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← ALBERT EINSTEIN COLLEGE OF MEDICINE STAFF HOUSING COMPANY INC

Form 990 for tax year 2023

Filed by ALBERT EINSTEIN COLLEGE OF MEDICINE STAFF HOUSING COMPANY INC.

Totals

Total revenue
$8,499,057
Total expenses
$9,716,446
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$7,559,733
Investment income
$70,196
Other revenue
$869,128
Total assets, end of year
$38,666,913
Total liabilities, end of year
$53,135,674
Net assets or fund balances, end of year
-$14,468,761
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 $7,559,733 · related or exempt $7,559,733

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $70,196 · excluded $70,196

  • 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 $783,977 · related or exempt $783,977

  • 11b · Other revenue: LAUNDRY ROOM INCOME

    total $85,151 · related or exempt $85,151

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $869,128

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $600,362

  • 9 · Other employee benefits

    total $193,794

  • 11b · Fees: legal

    total $37,289

  • 11c · Fees: accounting

    total $49,934

  • 11g · Fees: other

    total $3,082,093

  • 13 · Office expenses

    total $1,761,205

  • 16 · Occupancy

    total $2,755,589

  • 20 · Interest

    total $257,755

  • 22 · Depreciation, depletion and amortization

    total $978,425

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $938,416 · end of year $1,147,831

  • 4 · Accounts receivable

    beginning of year $323,710 · end of year $538,064

  • 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 $843,764 · end of year $887,032

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

    $41,655,029

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

    $9,429,656

  • 10c · Land, buildings and equipment, net

    beginning of year $33,190,290 · end of year $32,225,373

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $3,499,717 · end of year $3,868,613

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,542,239 · end of year $1,861,032

  • 19 · Deferred revenue

    beginning of year $63,459 · end of year $94,519

  • 20 · Tax-exempt bond liabilities

    beginning of year $5,844,516 · end of year $5,469,091

  • 21 · Escrow or custodial account liability

    beginning of year $529,171 · end of year $527,687

  • 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 $35,121,202 · end of year $35,121,202

  • 25 · Other liabilities

    beginning of year $8,946,682 · end of year $10,062,143

  • 27 · Net assets without donor restrictions

    beginning of year -$13,251,372 · end of year -$14,468,761

Mission and programs · 2023

Mission

TO PROVIDE STUDENT HOUSING TO MEDICAL STUDENTS OF ALBERT EINSTEIN COLLEGE OF MEDICINE SO THAT THEY CAN RESIDE NEAR THE COLLEGE.

  • ALBERT EINSTEIN COLLEGE OF MEDICINE STUDENT HOUSING CO., INC. IS A TITLE-HOLDING COMPANY, EXEMPT UNDER IRC SECTION 501(C)(2), THAT OWNS AND OPERATES HOUSING AND RELATED FACILITIES FOR STUDENTS AND STAFF MEMBERS OF THE ALBERT EINSTEIN COLLEGE OF MEDICINE, A SECTION 501(C)(3) ORGANIZATION, WHOSE MISSION IS TO ADVANCE BASIC SCIENCE, HEALTH-RELATED AND TRANSLATIONAL RESEARCH IN THE PUBLIC INTEREST, TRAIN ETHICAL COMPASSIONATE PHYSICIANS AND FACILITATE MEDICAL EDUCATION.

As filed on the 2023 return.

