Mount Sinai Medical Center Inc
- Assets
- $2.6b
- Revenue
- $14.3m
- Investments
- $2.0b
- Employees
- 0
- Location
- New York, NY
- Founding
- 11/1967
- Data as of
- 12/2021
- EIN
- 13-6271888
Organization Overview
Mount Sinai Medical Center Inc is located in New York, NY. The organization was established in 1967. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mount Sinai Medical Center Inc 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 12/2021, Mount Sinai Medical Center Inc generated $14.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 32.5% each year . All expenses for the organization totaled $40.0k during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MEDICAL CENTER SUPERVISES AND COORDINATES POLICIES AND FUNDRAISING ACTIVITIES AND ADMINISTERS INVESTMENTS FOR ENTITIES OF THE MOUNT SINAI HEALTH SYSTEM, INC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MEDICAL CENTER IS A COMMON MEMBER OF AN INVESTMENT IN 8 EAST 102ND STREET MANAGER LLC. ALL EARNINGS RELATED TO THIS INVESTMENT ARE DISTRIBUTED TO ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI TO PROVIDE STRATEGIC SUPPORT.
THE MEDICAL CENTER MAINTAINS INVESTMENTS IN A POOLED INVESTMENT PORTFOLIO FOR THE BENEFIT OF ICAHN SCHOOL OF MEDICINE AT MOUNT SINAI, THE MOUNT SINAI HOSPITAL, MOUNT SINAI AUXILIARY BOARD, ST LUKE'S-ROOSEVELT HOSPITAL CENTER, BETH ISRAEL MEDICAL CENTER, NEW YORK EYE AND EAR INFIRMARY, AS WELL AS THE MEDICAL CENTER; COLLECTIVELY, THE MOUNT SINAI HEALTH SYSTEM. THE MOUNT SINAI HEALTH SYSTEM'S PERMANENTLY RESTRICTED ASSETS ARE HELD IN PERPETUITY, BUT THE INCOME DERIVED FROM THESE ASSETS CAN BE USED OR EXPENDED, IN PART OR IN ENTIRETY, FOR EITHER SPECIFIED OR UNSPECIFIED PURPOSES OF THE RESPECTIVE ENTITY, IN ACCORDANCE WITH MOUNT SINAI'S POLICIES AND PROCEDURES GOVERNING THE MANAGEMENT OF INSTITUTIONAL FUNDS. IN ACCORDANCE WITH THE MOUNT SINAI HEALTH SYSTEM'S INVESTMENT POOL AGREEMENT, THE BOOK INCOME EARNED FROM POOLED INVESTMENTS IS CONSOLIDATED IN THE SUPPORTED ENTITIES' RESPECTIVE STATEMENTS OF ACTIVITIES. THE MEDICAL CENTER'S BOOK INCOME DERIVED FROM IT'S PERMANENTLY RESTRICTED ASSETS IS USED TO SUPPORT EITHER SPECIFIED (GENERALLY, THE SCHOOL) OR UNSPECIFIED PURPOSES. THE INVESTMENTS MAINTAINED BY THE MEDICAL CENTER IN THE POOLED INVESTMENT PORTFOLIO MAY GENERATE UNRELATED BUSINESS TAXABLE INCOME ("UBIT"); IN THE EVENT UBTI IS ASSESSED TO THE MEDICAL CENTER, AS THE LEGALLY NAMED ENTITY ON THE INVESTMENT (TYPICALLY A K-1 STATEMENT), THE MEDICAL CENTER REPORTS ALL OF THE UBIT ON ITS 990T AND REMITS THE APPROPRIATE TAX LIABILITY ESTIMATES TO THE IRS AND SETTLES ANY INCOME TAX EXPENSE WITH THE IRS WHEN THE MEDICAL CENTER'S 990T IS FILED FOR THE CORRESPONDING TAX YEAR. THE MEDICAL CENTER ALLOCATES THE INCOME TAX EXPENSE TO THE ENTITIES OF THE HEALTH SYSTEM BASED ON THE EARNINGS DERIVED ON THEIR PRORATA SHARE OF THE INVESTMENT POOL IN ACCORDANCE WITH THE MOUNT SINAI HEALTH SYSTEM'S INVESTMENT POOL AGREEMENT; NONE OF THE OTHER ENTITIES ARE REQUIRED TO REPORT ANY UBIT FROM THE POOLED INVESTMENTS MAINTAINED BY THE MEDICAL CENTER UNDER THE MOUNT SINAI HEALTH SYSTEM'S INVESTMENT POOL AGREEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Davis MD 1 President And CEO | Officer | 0.5 | $0 |
Margaret Pastuszko 1 President, System COO | Officer | 0.5 | $0 |
Dennis Charney Md12 President, Academic Affairs | Officer | 0.5 | $0 |
Stephen Harvey 1 Evp, System CFO | Officer | 0.5 | $0 |
Jeremy Boal 1 Evp, System Chief Clinical Off | Officer | 0.5 | $0 |
Beth Essig ESQ 1 Evp, General Counsel | Officer | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $473,886 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,298,345 |
| Statement of Expenses | |
|---|---|
| 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. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $40,000 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $45,703,975 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $494,815,151 |
| Investments—other securities | $2,044,082,808 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,380,670 |
| Total assets | $2,588,982,604 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| 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 | $0 |
| Other liabilities | $2,574,019,399 |
| Total liabilities | $2,574,019,399 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $14,963,205 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $14,963,205 |