2023-11-07T10:46:15-06:00 2022-12-31 ERNST & YOUNG US LLP One Manhattan West NEW YORK NY 10001 990 2022-01-01 133430322 MMC CORPORATION % EVAN RESNICK MMCC 9143498455 111 EAST 210TH STREET BRONX NY 104672401 Christopher Panczner SECRETARY 7189207787 2023-11-06 true Christopher Panczner XXX-XX-XXXX NICOLE M SOKOLOWSKI P01683199 2127733000 2 2022 2023-04-26 12:10:37Z PHILIP O OZUAH MD PHD 111 EAST 210TH STREET BRONX NY 104672401 13788542 false X N/A X 1984 NY To own and operate real estate for use by Montefiore Medical Center and Montefiore Health System, Inc., to support the provision of healthcare. 3 1 0 0 0 0 0 0 13194040 13743418 5329176 45124 0 0 18523216 13788542 0 0 0 0 0 0 0 0 0 13242224 12423524 13242224 12423524 5280992 1365018 89478575 87945395 65942339 63044141 23536236 24901254 TO OWN AND MANAGE REAL ESTATE FOR USE BY MONTEFIORE MEDICAL CENTER AND THE MONTEFIORE HEALTH SYSTEM, INC., TO SUPPORT THE PROVISION OF HEALTHCARE. false false 12421726 0 13743418 MMC CORPORATION is a New York State not-for-profit corporation exempt from federal income tax pursuant to Section 501(a)of the Internal Revenue Code as an organization described in section 501(c)(3) of the Code. MMC CORPORATION was incorporated to support and benefit the provision of health care in the New York area. MMC Corporation owns several properties located in the Bronx, and one in Tarrytown, New York that are leased primarily to Montefiore Medical Center and Montefiore Health System to support the provision of Healthcare in the communities served by the Montefiore Health System. 12421726 true false false false false false false false true false true false false true true false false true false false false false false false false false false false false true false false false false false false false false false false false false false true true true false false true 0 0 0 false false false false false false false false false false false false X 3 1 false false false false false true false true true false false true true true true true true false false false NY X EVAN RESNICK 9143498455 555 SO BROADWAY BLDG A FL 1 TARRYTOWN NY 105916301 PHILIP O OZUAH MD PHD PRESIDENT 0.5 59.5 X X 0 9856588 49625 COLLEEN BLYE TREASURER 0.5 59.5 X 0 3537630 29968 CHRISTOPHER S PANCZNER SECRETARY 0.5 59.5 X X 0 1857333 41124 EDWARD PFLEGING VICE PRESIDENT 2.0 58.0 X 0 1085621 262210 JAMES M BUTLER Ex-Officio Director 0.5 3.75 X 0 0 0 0 16337172 382927 0 false true false none 0 0 RENTAL INCOME 531120 13743418 13743418 0 13743418 45124 0 0 45124 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13788542 13743418 0 45124 0 0 0 0 0 0 0 0 0 0 0 7273 7273 0 0 0 0 0 0 19958 19958 0 0 0 4714 3666 1048 0 0 0 5679812 5679812 0 0 0 0 0 3089220 3089220 0 0 0 3428323 3428323 0 0 193474 193474 0 0 FILING FEES 750 0 750 0 12423524 12421726 1798 0 0 0 238645 645920 0 0 5276 3653 0 0 0 0 1385994 1025898 0 0 0 0 107165518 31544825 78816480 75620693 0 0 0 0 0 0 0 0 9032180 10649231 89478575 87945395 1471683 1001559 0 0 63975 63975 0 0 9900 9900 0 0 2237288 2203868 0 0 62159493 59764839 65942339 63044141 X 23536236 24901254 0 0 23536236 24901254 89478575 87945395 1365018 X false true X true false X X 1 MONTEFIORE MEDICAL CENTER 131740114 3 true 0 0 1 0 0 true false false