Listed in Part VII

  • Christopher S Panczner

    SECRETARY

    Total calculated
    $1,872,945
    From this org
    $0
    From related orgs
    $1,826,063
    Other
    $46,882
    Hours/week
    0.5 + 59.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $952,555 related
    Bonus
    $0 + $234,923 related
    Other
    $0 + $638,585 related
    Deferred
    $0 + $17,000 related
    Nontaxable benefits
    $0 + $29,882 related
    Filer's total
    $0 + $1,872,945 related

  • Edward Pfleging

    TREASURER

    Total calculated
    $1,412,479
    From this org
    $0
    From related orgs
    $1,139,641
    Other
    $272,838
    Hours/week
    2 + 58 related

    Schedule J breakdown matched by us

    Base
    $0 + $942,077 related
    Bonus
    $0 + $175,000 related
    Other
    $0 + $22,564 related
    Deferred
    $0 + $242,886 related
    Nontaxable benefits
    $0 + $29,952 related
    Filer's total
    $0 + $1,412,479 related

  • Gordon F Tomaselli MD

    PRESIDENT (SEPARATED 7/31/2023)

    Total calculated
    $1,544,792
    From this org
    $0
    From related orgs
    $1,514,009
    Other
    $30,783
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $517,215 related
    Bonus
    $0 + $225,000 related
    Other
    $0 + $771,794 related
    Deferred
    $0 + $12,031 related
    Nontaxable benefits
    $0 + $18,752 related
    Filer's total
    $0 + $1,544,792 related

  • Yaron Tomer

    PRESIDENT (EFF 10/1/2023)

    Total calculated
    $306,389
    From this org
    $0
    From related orgs
    $255,474
    Other
    $50,915
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $246,407 related
    Bonus
    $0
    Other
    $0 + $9,067 related
    Deferred
    $0 + $42,656 related
    Nontaxable benefits
    $0 + $8,259 related
    Filer's total
    $0 + $306,389 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 RELATED TO COMPENSATION FROM MONTEFIORE EINSTEIN, INC., A RELATED ENTITY OF THE ORGANIZATION: THE HEALTH SYSTEM 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 ORGANIZATIONS. BASE SALARIES IN COLUMN B(I) ARE DETERMINED BASED ON COMPETITIVE MARKET PRACTICES FOR COMPARABLE POSITIONS WITH SIMILAR SIZE ORGANIZATIONS AND 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 CARE, PATIENT SATISFACTION, COMMUNITY SERVICES AND FINANCIAL PERFORMANCE. COMPENSATION IS AT RISK IF THE GOALS ESTABLISHED BY THE COMPENSATION COMMITTEE ARE NOT MET.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
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 BASED ON MULTIPLE YEARS OF SERVICE: CHRISTOPHER PANCZNER - $616,551; GORDON F. TOMASELLI, M.D. - $557,766. THE HEALTH SYSTEM ALSO FUNDS A NONQUALIFYING DEFINED CONTRIBUTION SERP PLAN. AN OFFICER 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 WERE NO DISTRIBUTIONS FROM THE PLAN IN 2023. THE UNVESTED 2023 ACCRUED CONTRIBUTIONS TO THE PLAN FOR THE PARTICIPATING OFFICER WERE INCLUDED IN HIS REPORTED DEFFERRED COMPENSATION IN COLUMN (C): EDWARD PFLEGING - $225,886.

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.

