Memorial Sloan-Kettering Cancer Center
- Assets
- $6.8b
- Revenue
- $1.1b
- Investments
- $1.4b
- Employees
- 25,794
- Location
- New York, NY
- Founding
- 01/1962
- Data as of
- 12/2020
- EIN
- 13-1924236
Organization Overview
Memorial Sloan-Kettering Cancer Center is located in New York, NY. The organization was established in 1962. According to its NTEE Classification (E12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Health Care and related organizations. As of 12/2022, Memorial Sloan-Kettering Cancer Center employed 25,794 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Memorial Sloan-Kettering Cancer Center is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2020, Memorial Sloan-Kettering Cancer Center generated $1.1b in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $1.1b during the year ending 12/2020. While expenses have increased by 8.3% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
LEADERSHIP IN THE PREVENTION, TREATMENT, AND CURE OF CANCER THROUGH EXCELLENCE, VISION, AND COST EFFECTIVENESS IN PATIENT CARE, OUTREACH PROGRAMS, RESEARCH, AND EDUCATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMORIAL SLOAN-KETTERING CANCER CENTER PROVIDES THE FOLLOWING SERVICES TO ITS AFFILIATED ORGANIZATIONS: FINANCIAL ADMINISTRATION, EXECUTIVE MANAGEMENT, HUMAN RESOURCES, FACILITY MANAGEMENT, GENERAL AND ENVIRONMENTAL SERVICES, PROCUREMENT, PUBLIC AFFAIRS, RESEARCH TECHNOLOGY MANAGEMENT, CORPORATE COMPLIANCE, INFORMATION SYSTEMS AND TECHNOLOGY, AND INVESTMENT MANAGEMENT. IN ADDITION, CERTAIN SERVICES ARE PROVIDED ON A REQUISITION BASIS INCLUDING FOOD AND DIETARY SERVICES, FACILITIES MANAGEMENT (LOCKSMITH, ELECTRICIAN, PLUMBING, PAINTING AND CARPENTRY, ETC.) MEDICAL LIBRARY, CONFERENCE PLANNING, OCCUPANCY OF LEASED SPACE, TRANSPORTATION, IMMIGRATION SERVICES, MEDICAL ILLUSTRATION, MOTION MEDIA, SECURITY SERVICES SUCH AS INSTALLING ANTI-THEFT DEVICES AND MAILROOM SERVICES.
CAFETERIA: THE CENTER OPERATES A CAFETERIA IN THE MAIN BUILDING COMPLEX WHERE VISITORS AND PATIENTS CAN PURCHASE MEALS AND SNACKS. SOCIETY OF MSKCC: THE SOCIETY OF MEMORIAL SLOAN-KETTERING CANCER CENTER, FOUNDED IN 1946, IS A VOLUNTEER ORGANIZATION DEDICATED TO PROMOTING THE WELL-BEING OF PATIENTS, SUPPORTING CANCER RESEARCH AND PROVIDING PUBLIC EDUCATION ON THE PREVENTION, EARLY DETECTION AND TREATMENT OF CANCER. PROSTATE CANCER CLINICAL TRIALS CONSORTIUM, LLC. (PCCTC): THE PROSTATE CANCER CLINICAL TRIALS CONSORTIUM (PCCTC) WAS INITIATED IN 2005 BY THE PROSTATE CANCER FOUNDATION (PCF) AND THE U.S. DEPARTMENT OF DEFENSE (DOD) PROSTATE CANCER RESEARCH PROGRAM (PCRP). ESTABLISHED AS AN INDEPENDENT ENTITY IN 2014, THE PCCTC, LLC IS NOW THE NATION'S PREMIER MULTICENTER CLINICAL RESEARCH ORGANIZATION SPECIALIZING IN CUTTING-EDGE PROSTATE CANCER RESEARCH. MSK IS THE SINGLE MEMBER OF THE PCCTC, WHO HAS ELECTED TO BE TREATED AS A DISREGARDED ENTITY OF MSK FOR TAX PURPOSES. THE COSTS SHOWN HERE FOR THE ABOVE PROGRAMS, ARE EXCLUSIVE OF FUNDRAISING ACTIVITIES, WHICH ARE REPORTED IN PART IX, COLUMN D. EXPENSE REVENUE CAFETERIA $ 5,423,714 $ 4,441,000 SOCIETY $ 3,906,827 $ 0 PCCTC $17,427,773 $18,978,000 TOTAL $26,758,314 $23,419,000
MSKCC PAYS FEES TO CORNELL MEDICAL CENTER AND OTHER MEDICAL INSTITUTIONS FOR STAFF TO FURTHER THEIR SCIENTIFIC EDUCATION. IN ADDITION, THE CENTER HOSTS A NUMBER OF SYMPOSIUMS, SOME OF WHICH ARE OPEN TO THE PUBLIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Craig P Thompson MD Board Mbr Pres & CEO To 10/22 | OfficerTrustee | 50 | $7,914,850 |
