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← MAIN LINE REALTY CORPORATION

Form 990 for tax year 2023

Filed by MAIN LINE REALTY CORPORATION.

Totals

Total revenue
$15,927,738
Total expenses
$7,294,304
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$7,620,713
Investment income
$8,306,871
Other revenue
$154
Total assets, end of year
$69,111,482
Total liabilities, end of year
$9,441,390
Net assets or fund balances, end of year
$59,670,092
Program services expenses (Part IX)
$6,975,773
Management and general expenses
$318,531
Fundraising expenses
$0
Program service expenses (Part III)
$6,975,773

Program services were 95.6% 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 $2,144,141 · related or exempt $2,144,141

  • 2b · Program service revenue: OTHER TENANT RELATED INCOME

    total $154,066 · related or exempt $154,066

  • 2c · Program service revenue: MANAGEMENT INCOME

    total $115,000 · related or exempt $115,000

  • 2d · Program service revenue: MLH WELLNESS REVENUE

    total $5,207,506 · related or exempt $5,207,506

  • 3 · Investment income

    total $8,306,243 · excluded $8,306,243

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

    total $0 · related or exempt $0

  • 5 · Royalties

    total $0 · related or exempt $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

    securities $628

  • 7c · Gain or loss

    securities $628

  • 7d · Net gain or loss

    total $628 · excluded $628

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: PURCHASE DISCOUNTS

    total $154 · related or exempt $154 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $154

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $2,534,591 · program services $2,534,591 · management and general $0

  • 8 · Pension plan contributions

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

  • 9 · Other employee benefits

    total $94,888 · program services $94,888 · management and general $0

  • 10 · Payroll taxes

    total $199,420 · program services $199,420 · management and general $0

  • 11a · Fees: management

    total $150,000 · program services $150,000 · management and general $0

  • 11b · Fees: legal

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

  • 11c · Fees: accounting

    total $520 · program services $520 · management and general $0

  • 11d · Fees: lobbying

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

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

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

  • 11g · Fees: other

    total $450,527 · program services $446,657 · management and general $3,870

  • 12 · Advertising and promotion

    total $138,560 · program services $138,560 · management and general $0

  • 13 · Office expenses

    total $260,966 · program services $260,966 · management and general $0

  • 14 · Information technology

    total $29,902 · program services $29,902 · management and general $0

  • 15 · Royalties

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

  • 16 · Occupancy

    total $1,748,489 · program services $1,748,489 · management and general $0

  • 17 · Travel

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

  • 18 · Travel or entertainment for public officials

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

  • 19 · Conferences, conventions and meetings

    total $358 · program services $358 · management and general $0

  • 20 · Interest

    total $124,512 · program services $0 · management and general $124,512

  • 21 · Payments to affiliates

    total $161,409 · program services $0 · management and general $161,409

  • 22 · Depreciation, depletion and amortization

    total $804,568 · program services $804,075 · management and general $493

  • 23 · Insurance

    total $79,306 · program services $79,306 · management and general $0

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $174,780 · program services $174,780

  • 24b · Other expenses: REAL ESTATE & OTHER TAX

    total $170,300 · program services $164,229 · management and general $6,071

  • 24c · Other expenses: BANK FEES

    total $164,845 · program services $142,812 · management and general $22,033

  • 24d · Other expenses: EQUIPMENT RENTAL

    total $4,266 · program services $4,123 · management and general $143

  • 24e · All other expenses

    total $2,097 · program services $2,097

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $24,942,617 · end of year $11,850,270

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $1,307,626 · end of year $1,372,443

  • 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 $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $53,774 · end of year $37,434

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

    $24,093,347

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

    $13,393,026

  • 10c · Land, buildings and equipment, net

    beginning of year $11,144,043 · end of year $10,700,321

  • 11 · Investments: publicly traded securities

    beginning of year $32,846,853 · end of year $34,635,916

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $5,915,072 · end of year $6,512,982

