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Nonprofiteer
← MSMC RESIDENTIAL REALTY LLC

Form 990 for tax year 2023

Filed by MSMC RESIDENTIAL REALTY LLC.

Totals

Total revenue
$30,490,000
Total expenses
$33,908,000
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$29,327,028
Investment income
$788,461
Other revenue
$374,511
Total assets, end of year
$99,743,753
Total liabilities, end of year
$149,256,753
Net assets or fund balances, end of year
-$49,513,000
Program services expenses (Part IX)
$29,966,841
Management and general expenses
$3,941,159
Fundraising expenses
$0
Program service expenses (Part III)
$29,966,841

Program services were 88.4% 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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: RENTAL INCOME

    total $29,327,028 · related or exempt $29,327,028

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $788,461 · related or exempt $0 · excluded $788,461

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0

  • 5 · Royalties

    total $0 · related or exempt $0

  • 6a · Gross rents

    personal property $0

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0 · related or exempt $0

  • 7a · Gross sales of assets other than inventory

    other assets $0

  • 7b · Less cost or other basis and sales expenses

    other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 7d · Net gain or loss

    total $0 · related or exempt $0

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0 · related or exempt $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0 · related or exempt $0

  • 11a · Other revenue: Laundry Income

    total $197,394 · related or exempt $197,394

  • 11b · Other revenue: Garage Income

    total $177,117 · related or exempt $177,117

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $374,511

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $5,229,283 · program services $5,229,283

  • 9 · Other employee benefits

    total $1,902,665 · program services $1,902,665

  • 11a · Fees: management

    total $1,387,473 · management and general $1,387,473

  • 11b · Fees: legal

    total $213,306 · management and general $213,306

  • 11c · Fees: accounting

    total $60,900 · management and general $60,900

  • 11g · Fees: other

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

  • 13 · Office expenses

    total $662,005 · program services $662,005

  • 16 · Occupancy

    total $3,226,400 · program services $3,226,400

  • 17 · Travel

    total $25,930 · program services $25,930

  • 20 · Interest

    total $5,395,580 · program services $5,395,580

  • 22 · Depreciation, depletion and amortization

    total $10,029,325 · program services $10,029,325

  • 23 · Insurance

    total $2,279,480 · management and general $2,279,480

  • 24a · Other expenses: REPAIR & MAINTENANCE

    total $3,377,532 · program services $3,377,532

  • 24b · Other expenses: CLEANING

    total $118,121 · program services $118,121

  • 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 $6,877,009 · end of year $3,631,553

  • 2 · Savings and temporary cash investments

    beginning of year $14,853,821 · end of year $15,642,281

  • 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

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,358,527 · end of year $3,548,082

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

    $196,077,832

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

    $120,300,953

  • 10c · Land, buildings and equipment, net

    beginning of year $76,365,573 · end of year $75,776,879

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $1,196,508 · end of year $1,144,958

  • 17 · Accounts payable and accrued expenses

    beginning of year $921,604 · end of year $733,287

  • 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 $134,796,760 · end of year $129,732,200

  • 25 · Other liabilities

    beginning of year $21,399,074 · end of year $18,791,266

  • 31 · Retained earnings, endowment or other funds

    beginning of year -$54,466,000 · end of year -$49,513,000

Mission and programs · 2023

Mission

SUPPORT ITS MEMBER CORPORATIONS BY ACQUIRING, OWNING, FINANCING, OPERATING AND DISPOSING OF REAL ESTATE PRIMARILY FOR USE AS STAFF HOUSING FOR ITS MEMBERS.

Activities or mission (Part I)

MSMC RESIDENTIAL REALTY LLC'S MISSION IS TO SUPPORT ITS MEMBER CORPORATIONS BY ACQUIRING, OWNING, FINANCING, OPERATING AND DISPOSING OF REAL ESTATE PRIMARILY FOR USE OF STAFF HOUSING.

  • MSMC RESIDENTIAL REALTY LLC SUPPORTS ITS MEMBER CORPORATIONS BY ACQUIRING, OWNING, FINANCING, OPERATING AND DISPOSING OF REAL ESTATE PRIMARILY FOR THE USE OF STAFF HOUSING.

