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Nonprofiteer
← CALIFORNIA MEDICAL ASSOCIATION PROPERTIES INC

Form 990 for tax year 2023

Filed by CALIFORNIA MEDICAL ASSOCIATION PROPERTIES INC.

Totals

Total revenue
$2,197,193
Total expenses
$2,934,571
Contributions and grants received
$0
Grants paid
$1,250,000
Program service revenue
$0
Investment income
$2,197,193
Other revenue
$0
Total assets, end of year
$22,517,466
Total liabilities, end of year
$16,053,408
Net assets or fund balances, end of year
$6,464,058
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% 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.

  • 3 · Investment income

    total $1,101,484 · related or exempt $0 · unrelated business $0 · excluded $1,101,484

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

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

  • 5 · Royalties

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

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $12,159,255 · other assets $0

  • 7b · Less cost or other basis and sales expenses

    securities $11,063,546 · other assets $0

  • 7c · Gain or loss

    securities $1,095,709 · other assets $0

  • 7d · Net gain or loss

    total $1,095,709 · related or exempt $0 · unrelated business $0 · excluded $1,095,709

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,250,000

  • 11c · Fees: accounting

    total $1,930

  • 11f · Fees: investment management

    total $100,520

  • 20 · Interest

    total $73,713

  • 24a · Other expenses: Affiliate Administrative Fees

    total $1,508,206

  • 24e · All other expenses

    total $202

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $283,045 · end of year $202,011

  • 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 $37,500 · end of year $37,502

  • 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 $0 · end of year $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $19,746,299 · end of year $20,887,653

  • 12 · Investments: other securities

    beginning of year $1,414,466 · end of year $1,390,300

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $0

  • 18 · Grants payable

    beginning of year $0

  • 19 · Deferred revenue

    beginning of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $961,271 · end of year $487,119

  • 24 · Unsecured notes and loans payable

    beginning of year $0

  • 25 · Other liabilities

    beginning of year $14,055,981 · end of year $15,566,289

  • 27 · Net assets without donor restrictions

    beginning of year $6,364,058 · end of year $6,364,058

  • 28 · Net assets with donor restrictions

    beginning of year $100,000 · end of year $100,000

Mission and programs · 2023

Mission

The California Medical Association Properties, Inc. is a non-profit corporation whose principal function is to hold and invest funds on behalf of the California Medical Association, Inc. under the provision of IRS 501(c)(2).

Activities or mission (Part I)

The mission of the organization is to hold and invest funds on behalf of California Medical Association, a not-for-profit organization.

  • In 2023, CMA Properties provided general funds to the California Medical Association, a not-for-profit related organization, for the purpose of supporting programs and services offered by CMA to its members.

  • In 2023, CMA Properties, Inc. contributed $250,000 to the California Medical Association in support of the Yes on 1 Campaign. Proposition 1 would modernize the Mental Health Services Act and raise money to build new behavioral health housing and treatment facilities in California.

  • The CMA Properties, Inc. contributed $1 million to the California Medical Association in support of the Protect Access to Healthcare Act of 2024 on the November 2024 California ballot. The Proposition 35 initiative will use the MCO tax funding to expand access to preventive health care for Medi-Cal patients and protect existing health care funds to keep hospitals, clinics and doctors' offices open.

As filed on the 2023 return.

Listed in Part VII

  • Dustin E Corcoran

    Chief Executive Officer

    Total calculated
    $1,339,208
    From this org
    $0
    From related orgs
    $1,227,159
    Other
    $112,049
    Hours/week
    2 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $854,437 related
    Bonus
    $0 + $350,000 related
    Other
    $0 + $22,722 related
    Deferred
    $0 + $52,200 related
    Nontaxable benefits
    $0 + $59,849 related
    Filer's total
    $0 + $1,339,208 related

  • Jamie Ostroff

    Chief Legal Officer and General Counsel

    Total calculated
    $752,570
    From this org
    $0
    From related orgs
    $696,128
    Other
    $56,442
    Hours/week
    1 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $611,226 related
    Bonus
    $0 + $80,000 related
    Other
    $0 + $4,902 related
    Deferred
    $0 + $29,700 related
    Nontaxable benefits
    $0 + $26,742 related
    Filer's total
    $0 + $752,570 related

  • Lance R Lewis

    Chief Operating Officer

    Total calculated
    $722,140
    From this org
    $0
    From related orgs
    $602,591
    Other
    $119,549
    Hours/week
    2 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $428,100 related
    Bonus
    $0 + $150,000 related
    Other
    $0 + $24,491 related
    Deferred
    $0 + $59,700 related
    Nontaxable benefits
    $0 + $59,849 related
    Filer's total
    $0 + $722,140 related

  • Donaldo Hernandez MD

    Immediate Past President through Oct 2024

    Total calculated
    $147,858
    From this org
    $0
    From related orgs
    $147,858
    Other
    $0
    Hours/week
    1 + 1 related

  • Tanya W Spirtos MD

    President

    Total calculated
    $98,659
    From this org
    $0
    From related orgs
    $98,659
    Other
    $0
    Hours/week
    1 + 1 related

  • Robert E Wailes MD

    Immediate Past President through Oct 2023

    Total calculated
    $69,964
    From this org
    $0
    From related orgs
    $69,964
    Other
    $0
    Hours/week
    1 + 1 related

  • Shannon Udovic Constant MD

    President -Elect

    Total calculated
    $59,537
    From this org
    $0
    From related orgs
    $59,537
    Other
    $0
    Hours/week
    1 + 1 related

  • Sergio R Flores MD

    Chair, Board of Trustees

    Total calculated
    $50,724
    From this org
    $0
    From related orgs
    $50,724
    Other
    $0
    Hours/week
    1 + 1 related

  • Lawrence C Cheung MD

    Vice Speaker House of Del. through Oct 2023

    Total calculated
    $21,050
    From this org
    $0
    From related orgs
    $21,050
    Other
    $0
    Hours/week
    1 + 1 related

  • George Fouras MD

    Vice Speaker House of Del. through Oct 2024

    Total calculated
    $4,545
    From this org
    $0
    From related orgs
    $4,545
    Other
    $0
    Hours/week
    1 + 1 related

  • Eric Hansen DO

    Vice-Chair Board of Trustees

    Total calculated
    $3,409
    From this org
    $0
    From related orgs
    $3,409
    Other
    $0
    Hours/week
    1 + 1 related

  • Jack Chou MD

    Vice Speaker, House of Delegates

    Total calculated
    $0
    Hours/week
    1 + 1 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

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

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.

  • California Medical Association

    501(c)(6) · Trade association · CA

  • Physicians For a Healthy California

    501(c)(3) · Charitable Foundation · CA

    Directly controlled by CMA

  • CALPAC - California Medical Association IEC

    527 · Political Campaign · CA

    Directly controlled by CMA

  • CALPAC - California Medical Association PAC

    527 · Political Campaign · CA

    Directly controlled by CMA

  • Yes On Proposition 1 - Expanding Access To Mental Health Services

    501(c)(4) · Social welfare · CA

    Directly controlled by CMA

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.

  • California Medical Association Ventures Inc

    C · Holding Company · DE

  • CMA Physician Services Inc

    C · Physician practice improvement services · DE

  • CMA Wellness Services Inc

    C · Physician Wellness · DE

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.0
Source object
202413199349301501

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