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $4,301,208 · end of year $4,002,116

  • 17 · Accounts payable and accrued expenses

    beginning of year $520,003 · end of year $709,563

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $630,207

  • 20 · Tax-exempt bond liabilities

    beginning of year $3,959,559 · end of year $3,821,205

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 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 $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $4,685,820 · end of year $4,280,415

  • 27 · Net assets without donor restrictions

    beginning of year $71,345,811 · end of year $59,670,092

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2023

Mission

MAIN LINE REALTY CORPORATION INVESTS IN AND MANAGES REAL ESTATE PROPERTY, PRINCIPALLY MEDICAL OFFICE BUILDINGS, FOR THE BENEFIT OF THE MAIN LINE HEALTH SYSTEM, IN PARTICULAR ITS HOSPITALS. MAIN LINE REALTY CORPORATION'S PRIMARY EXEMPT PURPOSE IS TO ASSIST AND SUPPORT MAIN LINE HEALTH WITH THESE FUNCTIONS.

Activities or mission (Part I)

INVEST AND MANAGE REAL ESTATE PROPERTY FOR THE BENEFIT OF THE MAIN LINE HEALTH SYSTEM AND TO ASSIST AND SUPPORT MAIN LINE HEALTH SYSTEM WITH THESE FUNCTIONS.

  • MAIN LINE REALTY CORPORATION'S PRINCIPAL PURPOSE IS TO MANAGE HOSPITAL OWNED MEDICAL OFFICE BUILDINGS THAT PATIENTS CAN ACCESS FOR OUTPATIENT CARE FROM PHYSICIANS ON THE MAIN LINE HOSPITALS, INC. AND RIDDLE MEMORIAL HOSPITAL CAMPUSES. SERVICES PROVIDED INCLUDE ASSET MANAGEMENT AND ACCOUNTING SERVICES, AS WELL AS MANAGING THE EXPENSES INCURRED TO OPERATE THE BUILDINGS, INCLUDING UTILITIES, REPAIRS, REAL ESTATE TAXES, LIABILITY INSURANCE AND OTHER MEDICAL OFFICE BUILDING EXPENSES.

    Expenses $938,126 · Revenue $1,466,497

  • MAIN LINE REALTY CORPORATION HAS PURCHASED PARTNERSHIP INTEREST IN BMHR ASSOCIATES. SPECIFICALLY, MAIN LINE REALTY CORPORATION HAS AN 86.28% PARTNERSHIP INTEREST IN BMHR ASSOCIATES. MAIN LINE REALTY CORPORATION INCURS AND PAYS LEASE EXPENSES on its pro rata share of ownership AS WELL AS RELATED BUILDING COSTS ASSOCIATED WITH THE OPERATION OF THIS MEDICAL OFFICE BUILDING.

    Expenses $575,248 · Revenue $831,864

  • MAIN LINE REALTY CORPORATION owns a 51% interest in MAIN LINE HEALTH IMAGING LP, AN ORGANIZATION THAT PROVIDES MAGNETIC RESONANCE IMAGING AND PET CT SERVICES AT THE MAIN LINE HEALTH HOSPITALS, AS WELL AS VARIOUS OUTPATIENT HEALTH CENTERS. MAIN LINE REALTY CORPORATION also owns 100% of MAIN LINE HEALTH WELLNESS, LLC. WHICH CATERS TO THE DIVERSE NEEDS OF A DECONDITIONED OR MEDICALLY COMPROMISED POPULATION, AS WELL AS THOSE MEMBERS OF THE COMMUNITY WHO ARE FOCUSED ON MAINTAINING and improving THEIR HEALTH. OTHER JOINT VENTURES INCLUDE: PAOLI SURGERY CENTER, LP AND RMH HEALTH CARE CENTER ASSOCIATES, LP.

