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Nonprofiteer
← MMC RESIDENTIAL CORP 1 INC

Form 990 for tax year 2024

Filed by MMC RESIDENTIAL CORP 1 INC.

Totals

Total revenue
$3,400,088
Total expenses
$1,407,488
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,345,121
Investment income
$0
Other revenue
$54,967
Total assets, end of year
$16,563,968
Total liabilities, end of year
$793,445
Net assets or fund balances, end of year
$15,770,523
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

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 $3,345,121 · related or exempt $3,345,121

  • 2f · All other program service revenue

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

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: PARKING INCOME

    total $54,967 · related or exempt $54,967

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $54,967

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $279,698

  • 9 · Other employee benefits

    total $92,346

  • 11a · Fees: management

    total $64,157

  • 11b · Fees: legal

    total $375

  • 11g · Fees: other

    total $128,091

  • 13 · Office expenses

    total $180,692

  • 16 · Occupancy

    total $495,418

  • 22 · Depreciation, depletion and amortization

    total $159,860

  • 23 · Insurance

    total $6,101

  • 24a · Other expenses: State Income Tax

    total $750

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $935 · end of year $935

  • 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

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

    $10,190,489

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

    $6,925,078

  • 10c · Land, buildings and equipment, net

    beginning of year $2,792,680 · end of year $3,265,411

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $11,493,257 · end of year $13,297,622

  • 17 · Accounts payable and accrued expenses

    beginning of year $508,949 · end of year $793,445

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $13,777,923 · end of year $15,770,523

Mission and programs · 2024

Mission

MMC RESIDENTIAL CORP. I, INC. PROVIDES COMMERCIAL RENTAL SPACE TO MONTEFIORE MEDICAL CENTER IN FURTHERANCE OF THE MEDICAL CENTER MISSION TO HEAL, TO TEACH, TO DISCOVER AND TO ADVANCE THE HEALTH OF THE COMMUNITIES IT SERVES.

Activities or mission (Part I)

MMC RESIDENTIAL CORP. PROVIDES COMMERCIAL SPACE TO MONTEFIORE MEDICAL CENTER IN FURTHERANCE OF THE MEDICAL CENTER MISSION OF ADVANCING THE HEALTH OF THE COMMUNITIES SERVED.

  • MMC RESIDENTIAL CORP. I, INC., A SUBSIDIARY OF MONTEFIORE MEDICAL CENTER, OWNS AND OPERATES A RENTAL BUILDING NEAR MONTEFIORE MEDICAL CENTER. THE BUILDING IS RENTED OUT AS HOUSING AND AUXILIARY SPACE BY THE MEDICAL CENTER IN FURTHERANCE OF ITS MISSION TO TEACH, TO DISCOVER AND TO ADVANCE THE HEALTH OF THE COMMUNITIES IT SERVES.

As filed on the 2024 return.

Listed in Part VII

  • CHRISTOHPER S PANCZNER

    SECRETARY (RESIGNED 3/27/2025)

    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 + $931,566 related
    Bonus
    $0 + $277,093 related
    Other
    $0 + $709,905 related
    Deferred
    $0 + $17,000 related
    Nontaxable benefits
    $0 + $30,673 related
    Filer's total
    $0 + $1,966,237 related

  • EDWARD PFLEGING

    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

  • EVAN RESNICK

    TREASURER

    Total calculated
    $1,056,567
    From this org
    $0
    From related orgs
    $1,005,556
    Other
    $51,011
    Hours/week
    0.5 + 59.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $785,168 related
    Bonus
    $0 + $220,000 related
    Other
    $0 + $388 related
    Deferred
    $0 + $17,000 related
    Nontaxable benefits
    $0 + $34,011 related
    Filer's total
    $0 + $1,056,567 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

The filer's explanations (Part III)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation
AS IT RELATES TO COMPENSATION FROM MONTEFIORE EINSTEIN, INC., A RELATED ENTITY OF THE ORGANIZATION: THE COMPENSATION COMMITTEE REVIEWS AND APPROVES ALL FORMS OF COMPENSATION AND BENEFITS PROVIDED TO EACH EXECUTIVE (EXCEPT THOSE GENERALLY PROVIDED TO ALL MANAGEMENT LEVEL EMPLOYEES) 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 SIMILAR 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 A COMPARABLE SCOPE OF RESPONSIBILITIES. 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.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
AS IT RELATES TO COMPENSATION FROM MONTEFIORE EINSTEIN, INC., A RELATED ENTITY OF THE ORGANIZATION: IN A MANNER DESIGNED TO QUALIFY FOR THE "REBUTTABLE PRESUMPTION OF REASONABLENESS" THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES EXPRESSLY REVIEWED AND APPROVED 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: CHRISTOPHER PANCZNER - $667,198. 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: EDWARD PFLEGING - $466,538 WHICH WAS BASED ON MULTIPLE YEARS OF SERVICE (SEE ABOVE FOR VESTING). UNVESTED CONTRIBUTIONS MADE TO THE PLAN FOR THE TWO PARTICIPATING OFFICERS IN 2024 WERE REPORTED DEFERRED COMPENSATION IN COLUMN (C) COMPENSATION: EDWARD PFLEGING - $231,613.
Schedule J, Part II
THE OFFICERS LISTED IN PART II ARE NOT EMPLOYEES OF THIS FILING ORGANIZATION. ALL OFFICERS OF MMC RESIDENTIAL CORP. I, INC. ARE EMPLOYED AND COMPENSATED BY MONTEFIORE EINSTEIN, INC., THE PARENT COMPANY OF MONTEFIORE HEALTH SYSTEM.

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
2024
Filed
22 March 2026
IRS schema version
2024v5.1
Source object
202630809349300818

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