER

    Total calculated
    $870,210
    From this org
    $0
    From related orgs
    $790,940
    Other
    $79,270
    Hours/week
    0.3 + 59.7 related

    Schedule J breakdown matched by us

    Base
    $0 + $507,652 related
    Bonus
    $0 + $229,474 related
    Other
    $0 + $53,814 related
    Deferred
    $0 + $50,644 related
    Nontaxable benefits
    $0 + $28,626 related
    Filer's total
    $0 + $870,210 related

  • KENRICK T OU

    CORP. DIRECTOR REAL ESTATE

    Total calculated
    $452,057
    From this org
    $0
    From related orgs
    $411,513
    Other
    $40,544
    Hours/week
    0.3 + 59.7 related

    Schedule J breakdown matched by us

    Base
    $0 + $320,489 related
    Bonus
    $0 + $49,999 related
    Other
    $0 + $41,025 related
    Deferred
    $0 + $22,810 related
    Nontaxable benefits
    $0 + $17,734 related
    Filer's total
    $0 + $452,057 related

  • LAURA L FORESE

    FORMER OFFICER

    Total calculated
    $7,682,481
    From this org
    $0
    From related orgs
    $7,457,628
    Other
    $224,853
    Hours/week
    0 + 60 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,048,850 related
    Bonus
    $0 + $3,996,134 related
    Other
    $0 + $2,412,644 related
    Deferred
    $0 + $200,019 related
    Nontaxable benefits
    $0 + $24,834 related
    Filer's total
    $0 + $7,682,481 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

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 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 4a Severance or change-of-control payment
RECEIVED SEVERANCE PAY: LAURA L. FORESE: $923,077
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
PARTICIPATED IN SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: LAURA FORESE: 190,533 STEVEN CORWIN: 577,589 SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN AS REPORTED ON THE W-2: HERBERT PARDES: 36,182 STEVEN CORWIN: 1,354,877 LAURA FORESE: 1,093,848
Schedule J, Part I PART VII AND SCHEDULE J SUPPLEMENTAL INFORMATION
ROYAL CHARTER PROPERTIES WESTCHESTER, 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 2023 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

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.

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202403179349303620

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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