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Nonprofiteer
← MMC RESIDENTIAL CORP 1 INC

Form 990 for tax year 2022

Filed by MMC RESIDENTIAL CORP 1 INC.

Totals

Total revenue
$3,201,229
Total expenses
$1,379,599
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,153,098
Investment income
$0
Other revenue
$48,131
Total assets, end of year
$12,243,911
Total liabilities, end of year
$313,448
Net assets or fund balances, end of year
$11,930,463
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 $3,153,098 · related or exempt $3,153,098 · unrelated business $0 · excluded $0

  • 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 $48,131 · related or exempt $48,131 · unrelated business $0 · excluded $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $48,131

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $0

  • 7 · Other salaries and wages

    total $224,103

  • 9 · Other employee benefits

    total $73,954

  • 11a · Fees: management

    total $62,899

  • 11g · Fees: other

    total $69,603

  • 13 · Office expenses

    total $389,762

  • 16 · Occupancy

    total $414,081

  • 22 · Depreciation, depletion and amortization

    total $139,971

  • 23 · Insurance

    total $5,226

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 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

    $8,719,946

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

    $6,621,753

  • 10c · Land, buildings and equipment, net

    beginning of year $1,835,789 · end of year $2,098,193

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $8,522,719 · end of year $10,145,718

  • 17 · Accounts payable and accrued expenses

    beginning of year $249,675 · end of year $313,448

  • 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 $10,108,833 · end of year $11,930,463

Mission and programs · 2022

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 2022 return.

Listed in Part VII

  • Christohper S Panczner

    SECRETARY

    Total calculated
    $1,898,457
    From this org
    $0
    From related orgs
    $1,857,333
    Other
    $41,124
    Hours/week
    0.5 + 59.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $954,591 related
    Bonus
    $0 + $310,000 related
    Other
    $0 + $592,742 related
    Deferred
    $0 + $17,000 related
    Nontaxable benefits
    $0 + $24,124 related
    Filer's total
    $0 + $1,898,457 related

  • Edward Pfleging

    PRESIDENT

    Total calculated
    $1,347,831
    From this org
    $0
    From related orgs
    $1,085,621
    Other
    $262,210
    Hours/week
    2 + 58 related

    Schedule J breakdown matched by us

    Base
    $0 + $888,587 related
    Bonus
    $0 + $175,000 related
    Other
    $0 + $22,034 related
    Deferred
    $0 + $232,081 related
    Nontaxable benefits
    $0 + $30,129 related
    Filer's total
    $0 + $1,347,831 related

  • Evan Resnick

    TREASURER

    Total calculated
    $1,147,814
    From this org
    $0
    From related orgs
    $1,100,550
    Other
    $47,264
    Hours/week
    0.5 + 59.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $722,031 related
    Bonus
    $0 + $378,159 related
    Other
    $0 + $360 related
    Deferred
    $0 + $17,000 related
    Nontaxable benefits
    $0 + $30,264 related
    Filer's total
    $0 + $1,147,814 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 MEDICINE ACADEMIC HEALTH SYSTEM, 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 to the Health System and paid out in 2022 as taxable income: Christopher Panczner - $558,708. The Health System also funds a second 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 2022. The unvested 2022 accrued contributions to the plan for the participating officer were included in his reported deferred compensation In column (C): Edward Pfleging - $215,081.
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 MEDICINE ACADEMIC HEALTH SYSTEM, 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.

  • UNIVERSITY BEHAVIORAL ASSOCIATES INC

    C Corporation · MGMT SERVICES · NY · controlled entity

    Directly controlled by NA

  • 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 BEHAVORIAL CARE IPA NO1 INC

    C Corporation · INTEG PROVR ASSOC · NY · controlled entity

    Directly controlled by NA

  • BRONX ACCOUNTABLE HEALTHCARE NETWORK IPA

    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

  • WHITE PLAINS MEDICAL DIAGNOSTIC SVCS PC

    C Corporation · HEALTHCARE SERV. · NY · controlled entity

    Directly controlled by NA

  • CANCER AND BLOOD MEDICAL SVCS 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

  • WPHC BUILDING CORP

    C Corporation · PROPERTY HOLDING · NY · controlled entity

    Directly controlled by NA

  • WHITE PLAINS MANAGEMENT CO

    C Corporation · PROPERTY HOLDING · 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

  • CHARTIBALE REMAINDER TRUSTS (4)

    Trust · CHARIT REMR TRUST · 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

  • 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

    C Corporation · 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 SERV. · NY · controlled entity

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2022
Filed
22 January 2024
IRS schema version
2022v5.0
Source object
202440229349300704

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