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Nonprofiteer
← MOUNT SINAI HOSPITAL INSURANCE TRUST NO 1

Form 990 for tax year 2024

Filed by MOUNT SINAI HOSPITAL INSURANCE TRUST NO 1.

Totals

Total revenue
$47,019,813
Total expenses
$46,995,922
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$46,950,000
Investment income
$69,813
Other revenue
$0
Total assets, end of year
$2,480,191
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$2,480,191
Program services expenses (Part IX)
$46,995,922
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$46,995,922

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: INS. REVENUE FROM MSMC

    total $46,950,000 · related or exempt $46,950,000

  • 3 · Investment income

    total $69,813 · excluded $69,813

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $2,956,158 · program services $2,956,158

  • 24a · Other expenses: SETTLEMENT PAYMENTS

    total $44,034,064 · program services $44,034,064

  • 24b · Other expenses: FIDUCIARY FEES

    total $5,700 · program services $5,700

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $2,456,300 · end of year $2,470,259

  • 4 · Accounts receivable

    end of year $9,932

  • 27 · Net assets without donor restrictions

    beginning of year $2,456,300 · end of year $2,480,191

Mission and programs · 2024

Mission

MT. SINAI MEDICAL CENTER INSURANCE TRUST IS A SELF-INSURANCE TRUST THAT HAS BEEN SET UP TO COVER MALPRACTICE AND GENERAL LIABILITY CLAIMS FILED AGAINST MT. SINAI MEDICAL CENTER OF FLORIDA, INC.

  • MT. SINAI MEDICAL CENTER INSURANCE TRUST IS A SELF-INSURANCE TRUST THAT HAS BEEN SET UP TO COVER MALPRACTICE AND GENERAL LIABILITY CLAIMS FILED AGAINST MT. SINAI MEDICAL CENTER OF FLORIDA, INC.

    Expenses $46,995,922 · Revenue $46,950,000

As filed on the 2024 return.

Listed in Part VII

  • Alexander A Mendez

    EXECUTIVE VP/CFO

    Total calculated
    $1,748,341
    From this org
    $0
    From related orgs
    $1,642,889
    Other
    $105,452
    Hours/week
    0.5 + 60.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $860,741 related
    Bonus
    $0 + $367,198 related
    Other
    $0 + $414,950 related
    Deferred
    $0 + $60,850 related
    Nontaxable benefits
    $0 + $44,602 related
    Filer's total
    $0 + $1,748,341 related

  • Gino Santorio

    PRESIDENT/CEO

    Total calculated
    $2,535,492
    From this org
    $0
    From related orgs
    $2,457,810
    Other
    $77,682
    Hours/week
    1 + 60.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,549,819 related
    Bonus
    $0 + $896,100 related
    Other
    $0 + $11,891 related
    Deferred
    $0 + $30,350 related
    Nontaxable benefits
    $0 + $47,332 related
    Filer's total
    $0 + $2,535,492 related

  • Arnold Jaffee

    SENIOR VP/GEN COUNSEL

    Total calculated
    $812,499
    From this org
    $0
    From related orgs
    $708,802
    Other
    $103,697
    Hours/week
    0.5 + 61 related

    Schedule J breakdown matched by us

    Base
    $0 + $431,471 related
    Bonus
    $0 + $129,320 related
    Other
    $0 + $148,011 related
    Deferred
    $0 + $60,850 related
    Nontaxable benefits
    $0 + $42,847 related
    Filer's total
    $0 + $812,499 related

  • Truist Bank

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0

  • Steven D Sonenreich

    FORMER PRESIDENT/CEO

    Total calculated
    $187,500
    From this org
    $0
    From related orgs
    $187,500
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0 + $187,500 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $187,500 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

None.

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
  • 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)

PART I, LINE 3
THE ORGANIZATION'S PRESIDENT/CEO IS EMPLOYED BY MOUNT SINAI MEDICAL CENTER OF FLORIDA, INC. (EIN: 59-0624424), A RELATED PARTY WHICH IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. AS A RESULT, THE ORGANIZATION RELIED ON THE METHODS OF ESTABLISHING COMPENSATION USED BY MOUNT SINAI MEDICAL CENTER OF FLORIDA, INC. THE FOLLOWING METHODS WERE USED TO ESTABLISH SUCH COMPENSATION: - COMPENSATION COMMITTEE - INDEPENDENT COMPENSATION CONSULTANT - WRITTEN EMPLOYMENT CONTRACT - COMPENSATION SURVEY OR STUDY - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

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.

  • MT SINAI MED CTR OF FL GUARANTEE CORP

    C · INSURANCE · CJ

Provenance

Return type
form_990
Tax year
2024
Filed
12 November 2025
IRS schema version
2024v5.2
Source object
202513179349300101

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