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Nonprofiteer
← MMC CORPORATION

Form 990 for tax year 2023

Filed by MMC CORPORATION.

Totals

Total revenue
$8,302,949
Total expenses
$7,723,147
Contributions and grants received
$0
Grants paid
$0
Program services expenses (Part IX)
$7,722,397
Management and general expenses
$750
Fundraising expenses
$0
Program service expenses (Part III)
$7,722,397

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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

  • PHILIP O OZUAH MD

    PRESIDENT

    Total calculated
    $16,361,629
    From this org
    $0
    From related orgs
    $16,314,853
    Other
    $46,776
    Hours/week
    0.5 + 59.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $4,712,384 related
    Bonus
    $0 + $6,300,000 related
    Other
    $0 + $5,302,469 related
    Deferred
    $0 + $17,000 related
    Nontaxable benefits
    $0 + $29,776 related
    Filer's total
    $0 + $16,361,629 related

  • JAMES M BUTLER

    EX-OFFICIO DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5 + 3.8 related

  • COLLEEN BLYE

    TREASURER

    Total calculated
    $3,678,461
    From this org
    $0
    From related orgs
    $3,648,579
    Other
    $29,882
    Hours/week
    0.5 + 59.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,731,126 related
    Bonus
    $0 + $1,000,000 related
    Other
    $0 + $917,453 related
    Deferred
    $0 + $17,000 related
    Nontaxable benefits
    $0 + $12,882 related
    Filer's total
    $0 + $3,678,461 related

  • EDWARD PFLEGING

    VICE PRESIDENT

    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

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 — 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
  • 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)

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
CERTAIN OFFICERS LISTED IN PART VII, SECTION A, LINE 1A PARTICIPATED IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN PROVIDED BY MONTEFIORE MEDICINE ACADEMIC HEALTH SYSTEM, INC., A RELATED ORGANIZATION OF MMC CORPORATION. AS IT RELATES TO COMPENSATION FROM MONTEFIORE MEDICINE ACADEMIC HEALTH SYSTEM, INC. THE COMPENSATION COMMITTEE REVIEWS AND APPROVES ALL FORMS OF COMPENSATION AND BENEFITS PROVIDED TO EACH EXECUTIVE 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 SIMILARLY 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 COMPARABLE SCOPE OF RESPONSIBILITIES WITHIN A PEER GROUP OF SIMILARLY SITUATED HEALTH SYSTEMS. 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. IN A MANNER DESIGNED TO QUALIFY FOR THE "REBUTTABLE PRESUMPTION OF REASONABLENESS" THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES EXPRESSLY REVIEWED AND APPROVED ALL COMPENSATION AND BENEFITS ARRANGEMENTS, INCLUDING 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 AND PAID OUT IN 2023 AS TAXABLE INCOME: PHILIP O. OZUAH, M.D., PH.D. - $691,761; CHRISTOPHER PANCZNER - $616,551; COLLEEN BLYE - $915,869. 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: PHILIP O. OZUAH, M.D., PH.D. - $4,574,850 BASED ON MULTIPLE YEARS OF SERVICE (SEE ABOVE FOR VESTING). UNVESTED CONTRIBUTIONS MADE TO THE PLAN FOR ONE OF THE TWO PARTICIPATING OFFICERS IN 2023 WAS REPORTED AS DEFERRED COMPENSATION IN HIS COLUMN (C) COMPENSATION: EDWARD PFLEGING - $225,886.
Schedule J, Part II
THE DIRECTORS/OFFICERS WITH REPORTABLE COMPENSATION LISTED IN PART VII, SECTION AND IN SCHEDULE J PART II ARE NOT EMPLOYEES OF THE FILING ORGANIZATION, MMC CORPORATION. THEY ARE EMPLOYED AND THEIR COMPENSATION IS PAID BY MONTEFIORE MEDICINE ACADEMIC HEALTH SYSTEM, INC. THEY ARE REMUNERATED AS FULL-TIME EMPLOYEES OF THIS RELATED ORGANIZATION AND NOT FOR SERVICES RENDERED AS AN OFFICER OR DIRECTOR OF THE ORGANIZATION'S BOARD OF DIRECTORS.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202443179349308219

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