false false false false false false false false false false false false true false true X 16873361 16873361 90292157 31544825 58747332 75620693 RIGHT OF USE OPER LEASE ASSETS 1941471 DUE FROM AFFILIATES 8707760 10649231 0 LOANS PAYABLE TO PARENT 57823368 RIGHT OF USE OPER LEASE LIABILITIES 1941471 59764839 Schedule D, Part IV, line 2b The organization holds a security deposit from a commercial tenant in escrow pursuant to the individual lease agreements between the tenants and the organization. This deposit will be returned to the tenant upon termination of the lease less any amounts, if any, due from the tenants for damages or unpaid rent. false true false false false false false false false PHILIP O OZUAH MD PHD PRESIDENT 0 4478627 0 4715500 0 662461 0 17000 0 32625 0 9906213 0 0 CHRISTOPHER S PANCZNER SECRETARY 0 954591 0 310000 0 592742 0 17000 0 24124 0 1898457 0 0 EDWARD PFLEGING VICE PRESIDENT 0 888587 0 175000 0 22034 0 232081 0 30129 0 1347831 0 0 COLLEEN BLYE TREASURER 0 1644082 0 1081500 0 812048 0 17000 0 12968 0 3567598 0 0 PART I, LINE 4B & PART II - COLUMNS (B) (I), (II) AND (III) Certain Officers listed in Part VII, Section A, Line 1a participated in a supplemental nonqualified retirement plan provided by Montefiore Medicine Academic Health System, Inc., a related organization of MMC Corporation. As it relates to Compensation from Montefiore Medicine Academic Health System, Inc. The Compensation Committee reviews and approves all forms of compensation and benefits provided to each executive with the assistance of a national independent compensation consulting firm. The consulting firm assists the Compensation Committee with its decision-making process to ensure executive compensation levels are reasonable and appropriate relative to those of other similar organizations. Base salaries in Column B(i) are determined based on competitive market practices for comparable positions with similar size organizations and scope of responsibilities. Bonus and incentive compensation in Column B(ii) is based on the achievement of performance goals. The executives' compensation program has a significant pay-at-risk component to ensure the alignment of pay and organizational performance. Goals are set in advance in areas such as quality of care, patient satisfaction, community services and financial performance. Compensation is at risk if the goals established by the Compensation Committee are not met. Other reportable compensation in column B(III) includes distributions from the supplemental executive retirement plan. In a manner designed to qualify for the "rebuttable presumption of reasonableness" the Compensation Committee of the Board of Trustees expressly reviewed and approved these retirement benefit arrangements for senior executives in a manner that qualified under the intermediate sanctions rules of the Federal tax law, and in recognition of (a) the executives' years of service to the organization and (b) the significant contributions to enhancing the ability of the organization to achieve its charitable mission in a manner consistent with financial solvency. Accordingly, this benefit should be viewed as applying to years of service for the organization. POOLED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN DISTRIBUTIONs based on multiple years of service and paid out in 2022 as taxable income: Philip O. Ozuah, M.D., PH.D. - $632,224; Christopher Panczner - $558,708; Colleen Blye - $810,464. The Health System also funds a second defined contribution SERP plan. Two officers of the organization currently participates in this plan. Contributions are at a fixed percentage of base salary or total cash compensation (base salary plus annual incentive award). A notional balance is developed for each participant that is the total of contributions less distributions (interest is not accrued). On January 1 following the third, sixth and ninth anniversaries of each participant's participation date, 50% of the remaining SERP account becomes vested and is paid out if the participant is employed on that date. On January 1 following the twelfth anniversary of each participant's participation date, the remainder of the SERP account becomes fully vested and is paid out. If a participant reaches age 65 before their twelfth anniversary of their participation date, their SERP account balance will become fully vested on the later of the first of the month following their 65th birthday or the third anniversary of their participation date. SERP account balances will also become fully vested upon the earliest of death or disability while employed by Montefiore, involuntary termination without cause or if Montefiore chooses to terminate the plan. During 2022, there was no distribution to any of the reportable participates of the plan. Unvested contributions made to the plan for one of the two participating officers in 2022 was reported as deferred compensation in his column (C) compensation: Edward Pfleging - $215,081. There was no reported deferred compensation accrual from this plan for the other officer, Philip, Ozuah, M.D., Ph.D., since his accrued benefits are to be paid out prior to two and a half months after the current year end. Part VII, Section A and Schedule J, Part II THE DIRECTORS/OFFICERS with reportable compensation LISTED IN PART VII, Section AND IN SCHEDULE J PART II ARE NOT EMPLOYEES OF THE FILING organization, MMC Corporation. They are employed and THEIR COMPENSATION is paid BY Montefiore Medicine Academic Health System, Inc. They are remunerated as full-time employees of this related organization and not for services rendered as an officer or director of the organization's board of directors. FORM 990, PART VI, SECTION A, LINE 7A: MMC CORPORATION HAS A SELF-APPOINTED GOVERNING BODY. THE CHAIRMAN OF THE Board of MONTEFIORE MEDICAL CENTER IS automatically A DIRECTOR OF MMC Corporation. All other directors of MMC Corporation must be either employees or directors of Montefiore Medical Center who are nominated for election to the MMC Corporation Board by the Chairman of Montefiore Medical Center. FORM 990, PART VI, SECTION B, LINE 11B: THE FORM 990 WAS PREPARED BY MONTEFIORE MEDICAL CENTER'S FINANCE DEPARTMENT. THE FORM 990 WAS REVIEWED AND APPROVED BY MONTEFIORE MEDICAL CENTER'S VICE PRESIDENT - FINANCE. IN ADDITION, AN INDEPENDENT ACCOUNTING FIRM WAS ENGAGED to REVIEW THE FORM 990. UPON COMPLETION OF THE VARIOUS REVIEWS, THE FINAL FORM 990 WAS PRESENTED TO THE BOARD OF TRUSTEES OF MMC CORPORATION