2024-11-05T14:38:26-06:00 2023-12-31 PwC US Tax LLP 2001 MARKET STREET SUITE 1800 PHILADELPHIA PA 10017 990 2023-01-01 112608229 Maimonides Research & Development Foundation % PATRICK BORGEN MD MAIM 7182836456 4802 TENTH AVENUE BROOKLYN NY 11219 PATRICK BORGEN MD PRES RESEARCH FDN 7182836456 2024-11-04 true true MEREDITH MONROE P01441362 2673303000 2024-10-30 2023 2024-10-15 13:58:12Z PATRICK BORGEN MD 4802 TENTH AVENUE BROOKLYN NY 11219 11929955 false X WWW.maimonidesmed.org X 1982 NY Maimonides Research and Development FOUNDATION AWARDS GRANTS FOR RESEARCH AND DEVELOPMENT ACTIVITIES PRIMARILY TO PHYSICIANS ASSOCIATED WITH MAIMONIDES MEDICAL CENTER. 18 6 0 0 0 0 10000 0 275000 275000 1276943 573323 0 1215 1561943 849538 435702 351369 0 0 0 0 0 0 0 418984 437331 854686 788700 707257 60838 17799008 19807901 603758 650101 17195250 19157800 MAIMONIDES RESEARCH AND DEVELOPMENT FOUNDATION WAS ESTABLISHED EXCLUSIVELY FOR THE EDUCATIONAL, SCIENTIFIC, MEDICAL AND CHARITABLE PURPOSES CARRIED ON BY MAIMONIDES MEDICAL CENTER. false false 591401 351369 275000 EXPENDITURES FOR GRANTS REPRESENT FUNDS AWARDED BY THE FOUNDATION'S BOARD OF DIRECTORS FOR MEDICAL RESEARCH AND DEVELOPMENT PROJECTS. INCLUDED IN EXPENSES ARE $207,758 RESEARCH RELATED ADMINISTRATIVE FEES. REVENUE IS GENERATED FROM RENTAL INCOME PRODUCED BY PROVIDING FACILITIES TO MAIMONIDES MEDICAL CENTER. 591401 true false false false false false false false false false true true false false true false true false false false true false false false false false false true false true false false false false false false false false false false false false false true false false false true 12 0 true 0 false false false false false false false false false false false false X 18 6 true false false false false true false true true false false true true true true true false false false false NY X PATRICK BORGEN MD 7182836456 4702 FT HAMILTON PARKWAY 2ND FL BROOKLYN NY 11219 PATRICK BORGEN MD PRESIDENT/MEDICAL DIR 0.5 40.0 X X 0 1991826 64576 KENNETH GIBBS DIRECTOR 0.5 40.0 X 0 1812493 54489 LAURIE WEINSTEIN SECRETARY 0.5 40.0 X 0 1258857 54489 JOHN MARSHALL MD DIRECTOR 0.5 40.0 X 0 1084567 65656 DAVID COHEN MD DIRECTOR 0.5 40.0 X 0 970153 42552 ANTHONY KALLOO MD DIRECTOR 0.5 40.0 X 0 825420 38340 AFSHIN RAZI MD DIRECTOR 0.5 40.0 X 0 654738 67626 JEFFREY AVNER MD DIRECTOR 0.5 40.0 X 0 595596 52039 ARIEL SCHULMAN MD DIRECTOR 0.5 40.0 X 0 540799 34280 SERGEI MOTOV MD DIRECTOR 0.5 40.0 X 0 424662 64576 MONICA GHITAN MD DIRECTOR 0.5 40.0 X 0 351138 62161 YU SHAI LIN MD DIRECTOR 0.5 40.0 X 0 313856 67783 EDMUND SCHMIDT DIRECTOR 0.5 40.0 X 0 331948 27115 STEVEN EISENSTADT CHAIRMAN 0.5 0.0 X X 0 0 0 ROBERT MACHINIST VICE PRESIDENT 0.5 0.0 X X 0 0 0 DONNA ASTION MD TREASURER 0.5 0.0 X X 0 0 0 MARVIN EISENSTADT DIRECTOR 0.5 0.0 X 0 0 0 JACOB SOLOME MD DIRECTOR 0.5 0.0 X 0 0 0 CHASKIE ROSENBERG DIRECTOR 0.5 0.0 X 0 0 0 0 11156053 695682 0 