    Expenses $5,462,399 · Revenue $5,322,506

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • John J Lynch III

    PRESIDENT/EX-OFFICIO TRUSTEE

    Total calculated
    $3,006,096
    From this org
    $0
    From related orgs
    $2,587,326
    Other
    $418,770
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,349,781 related
    Bonus
    $0 + $797,068 related
    Other
    $0 + $440,477 related
    Deferred
    $0 + $380,074 related
    Nontaxable benefits
    $0 + $38,696 related
    Filer's total
    $0 + $3,006,096 related

  • Michael J Buongiorno

    EVP/TREAS/TTEE(Until Dec 2023)

    Total calculated
    $1,254,234
    From this org
    $0
    From related orgs
    $1,210,877
    Other
    $43,357
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $751,055 related
    Bonus
    $0 + $447,453 related
    Other
    $0 + $12,369 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $43,357 related
    Filer's total
    $0 + $1,254,234 related

  • Brian T Corbett Esq

    SVP, GEN COUNSEL/SECRETARY

    Total calculated
    $962,682
    From this org
    $0
    From related orgs
    $836,290
    Other
    $126,392
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $567,076 related
    Bonus
    $0 + $179,425 related
    Other
    $0 + $89,789 related
    Deferred
    $0 + $87,548 related
    Nontaxable benefits
    $0 + $38,844 related
    Filer's total
    $0 + $962,682 related

  • Eileen Carr

    ASSISTANT SECRETARY

    Total calculated
    $162,660
    From this org
    $0
    From related orgs
    $133,562
    Other
    $29,098
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $133,312 related
    Bonus
    $0 + $250 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $29,098 related
    Filer's total
    $0 + $162,660 related

  • Leigh Ehrlich

    EVP/Treas/TTEE(Start Dec 2023)

    Total calculated
    $66,905
    From this org
    $0
    From related orgs
    $43,261
    Other
    $23,644
    Hours/week
    1 + 39 related

  • Steven Higgins

    CHAIRMAN/TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 10 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

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART I, LINE 4B
NONQUALIFIED RETIREMENT PLAN: THE PRESIDENT AND EVP-FINANCE/TREASURER ("PARTICIPANTS") PARTICIPATE IN A NONQUALIFIED RETIREMENT PLAN. MAIN LINE HOSPITALS, INC. PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH A FUNDING ARRANGEMENT KNOWN AS A COLLATERAL ASSIGNMENT SPLIT DOLLAR POLICY. THE PLAN PROVIDES THAT THE SYSTEM WILL PAY PREMIUM PAYMENTS ON A LIFE INSURANCE POLICY FOR EACH OF THE PARTICIPANTS. DURING THE PARTICIPANTS' LIFE, TO THE EXTENT SERVICE AND VESTING REQUIREMENTS ARE FULFILLED, THE PARTICIPANT CAN BORROW AGAINST VALUES IN THE POLICY TO SUPPLEMENT RETIREMENT INCOME. IT IS REASONABLE TO BELIEVE THAT THE LOAN IS PAID IN FULL UPON THE DEATH OF THE PARTICIPANT. FORGIVEN INTEREST INCLUDED IN PARTICIPANTS' EARNINGS ARE: PRESIDENT $41,370 EVP-FINANCE/TREASURER (MICHAEL BUONGIORNO) $12,369 SERP DISCLOSURE: MAIN LINE HEALTH, INC. ("MLH") AND ITS AFFILIATES PROVIDED SUPPLEMENTAL RETIREMENT BENEFITS THROUGH ESTABLISHED SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS ("SERP") TO SELECT MEMBERS OF SENIOR LEADERSHIP IN FY24. SERP BENEFITS FUNDED BY MLH ARE SUBJECT TO VESTING AND EMPLOYMENT DATE REQUIREMENTS AND ARE PAID OUT AT THE CONCLUSION OF A PREDETERMINED PERFORMANCE PERIOD. A PERFORMANCE PERIOD IS A TIMEFRAME OF AT LEAST TWELVE MONTHS THAT MAY COVER VARYING LENGTHS OF TIME FOR EACH INDIVIDUAL EMPLOYEE. BENEFITS FOR PARTICIPANTS VESTED IN A PLAN WERE REPORTED IN SCHEDULE J, PART II, COLUMN (B) (III) AND BENEFITS FOR PARTICIPANTS NOT YET VESTED IN A PLAN WERE REPORTED IN SCHEDULE J, PART II, COLUMN (C).
FORM 990, SCHEDULE J, PART I, LINE 7
THE COMPENSATION OF THE CEO, EVP & CHIEF FINANCIAL OFFICER, HOSPITAL PRESIDENTS, AND OTHER SENIOR EXECUTIVES DID INCLUDE A NON-FIXED COMPONENT PAYMENT OF COMPENSATION BASED UPON PRE-ESTABLISHED QUALITY, PATIENT SAFETY, AND FINANCIAL TARGETS ESTABLISHED AT THE BEGINNING OF THE FISCAL YEAR. THE HUMAN RESOURCES AND COMPENSATION COMMITTEE OF THE MAIN LINE HEALTH BOARD IS RESPONSIBLE FOR EVALUATING AND DETERMINING THE APPROPRIATENESS OF THE TARGETS. AFTER REVIEW AND DELIBERATION, THE COMMITTEE DOCUMENTS ITS DECISIONS AND REPORTS TO THE FULL BOARD OF GOVERNORS WHO REVIEW THE COMPENSATION DECISIONS. PAYMENTS ARE MADE TO THE APPROPRIATE INDIVIDUALS BY THE ORGANIZATION WITHIN WHICH THOSE INDIVIDUALS RESIDE FOR PAYROLL REPORTING PURPOSES.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • MAIN LINE HEALTH WELLNESS LLC