FOR FINAL REVIEW AND APPROVAL PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C: THE ORGANIZATION REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES compliance with THE CONFLICT OF INTEREST POLICY BY MEANS OF A SURVEY THAT WAS DEVELOPED by MONTEFIORE'S COUNSEL. MMC CORPORATION'S BOARD OF Trustees ADOPTED THE policy OF MONTEFIORE MEDICAL CENTER. THE POLICY stipulates THAT THE GENERAL approach WHEN A POTENTIAL CONFLICT OF interest ARISES IS TO DISCLOSE THE possible CONFLICT TO THE COMPLIANCE officer. THE COMPLIANCE OFFICER WILL MAKE EVERY EFFORT TO PROVIDE guidance TO PERMIT RESOLUTION OF ANY ACTUAL OR potential CONFLICTS OF interest. THE COMPLIANCE OFFICER WILL TAKE APPROPRIATE ACTIONS, including ADVISING MMC CORPORATION'S BOARD OF TRUSTEES REGARDING particular CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15A & 15B: All officers reported in Part VII are employed and paid by Montefiore Medicine Academic Health System, the parent company of Montefiore Health System, Inc. Montefiore IS COMMITTED TO ENSURING THAT ITS EXECUTIVE COMPENSATION PROGRAM ADHERES TO THE HIGHEST STANDARDS OF REGULATORY COMPLIANCE AND best CORPORATE GOVERNANCE. THE BOARD OF TRUSTEES HAS CHARGED THE Compensation COMMITTEE OF THE BOARD (WHICH IS COMPRISED OF INDEPENDENT BOARD MEMBERS WITH NO CONFLICTS OF INTEREST IN REGARDS TO EXECUTIVE COMPENSATION) WITH MAKING ALL DECISIONS RELATED TO COMPENSATION FOR OFFICERS AND KEY EMPLOYEES. ALL DECISIONS MADE BY THE COMPENSATION COMMITTEE ARE APPROPRIATELY AND TIMELY DOCUMENTED IN MEETING MINUTES. THE COMPENSATION COMMITTEE'S REVIEW PROCESS FOLLOWS THE INTERMEDIATE SANCTIONS GUIDELINES FOR QUALIFYING FOR THE REBUTTABLE PRESUMPTION OF REASONABLENESS. THE COMMITTEE RETAINS AN INDEPENDENT COMPENSATION CONSULTANT TO ASSIST IT WITH THIS PROCESS. COMPENSATION LEVELS ARE ESTABLISHED CONSIDERING DATA FOR COMPARABLE ORGANIZATIONS, AN ASSESSMENT OF MANAGEMENT PERFORMANCE (INCLUDING THE SERVICES PROVIDED TO THE COMMUNITY), AND OTHER BUSINESS JUDGMENT FACTORS, CONSISTENT WITH MONTEFIORE'S EXECUTIVE COMPENSATION PHILOSOPHY. THE COMMITTEE'S DECISIONS ARE MADE IN THE BEST INTEREST OF MONTEFIORE, AND ARE INTENDED TO ENSURE THE RECRUITMENT AND RETENTION OF KEY EXECUTIVE TALENT, CONSISTENT WITH THE MARKET PRACTICES OF OTHER NOT-FOR-PROFIT HEALTHCARE ORGANIZATIONS OF COMPARABLE SCOPE, MISSION AND COMPLEXITY. ON AN ANNUAL basis, THE COMMITTEE PROVIDES THE FULL BOARD OF TRUSTEES WITH A DESCRIPTION OF THE COMMITTEE'S REVIEW AND APPROVAL PROCESS AND ITS DECISIONS. FORM 990, PART VI, SECTION C, LINE 19: THE CONFLICT OF INTEREST POLICY, GOVERNING DOCUMENTS, AND MONTEFIORE MEDICAL CENTER'S AUDITED CONSOLIDATED FINANCIAL STATEMENTS, INCLUSIVE OF MMC CORPORATION, ARE AVAILABLE UPON REQUEST. MONTEFIORE MEDICAL CENTER 111 EAST 210TH STREET BRONX NY 10467 131740114 ACAD MED CTR NY 501(C)(3) 3 MHS true MMC RESIDENTIAL CORP I INC 3411 WAYNE AVENUE BRONX NY 10467 911943271 STAFF HOUSING NY 501(C)(2) MMC true MONTEFIORE HOSP HOUSING SECTION II INC 3450 WAYNE AVENUE BRONX NY 10467 237160641 STAFF HOUSING NY 501(C)(2) MMC true MOSHOLU PRESERVATION CORPORATION 3400 reservoir OVAL EAST BRONX NY 10467 133109387 COMMUNITY SVC NY 501(C)(3) 12A TYPE I MMC true MONTEFIORE HEALTH SYSTEM INC 555 SOUTH BROADWAY BLDG