false true false 0 0 RENTAL INCOME 531390 275000 275000 275000 798697 798697 0 0 0 0 0 10855043 11080417 -225374 -225374 -225374 0 0 0 0 0 0 0 0 0 OTHER INCOME 900099 1215 1215 1215 849538 275000 0 574538 351369 351369 0 0 0 0 0 0 0 0 0 0 259697 207758 51939 0 0 50500 50500 0 0 88645 88645 5100 5100 0 958 958 0 0 0 0 0 26745 26745 0 0 157 157 5529 5529 788700 591401 197299 0 1182390 427170 100469 230520 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1755022 1329806 425373 425216 12255838 14366196 3834938 4358799 0 0 0 0 0 0 17799008 19807901 51500 56000 532776 573450 0 0 0 0 0 0 0 0 0 0 0 0 19482 20651 603758 650101 X 17195250 19157800 0 0 17195250 19157800 17799008 19807901 60838 1901712 X false true X true false X X 1 MAIMONIDES MEDICAL CENTER 111635081 3 true 351369 0 1 351369 0 true false false false false false false false false false false false false false false false SCHEDULE A, PART IV, SECTION C, LINE 1 THE BYLAWS OF THE MAIMONIDES RESEARCH AND DEVELOPMENT FOUNDATION ("FOUNDATION") REQUIRE THAT AT LEAST ONE MORE THAN THAT NUMBER WHICH CONSTITUTES A QUORUM OF THE BOARD OF DIRECTORS SHALL CONSIST OF PERSONS WHO ARE TRUSTEES ON THE BOARD OF TRUSTEES OF MAIMONIDES MEDICAL CENTER ("MEDICAL CENTER"), OR ARE OFFICERS, SENIOR MANAGEMENT EMPLOYEES OR DEPARTMENT CHAIRS AT THE MEDICAL CENTER. THE MAJORITY OF THE BOARD OF DIRECTORS OF THE FOUNDATION CONTINUES TO CONSIST OF THE MEDICAL CENTER'S OFFICERS, DIRECTORS, SENIOR MANAGEMENT AND DEPARTMENT CHAIRS. 425000 425000 1325000 1324784 216 5022 5022 0 425216 HEDGE FUND 411139 F PRIVATE EQUITY 3947660 F 4358799 0 DUE TO AFFILIATES 20651 20651 2662605 1901712 1901712 760893 88645 88645 849538 700055 700055 88645 88645 788700 PART X - OTHER LIABILITIES, LINE 2 FIN 48 FOOTNOTE THERE WAS NO LIABILITY FOR UNCERTAIN TAX POSITIONS UNDER FIN 48, MAKING THE FOOTNOTE UNNECESSARY. Central America and the Caribbean 0 0 Investments 1796132 0 0 0 0 1796132 1796132 true false true false false false true MAIMONIDES MEDICAL CENTER 4802 TENTH AVE BROOKLYN NY 11219 111635081 501(C)(3) 351369 N/A N/A MEDICAL RESEARCH 1 PART I - GENERAL INFORMATION ON GRANTS AND ASSISTANCE, LINE 2 Investigator-initiated research grant applications are submitted by employees of Maimonides Medical Center. The applicants are all screened and ranked by a Grants Committee. Grants are awarded, based on rankings, after review by the Foundation's Board of Directors. The grants are monitored for compliance by the Board's Medical Director. Progress reports must be prepared for each project and are monitored for compliance. false true false false false false true false false PATRICK BORGEN MD PRESIDENT/MEDICAL DIR 0 1987254 0 0 0 4572 0 24750 0 39826 0 2056402 0 0 DAVID COHEN MD DIRECTOR 0 722607 0 0 0 247546 0 24750 0 17802 0 1012705 0 0 KENNETH GIBBS DIRECTOR 0 1259007 0 0 0 553486 0 24750 0 29739 0 1866982 0 0 LAURIE WEINSTEIN SECRETARY 0 842024 0 150000 0 266833 