    HEALTHCARE · PA · income -$212,594 · assets $9,646,432

    Directly controlled by MLRC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • BMHR ASSOCIATES

    n/a · HEALTHCARE · PA · 86.286% owned · share of income -$70,426 · share of assets $2,516,610 · general or managing partner

    Directly controlled by NA

  • MAIN LINE HEALTH IMAGING LP

    n/a · HEALTHCARE · PA · 51% owned · share of income $6,388,887 · share of assets $6,208,387 · general or managing partner

    Directly controlled by NA

  • RIDDLE SURGICAL CENTER LLC

    n/a · HEALTHCARE · PA · share of income $0 · share of assets $0

    Directly controlled by NA

  • ACCOUNTABLE CARE ORGANIZATION OF PA LLC

    n/a · HEALTHCARE · PA · share of income $0 · share of assets $0

    Directly controlled by NA

  • BRYN MAWR SURGERY CENTER LLC

    n/a · HEALTHCARE · PA · share of income $0 · share of assets $0

    Directly controlled by NA

  • 120 VALLEY GREEN LANE LLC

    n/a · HEALTHCARE · PA · share of income $0 · share of assets $0

    Directly controlled by NA

  • MUVE - WEST CHESTER LLC

    n/a · HEALTHCARE · KS · share of income $0 · share of assets $0

    Directly controlled by NA

  • PAOLI SURGERY CENTER LLC

    n/a · HEALTHCARE · PA · 32.332% owned · share of income -$226,978 · share of assets $950,020 · general or managing partner

    Directly controlled by NA

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • MAIN LINE CORPORATION

    C CORPORATION · INACTIVE · PA · share of income $0 · share of assets $0

    Directly controlled by NA

  • MOUNTAIN LAUREL RISK RETENTION GROUP

    C CORPORATION · INSURANCE · VT · share of income $0 · share of assets $0

    Directly controlled by NA

  • RIDDLE HEALTH NETWORK LLC

    C CORPORATION · INACTIVE · PA · share of income $0 · share of assets $0

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2023
Filed
12 May 2025
IRS schema version
2023v6.0
Source object
202531339349309863

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