A FL 1 TARRYTOWN NY 10591 201615393 SUPPORT SERVC NY 501(C)(3) 12B TYPE II MMAHS true MONTEFIORE NEW ROCHELLE HOSPITAL 16 GUION PLACE NEW ROCHELLE NY 10801 462931956 HOSPITAL NY 501(C)(3) 3 MHS true MONTEFIORE MOUNT VERNON HOSPITAL 12 NORTH SEVENTH AVENUE MOUNT VERNON NY 10550 462916938 HOSPITAL NY 501(C)(3) 3 MHS true SCHAFFER EXTENDED CARE CENTER 16 GUION PLACE NEW ROCHELLE NY 10801 462929888 NURSING HOME NY 501(C)(3) 3 MHS true MONTEFIORE MEDICINE ACADEMIC HEALTH SYST 555 SOUTH BROADWAY BLDG A FL 1 TARRYTOWN NY 10591 471582973 SYSTEM PARENT NY 501(C)(3) 12B TYPE II NA true MONTEFIORE NYACK HOSPITAL 160 NORTH MIDLAND AVENUE NYACK NY 10960 131740119 HOSPITAL NY 501(C)(3) 3 MHS true MONTEFIORE FOUNDATION INC 111 EAST 210TH STREET BRONX NY 10467 471600439 INACTIVE NY 501(C)(3) 7 MMAHS true WHITE PLAINS HOSPITAL MEDICAL CENTER 41 EAST POST ROAD DVIS AVE WHITE PLAINS NY 10601 131740130 HOSPITAL NY 501(C)(3) 3 MHS true AECOM STUDENT HOUSING CO INC 1300 MORRIS PARK AVENUE BRONX NY 10461 237075620 STUDENT HOUS NY 501(C)(2) AECOM true MONTEFIORE CERC OPERATIONS INC 111 EAST 210TH STREET BRONX NY 10467 474853506 REHAB CENTER NY 501(c)(3) 3 MMC true WHITE PLAINS HOSPITAL CTR FOUNDATIONINC 41 EAST POST ROAD DAVIS AVE WHITE PLAINS NY 10601 133281507 FUNDRAISING NY 501(C)(3) 12A TYPE I WPHMC true MONTEFIORE NYACK HOSPITAL FOUNDATION 160 NORTH MIDLAND AVENUE NYACK NY 10960 133245804 FUNDRAISING NY 501(C)(3) 7 NYACK HOSP true THE WINIFRED MASTERSON BURKE REHAB HOSP 785 MAMARONECK AVENUE WHITE PLAINS NY 10605 131739937 REHAB HOSP NY 501(C)(3) 3 MHS true ST LUKE'S CORNWALL HOSPITAL 70 DUBOIS STREET NEWBURGH NY 12550 141340054 HOSPITAL NY 501(C)(3) 3 MHS true HUDSON VISTA MEDICAL PC 70 DUBOIS STREET NEWBURGH NY 12550 452526738 HEALTHCARE NY 501(C)(3) 12A Type I SLCH true HUDSON VISTA PHYSICIAN SERVICES PC 70 DUBOIS STREET NEWBURGH NY 12550 272020746 HEALTHCARE NY 501(C)(3) 12A Type I SLCH true ST LUKE'S CORNWALL HEALTH SYSTEM INC 70 DUBOIS STREET NEWBURGH NY 12550 223026261 HOLDING COMP NY 501(C)(3) 12A Type I MHS true ST LUKE'S CORNWALL HEALTH SYSTEM FDN 70 DUBOIS STREET NEWBURGH NY 12550 223026263 FUNDRAISING NY 501(C)(3) 7 SLCHS true Montefiore Med Acad Hlth Sys Self Ins Tr 555 South Broadway Tarrytown NY 10591 824019223 Ins Trust NY 501(c)(3) 12A TYPE I MMAHS true Albert Einstein College of Medicine 1300 Morris Park Avenue Bronx NY 10461 830621846 Med College NY 501(C)(3) 2 MMAHS true Montefiore Community Services Inc 111 East 210th Street Bronx NY 10467 863368007 HEALTHCARE NY 501(C)(3) 3 MMC true MONTEFIORE EINSTEIN ADVANCED CARE 555 South Broadway Tarrytown NY 10591 863090734 Healthcare NY 501(c)(3) 3 MHS true MONTEFIORE ACTION FUND INC 111 EAST 210TH STREET BRONX NY 10467 872215301 INACTIVE NY 501(c)(4) MHS true MNH GARAGECO INC 160 NORTH MIDLAND AVENUE NYACK NY 109601912 880573052 PARKING NY 501(C)(3) Pending NYACK HOSP true UNIVERSITY BEHAVIORAL ASSOCIATES INC 111 EAST 210TH STREET BRONX NY 10467 133877781 MGMT SERVICES NY NA C CORP true THE MONTEFIORE IPA INC 111 EAST 210TH STREET BRONX NY 10467 134114915 INTEG PROVR ASSOC NY NA C CORP true MMC GI HOLDINGS EAST INC 111 EAST 210TH STREET BRONX NY 10467 721610013 HOLDING COMPANY NY NA C CORP true MMC GI HOLDINGS WEST INC 111 EAST 210TH STREET BRONX NY 10467 