0 24750 0 29739 0 1313346 0 0 JOHN MARSHALL MD DIRECTOR 0 996348 0 0 0 88219 0 24750 0 40906 0 1150223 0 0 JEFFREY AVNER MD DIRECTOR 0 520720 0 50000 0 24876 0 24750 0 27289 0 647635 0 0 YU SHAI LIN MD DIRECTOR 0 312824 0 0 0 1032 0 24737 0 43046 0 381639 0 0 AFSHIN RAZI MD DIRECTOR 0 561686 0 70000 0 23052 0 24750 0 42876 0 722364 0 0 EDMUND SCHMIDT DIRECTOR 0 308664 0 0 0 23284 0 24750 0 2365 0 359063 0 0 MONICA GHITAN MD DIRECTOR 0 350106 0 0 0 1032 0 22335 0 39826 0 413299 0 0 SERGEI MOTOV MD DIRECTOR 0 419110 0 0 0 5552 0 24750 0 39826 0 489238 0 0 ARIEL SCHULMAN MD DIRECTOR 0 518059 0 0 0 22740 0 24750 0 9530 0 575079 0 0 ANTHONY KALLOO MD DIRECTOR 0 723348 0 75000 0 27072 0 24750 0 13590 0 863760 0 0 SCHEDULE J SUPPLEMENTAL INFORMATION PART I, LINE 4B - THE MAIMONIDES MEDICAL CENTER SUPPLEMENTAL EXECUTIVE BENEFIT PLAN (THE "SEBP PLAN"), AS AMENDED FROM TIME TO TIME, WAS EFFECTIVE AS OF JANUARY 1, 2006. TO PARTICIPATE, AN EMPLOYEE MUST HOLD THE TITLE OF PRESIDENT, EXECUTIVE VICE PRESIDENT, SENIOR VICE PRESIDENT OR VICE PRESIDENT. THE SEBP PLAN PROVIDES FOR AN ANNUAL EMPLOYER CONTRIBUTION OF 6.5% OF COMPENSATION IN EXCESS OF THE AMOUNTS WHICH CAN BE RECOGNIZED BY THE MAIMONIDES MEDICAL CENTER TAX DEFERRED RETIREMENT PLAN PURSUANT TO CODE SECTION 401(a)(17). THE PARTICIPANT MUST BE AN ELIGIBLE EMPLOYEE ON THE LAST DAY OF THE CALENDAR YEAR TO RECEIVE THE CONTRIBUTION FOR THAT YEAR. IN ACCORDANCE WITH TERMS OF THE SEBP PLAN, THE FOLLOWING PERSONS RECEIVED AN ANNUAL EMPLOYER CONTRIBUTION IN 2023. DAVID COHEN - 56,588 KENNETH GIBBS - 123,922 LAURIE E WEINSTEIN - 54,600 JOHN MARSHALL - 64,171 EDMUND SCHMIDT - 1,336 THE MAIMONIDES MEDICAL CENTER SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR CHIEF EXECUTIVE OFFICER AND EXECUTIVE VICE PRESIDENTS (THE "SERP PLAN"), AS AMENDED FROM TIME TO TIME, WAS EFFECTIVE AS OF JANUARY 1, 2012. TO PARTICIPATE, AN EMPLOYEE MUST HOLD THE TITLE OF CEO OR EVP, BE A KEY EMPLOYEE WITHIN THE MEANING OF THE INTERNAL REVENUE CODE AND BE DESIGNATED AS A PARTICIPANT BY THE COMPENSATION COMMITTEE OF THE BOARD. THE SERP PLAN PROVIDES FOR AN ANNUAL EMPLOYER ACCRUED CONTRIBUTION OF 20% OF BASE SALARY FOR THAT CALENDAR YEAR INCLUDING INTEREST OF 4.5%. THE PARTICIPANT MUST BE AN ELIGIBLE EMPLOYEE ON THE LAST DAY OF THE CALENDAR YEAR TO ACCRUE THE CONTRIBUTION FOR THAT YEAR. THE SERP PLAN PROVIDES THAT THE MEDICAL CENTER'S COMPENSATION COMMITTEE MAY APPROVE AN ANNUAL SUPPLEMENTAL SERP CONTRIBUTION FOR THE CEO UP TO 10% OF BASE SALARY FOR EACH PLAN YEAR AFTER 2017. THE COMPENSATION COMMITTEE APPROVED A SUPPLEMENTAL 10% CONTRIBUTION FOR THE CEO FOR THE YEARS 2018 THROUGH 2023. IN ACCORDANCE WITH TERMS OF THE SERP PLAN, VESTED BENEFITS WERE PAID OUT IN 2023 TO THE FOLLOWING PARTICIPANTS. KENNETH GIBBS - $398,380 DAVID COHEN - $157,334 LAURIE WEINSTEIN - $182,875 THE AMOUNT OF SUPPLEMENTAL NONQUALIFIED DEFERRED COMPENSATION IS INCLUDED IN THE