  • THE MONTEFIORE IPA INC

    C Corporation · INTEG PROVR ASSOC · NY · controlled entity

    Directly controlled by NA

  • MMC GI HOLDINGS EAST INC

    C Corporation · HOLDING COMPANY · NY · controlled entity

    Directly controlled by NA

  • MMC GI HOLDINGS WEST INC

    C Corporation · HOLDING COMPANY · NY · controlled entity

    Directly controlled by NA

  • MONTEFIORE BEHAVIORAL CARE IPA NO 1 INC

    C Corporation · INTEG PROVR ASSOC · NY · controlled entity

    Directly controlled by NA

  • BRONX ACCOUNTABLE CARE NETWORK IPA INC

    C Corporation · INTEG PROVR ASSOC · NY · controlled entity

    Directly controlled by NA

  • MONTEFIORE CONSOLIDATED VENTURES INC

    C Corporation · HOLDING COMPANY · NY · controlled entity

    Directly controlled by NA

  • MONTEFIORE INSURANCE COMPANY INC

    C Corporation · INACTIVE · NY · controlled entity

    Directly controlled by NA

  • HUDSON VALLEY IPA INC

    C Corporation · INTEG PROVR ASSOC · NY · controlled entity

    Directly controlled by NA

  • MONTEFIORE INNOVATIONS INC

    C Corporation · HOLDING COMPANY · NY · controlled entity

    Directly controlled by NA

  • HIGHLAND MEDICAL PC

    C Corporation · HEALTHCARE SERV. · NY · controlled entity

    Directly controlled by NA

  • WHITE PLAINS MEDICAL DIAGNOSTIC SERV PC

    C Corporation · HEALTHCARE SERV · NY · controlled entity

    Directly controlled by NA

  • CANCER & BLOOD MEDICAL SERV OF NY PC

    C Corporation · HEALTHCARE SERV. · NY · controlled entity

    Directly controlled by NA

  • DAVIS AVENUE CORP

    C Corporation · PROPERTY HOLDING · NY · controlled entity

    Directly controlled by NA

  • WHITE PLAINS MANAGEMENT CO INC

    C Corporation · PROPERTY HOLDING · NY · controlled entity

    Directly controlled by NA

  • WPHC BUILDING CORP

    C Corporation · PROPERTY HOLDING · NY · controlled entity

    Directly controlled by NA

  • UNIVERSITY BEHAVIORAL ASSOCIATES INC

    C Corporation · MANAGEMENT SERV. · NY · controlled entity

    Directly controlled by NA

  • WHITE PLAINS MEDICAL SERVICES PC

    C Corporation · HEALTHCARE SERV. · NY · controlled entity

    Directly controlled by NA

  • WHITE PLAINS PHYSICIAN SERVICES PC

    C Corporation · HEALTHCARE SERV. · NY · controlled entity

    Directly controlled by NA

  • CHARITABLE REMAINDER TRUST (4)

    Trust · CHAR REMR TRUST · NY · controlled entity

    Directly controlled by NA

  • CRHT ACQUISITION INC

    C Corporation · HOLDING COMPANY · NY · controlled entity

    Directly controlled by NA

  • QUANTUM BIOTHERAPEUTICS LLC

    C Corporation · INACTIVE · NY · controlled entity

    Directly controlled by NA

  • WHITE PLAINS PHYSICIAN MEDICAL SERV PC

    C Corporation · INACTIVE · NY · controlled entity

    Directly controlled by NA

  • EAST POST ROAD MEDICAL SERVICES PC

    C Corporation · HEALTHCARE SERV. · NY · controlled entity

    Directly controlled by NA

  • EAST POST ROAD PHYSICIAN SERV PC

    C Corporation · INACTIVE · NY · controlled entity

    Directly controlled by NA

  • DAVIS AVENUE MEDICAL SERVICES PC

    C Corporation · INACTIVE · NY · controlled entity

    Directly controlled by NA

  • WPH HOLDINGS INC

    C Corporation · HOLDING COMPANY · NY · controlled entity

    Directly controlled by NA

  • INNOVATOR ACQUSITION CORP

    C Corporation · HOLDING COMPANY · NY · controlled entity

    Directly controlled by NA

  • PY DEVELOPMENT CORP (REIT)

    Trust · REIT · NY · controlled entity

    Directly controlled by NA

  • SPECIALTY SURGEONS OF CONNECTICUT PC

    C Corporation · HEALTHCARE SERV. · CT · controlled entity

    Directly controlled by NA

  • CMO THE CARE MANAGEMENT COMPANY LLC

    C Corporation · CARE MANAGEMENT · NY · controlled entity

    Directly controlled by NA

  • Hudson River Medical Practice PLLC

    C Corporation · HEALTHCARE SERVICES · NY · controlled entity

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2023
Filed
12 May 2025
IRS schema version
2023v6.0
Source object
202541329349301564

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