721610015 HOLDING COMPANY NY NA C CORP true MONTEFIORE BEHAVIORAL CARE IPA NO1 INC 111 EAST 210TH STREET BRONX NY 10467 133952750 INTEG PROVR ASSOC NY NA C CORP true BRONX ACCOUNTABLE CARE NETWORK IPA INC 111 EAST 210TH STREET BRONX NY 10467 300689571 INTEG PROVR ASSOC NY NA C CORP true MONTEFIORE CONSOLIDATED VENTURES INC 111 EAST 210TH STREET BRONX NY 10467 611728539 HOLDING COMPANY NY NA C CORP true MONTEFIORE INSURANCE COMPANY INC 111 EAST 210TH STREET BRONX NY 10467 320436594 INACTIVE NY NA C CORP true HUDSON VALLEY IPA INC 111 EAST 210TH STREET BRONX NY 10467 383978087 INTEG PROVR ASSOC NY NA C CORP true MONTEFIORE INNOVATIONS INC 111 EAST 210TH STREET BRONX NY 10467 475106910 HOLDING COMPANY NY NA C CORP true Highland Medical PC 160 North Midland AVENUE Nyack NY 10960 134034481 HEALTHCARE SERV. NY NA C CORP true White Plains Medical Diagnostic Serv PC 41 East Post Road White Plains NY 10601 453164626 HEALTHCARE SERV. NY NA C CORP true Cancer and Blood Medical Serv of NY PC 41 East Post Road White Plains NY 10601 462021804 HEALTHCARE SERV. NY NA C CORP true Davis Avenue Corp Davis Avenue at East Post Road White Plains NY 10601 133331643 Property holding NY NA C CORP true White Plains Management Co Inc 41 East Post Road White Plains NY 10601 133331641 Property Holding NY NA C CORP true WPHC Building Corp 41 East Post Road White Plains NY 10601 133676932 Property holding NY NA C CORP true WHITE PLAINS MEDICAL SERVICES PC DAVIS AVENUE AT EAST POST ROAD WHITE PLAINS NY 10601 815369152 HEALTHCARE SERV. NY NA C CORP true WHITE PLAINS PHYSICIAN SERVICES PC DAVIS AVENUE AT EAST POST ROAD WHITE PLAINS NY 10601 815309615 Healthcare Serv. NY NA C CORP true CHARITABLE REMAINDER TRUST (4) CHARIT REMR TRUST NY NA TRUST true CRHT ACQUISITION INC 555 SOUTH BROADWAY BLDG A FL 1 TARRYTOWN NY 10591 815220651 HOLDING COMPANY NY NA C CORP true QUANTUM BIOTHERAPEUTICS LLC 111 EAST 210TH STREET BRONX NY 10467 611793667 INACTIVE NY NA C CORP true White Plains Physician Medical Serv PC Davis Avenue at East Post Road White Plains NY 10601 830519787 Inactive NY NA C Corp true East Post Road Medical Services PC Davis Avenue at East Post Road White Plains NY 10601 830535258 Healthcare Serv. NY NA C Corp true East Post Road Physician Services PC Davis Avenue at East Post Road White Plains NY 10601 830563325 inactive NY NA C Corp true Davis Avenue Medical Services PC Davis Avenue at East Post Road White Plains NY 10601 830579310 Inactive NY NA C Corp true WPH Holdings Inc Davis Avenue at East Post Road White Plains NY 10601 833893119 Holding Company NY NA C Corp true Innovator Acqusition Corp 111 East 210th Street Bronx NY 104672401 833394059 Holding Company NY NA C Corp true PY DEVELOPMENT CORP 41 EAST POST ROAD DAVIS AVE WHITE PLAINS NY 10601 863880241 REIT NY NA REIT true SPECIALTY SURGEONS OF CONNECTICUT PC 555 SOUTH BROADWAY TARRYTOWN NY 10591 871352135 INACTIVE CT NA C CORP true CMO THE CARE MANAGEMENT COMPANY LLC 111 EAST 210TH STREET BRONX NY 10467 133991307 CARE MANAGEMENT NY NA C CORP true false false false false false false false false false true false false false false false true false true false MONTEFIORE MEDICAL CENTER J 12113000 COST MONTEFIORE MEDICAL CENTER P 410906 COST MONTEFIORE MEDICAL CENTER R 1643752 CASH