COMPENSATION AMOUNT DISCLOSED IN PART II, COLUMN (B)(III). THE COMPENSATION COMMITTEE OF THE BOARD REVIEWED AND APPROVED ALL PAYMENTS IN ADVANCE AND CONDUCTED ITS REVIEW AND APPROVAL PROCESS IN A MANNER INTENDED TO QUALIFY FOR THE REBUTTABLE PRESUMPTION OF REASONABLENESS UNDER SECTION 4958 OF THE INTERNAL REVENUE CODE. MAIMONIDES RESEARCH AND DEVELOPMENT FOUNDATION DID NOT PAY COMPENSATION OR BENEFITS. THE COMPENSATION OR BENEFITS WERE PAID BY MAIMONIDES MEDICAL CENTER, THE RELATED ORGANIZATION. PART I, LINE 6B - THE RELATED ORGANIZATION PAYS, PURSUANT TO INDIVIDUAL EMPLOYMENT CONTRACT AGREEMENTS, A PORTION OF FACULTY PRACTICE EARNINGS, NET OF EXPENSES. Form 990, Part VI, Governance, Management and Disclosure Form 990, Part VI, Section A, line 2 Steven Eisenstadt is Marvin Eisenstadt's son. FORM 990, PART VI, SECTION A, LINE 7A The Chairman of the Board of Trustees of Maimonides Medical Center, or his designee, serves as a director of the Board of Directors. At least one more than that number which constitutes a quorum of the Board of Directors, consists of persons who are Trustees on the Board of Trustees of Maimonides Medical Center, or are officers, senior management employees or department chairs at Maimonides Medical Center. FORM 990, PART VI, SECTION B, LINE 11B A copy of the Form 990 is reviewed by the outside tax preparer who signs off on the return. The reviewed return and attachments are then presented to the President of the organization and the Finance and Audit Committee of the Board of Trustees to whom the responsibility for reviewing the Form 990 has been delegated for their comments and questions prior to filing. Upon their final review a complete copy of the Form 990 is provided to the entire Board prior to filing. FORM 990, PART VI, SECTION B, LINE 12C It is the responsibility of all trustees, officers and members of the medical staff to familiarize themselves with the conflicts of interest policy and to comply and ensure compliance of family members where applicable. They are required to disclose in detail any activities or interest which may be a conflict of interest with the Maimonides Research and Development Foundation's best interest by annually completing a conflict of interest certificate. Any conflicts of interest and other potentially improper activities are reviewed by the Chairman and President. FORM 990, PART VI, SECTION C, LINE 19 The organization's articles of incorporation may be obtained from the NYS Secretary of State's office. They are also available together with the by-laws upon special request to the Executive Office of Maimonides Medical Center at 4802 Tenth Ave, Admin Bldg, 2nd floor, Brooklyn, NY 11219. The audited financial statements are available upon request to the Medical Center's Executive Office and are posted on the NYS Charitable Bureau website, oag.state.ny.us. 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