Medical Debt Resolution Inc
- Assets
- $95.9m
- Revenue
- $28.3m
- Investments
- $52.2m
- Employees
- 28
- Location
- Long Island City, NY
- Founding
- 05/2016
- Data as of
- 12/2023
- EIN
- 47-1442997
Organization Overview
Medical Debt Resolution Inc, operating under the name Rip Medical Debt, is located in Long Island City, NY. The organization was established in 2016. According to its NTEE Classification (P50) the organization is classified as: Personal Social Services, under the broad grouping of Human Services and related organizations. As of 12/2023, Rip Medical Debt employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rip Medical Debt 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 12/2023, Rip Medical Debt generated $28.3m in total revenue. All expenses for the organization totaled $22.7m during the year ending 12/2023. While expenses have increased by 114.6% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO END MEDICAL DEBT
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEDICAL DEBT RELIEF: LOCATE, ACQUIRE, AND ABOLISH, I.E. RELIEVE, MEDICAL DEBT FOR INDIVIDUALS EARNING 400% OR LESS THAN THE FEDERAL POVERTY LEVEL, OR HAVE A MEDICAL DEBT MORE THAN 5% OF ESTIMATED ANNUAL HOUSEHOLD GROSS INCOME.
MEDICAL DEBT RESEARCH
TECHNOLOGY INFRASTRUCTURE DEVELOPMENT PROGRAM: RESEARCH, DESIGN, AND DEVELOP TECHNOLOGIES TO DIRECTLY SUPPORT THE ORGANIZATION'S CORE MISSION OF LOCATING, ACQUIRING, AND ABOLISHING MEDICAL DEBT.
COMMUNITY ENGAGEMENT, EDUCATION AND PUBLIC POLICY: EFFORTS TO RAISE PUBLIC AWARENESS OF THE ECONOMIC AND SOCIAL EFFECTS OF MEDICAL DEBT, STRATEGIC PARTNERSHIPS FOR FURTHERING COMMUNITY AWARENESS AND YOUTH ENGAGEMENT, AND INFORMING AND SUPPORTING PUBLIC POLICY EFFORTS TO ADDRESS SYSTEMIC CAUSES OF MEDICAL DEBT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Allison Sesso CEO & President | Officer | 40 | $300,289 |
Ruth Lande VP Hospital Relations | Officer | 40 | $256,076 |
David Reynolds VP Info Systems | Officer | 40 | $213,053 |
Priscilla Thomas-Keith VP Program Mgmt | 40 | $168,113 | |
Jana Knauerova VP Finance & Administration | Officer | 40 | $144,330 |
Charles Russek Sr Software Developer | 40 | $140,439 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nixon Peabody Legal Services | 12/30/23 | $452,635 |
Verite Healthcare Consulting Consulting Services | 12/30/23 | $148,789 |
Sandler Search Recruitment Services | 12/30/23 | $154,072 |
James F Capalino Associates Inc Consulting Services | 12/30/23 | $115,734 |
Sandra Davis Llc Dba Donorly Fundraising Counsel | 12/30/23 | $1,130,095 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,512,079 |
| All other contributions, gifts, grants, and similar amounts not included above | $22,778,796 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $26,290,875 |
| Total Program Service Revenue | $0 |
| Investment income | $2,061,575 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$57,649 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,294,801 |
| 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. | $1,051,428 |
| Compensation of current officers, directors, key employees. | $424,568 |
| Compensation to disqualified persons | $99,000 |
| Other salaries and wages | $736,574 |
| Pension plan accruals and contributions | $51,484 |
| Other employee benefits | $377,405 |
| Payroll taxes | $225,928 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $461,710 |
| Fees for services: Accounting | $131,696 |
| Fees for services: Lobbying | $16,622 |
| Fees for services: Fundraising | $1,130,095 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,590,709 |
| Advertising and promotion | $33,607 |
| Office expenses | $342,577 |
| Information technology | $488,901 |
| Royalties | $0 |
| Occupancy | $119,941 |
| Travel | $64,585 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,457 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $238,271 |
| Insurance | $109,520 |
| All other expenses | $0 |
| Total functional expenses | $22,656,788 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,389,912 |
| Savings and temporary cash investments | $23,971,663 |
| Pledges and grants receivable | $448,752 |
| 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 | $7,085,809 |
| Net Land, buildings, and equipment | $26,130 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $52,156,633 |
| Investments—program-related | $0 |
| Intangible assets | $813,209 |
| Other assets | $5,271 |
| Total assets | $95,897,379 |
| Accounts payable and accrued expenses | $584,793 |
| Grants payable | $0 |
| Deferred revenue | $1,265,757 |
| 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 | $0 |
| Total liabilities | $1,850,550 |
| Net assets without donor restrictions | $82,567,389 |
| Net assets with donor restrictions | $11,479,440 |
| 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 | $95,897,379 |