    Expenses $29,966,841 · Revenue $29,701,539

As filed on the 2023 return.

Listed in Part VII

  • MARGARET PASTUSZKO (1)

    PRESIDENT

    Total calculated
    $2,493,286
    From this org
    $0
    From related orgs
    $2,423,803
    Other
    $69,483
    Hours/week
    0.5 + 59.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,750,000 related
    Bonus
    $0 + $471,625 related
    Other
    $0 + $202,178 related
    Deferred
    $0 + $33,000 related
    Nontaxable benefits
    $0 + $36,483 related
    Filer's total
    $0 + $2,493,286 related

  • CHRISTOPHER CONSIDINE (1)

    SECRETARY

    Total calculated
    $618,278
    From this org
    $0
    From related orgs
    $557,785
    Other
    $60,493
    Hours/week
    0.5 + 59.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $500,000 related
    Bonus
    $0 + $46,200 related
    Other
    $0 + $11,585 related
    Deferred
    $0 + $26,400 related
    Nontaxable benefits
    $0 + $34,093 related
    Filer's total
    $0 + $618,278 related

  • STEPHEN HARVEY (1)

    TREASURER

    Total calculated
    $2,107,872
    From this org
    $0
    From related orgs
    $2,026,048
    Other
    $81,824
    Hours/week
    0.5 + 59.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,200,000 related
    Bonus
    $0 + $390,775 related
    Other
    $0 + $435,273 related
    Deferred
    $0 + $33,000 related
    Nontaxable benefits
    $0 + $48,824 related
    Filer's total
    $0 + $2,107,872 related

  • Beth Essig

    Former officer

    Total calculated
    $1,878,171
    From this org
    $0
    From related orgs
    $1,822,706
    Other
    $55,465
    Hours/week
    0 + 60 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,350,000 related
    Bonus
    $0 + $363,825 related
    Other
    $0 + $108,881 related
    Deferred
    $0 + $33,000 related
    Nontaxable benefits
    $0 + $22,465 related
    Filer's total
    $0 + $1,878,171 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

  • 6b · Pay contingent on a related organization's net earnings

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 6b Compensation contingent on net earnings of a related organization
THE MOUNT SINAI HOSPITAL, A RELATED ORGANIZATION, ANSWERED YES TO QUESTIONS 6A AND 6B IN SCHEDULE J AS THE INSTITUTION UTILIZES AN INCENTIVE BASED BONUS PROGRAM FOR CERTAIN EMPLOYEES, INCLUDING SEVERAL OF THOSE EMPLOYEES LISTED IN SCHEDULE J. NET EARNINGS IS ONE OF SEVERAL METRICS UTILIZED BY THE INSTITUTION IN THE ANNUAL BONUS CALCULATION. OTHER METRICS UTILIZED IN THE INCENTIVE COMPENSATION MODEL INCLUDE THE ORGANIZATION'S PERFORMANCE ON THE JCAHO HOSPITAL CORE MEASURES, PATIENT SATISFACTION SCORES, AND OTHER ORGANIZATIONAL GOALS SUCH AS LENGTH OF STAY INITIATIVES. INDIVIDUALS THAT HAVE RESPONSIBILITIES IN RELATED ORGANIZATIONS TO THE HOSPITAL MAY HAVE INCENTIVES BASED ON THE PERFORMANCE OF THESE ORGANIZATIONS AS WELL AS THAT OF THE HOSPITAL.
Schedule J, Part I PART VII, SECTION A & SCHEDULE J COMPENSATION FOOTNOTES
(1) COMPENSATION AND BENEFITS ARE FUNDED FROM THE MOUNT SINAI HOSPITAL, ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI, BETH ISRAEL MEDICAL CENTER, ST. LUKE'S-ROOSEVELT HOSPITAL CENTER AND/OR NEW YORK EYE AND EAR INFIRMARY. OTHER REPORTABLE COMPENSATION FOR OFFICERS AS IDENTIFIED IN THE FORM 990, PART VII, AND LISTED ON SCHEDULE J MAY INCLUDE VARIOUS TYPES OF SUPPLEMENTAL WAGES.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202413179349308081

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