Jason Klein SVP & Chief Investment Officer | Officer | 50 | $6,807,925 |
Michael Harrington Evp & CFO | Officer | 50 | $2,743,280 |
Kathryn Martin Evp & COO | Officer | 50 | $2,433,536 |
Kenneth Manotti SVP Development | Officer | 50 | $1,530,627 |
Jorge Lopez ESQ Evp & General Councel | Officer | 50 | $1,517,979 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jgn Construction Corp General Construction | 12/30/22 | $17,994,620 |
Lend Lease Us Construction General Construction | 12/30/22 | $10,176,404 |
Michael Anthony Contracting General Construction | 12/30/22 | $9,760,497 |
Worthing Energy General Construction | 12/30/22 | $12,386,154 |
Boston Consulting Group Consulting | 12/30/22 | $7,575,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,785,895 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $40,504,878 |
| Noncash contributions included in lines 1a–1f | $6,081,744 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $42,290,773 |
| Total Program Service Revenue | $897,928,000 |
| Investment income | $31,742,000 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $2,302,000 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $100,814,000 |
| Net Income from Fundraising Events | $312,001 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,112,023,774 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $23,714,481 |
| Compensation of current officers, directors, key employees. | $3,921,783 |
| Compensation to disqualified persons | $1,643,583 |
| Other salaries and wages | $437,393,858 |
| Pension plan accruals and contributions | $39,451,775 |
| Other employee benefits | $52,088,740 |
| Payroll taxes | $30,780,801 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,685,891 |
| Fees for services: Accounting | $1,234,889 |
| Fees for services: Lobbying | $675,588 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,633,066 |
| Fees for services: Other | $83,118,454 |
| Advertising and promotion | $18,624,128 |
| Office expenses | $157,566,132 |
| Information technology | $65,215,559 |
| Royalties | $12,006,463 |
| Occupancy | $31,203,865 |
| Travel | $1,507,202 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,861,829 |
| Interest | $14,785,674 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $79,544,258 |
| Insurance | $2,136,896 |
| All other expenses | $491,263 |
| Total functional expenses | $1,131,479,774 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $329,227,000 |
| Savings and temporary cash investments | $818,066,000 |
| Pledges and grants receivable | $70,767,000 |
| Accounts receivable, net | $145,070,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $47,269,000 |
| Inventories for sale or use | $624,000 |
| Prepaid expenses and deferred charges | $141,356,000 |
| Net Land, buildings, and equipment | $609,800,000 |
| Investments—publicly traded securities | $3,186,062,000 |
| Investments—other securities | $1,448,922,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,797,163,000 |
| Accounts payable and accrued expenses | $509,931,000 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $1,615,976,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $1,381,956,000 |
| Other liabilities | $135,427,000 |
| Total liabilities | $3,643,290,000 |
| Net assets without donor restrictions | $2,829,703,000 |
| Net assets with donor restrictions | $324,170,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $6,797,163,000 |