2023-11-13T15:17:29-06:00 2022-12-31 PwC US Tax LLP 2001 MARKET STREET SUITE 1800 PHILADELPHIA PA 10017 990 2022-01-01 112608229 Maimonides Research & Development Foundation % PATRICK BORGEN MD MAIM 7182836456 4802 TENTH AVENUE BROOKLYN NY 11219 PATRICK BORGEN MD PRES RESEARCH FDN 7182836456 2023-11-09 true PATRICK BORGEN MD 999009999 MEREDITH MONROE P01441362 2673303000 2023-11-08 2 2022 2023-04-26 12:10:37Z PATRICK BORGEN MD 4802 TENTH AVENUE BROOKLYN NY 11219 11754828 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 10000 275000 275000 1338416 1276943 0 0 1623416 1561943 280268 435702 0 0 0 0 0 0 0 290670 418984 570938 854686 1052478 707257 20668159 17799008 452579 603758 20215580 17195250 MAIMONIDES RESEARCH AND DEVELOPMENT FOUNDATION WAS ESTABLISHED EXCLUSIVELY FOR THE EDUCATIONAL, SCIENTIFIC, MEDICAL AND CHARITABLE PURPOSES CARRIED ON BY MAIMONIDES MEDICAL CENTER. false false 656652 435702 275000 EXPENDITURES FOR GRANTS REPRESENT FUNDS AWARDED BY THE FOUNDATION'S BOARD OF DIRECTORS FOR MEDICAL RESEARCH AND DEVELOPMENT PROJECTS. INCLUDED IN EXPENSES ARE $202,538 RESEARCH RELATED ADMINISTRATIVE FEES. REVENUE IS GENERATED FROM RENTAL INCOME PRODUCED BY PROVIDING FACILITIES TO MAIMONIDES MEDICAL CENTER. 656652 true true 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 8 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 1989629 58080 Kenneth Gibbs DIRECTOR 0.5 40.0 X 0 1760796 49237 John Marshall MD DIRECTOR 0.5 40.0 X 0 1141922 59205 David Cohen MD DIRECTOR 0.5 40.0 X 0 943736 39117 Laurie Weinstein SECRETARY 0.5 40.0 X 0 929129 49238 Anthony Kalloo MD DIRECTOR 0.5 40.0 X 0 825315 35067 Harry Adler MD DIRECTOR 0.5 40.0 X 0 781062 47988 Afshin Razi MD DIRECTOR 0.5 40.0 X 0 625038 60830 Jeffrey Avner MD DIRECTOR 0.5 40.0 X 0 595514 46848 Ariel Schulman MD DIRECTOR 0.5 40.0 X 0 494989 32417 Sergei Motov MD DIRECTOR 0.5 40.0 X 0 415308 58080 Edmund Schmidt DIRECTOR 0.5 40.0 X 0 308986 60780 Monica Ghitan MD DIRECTOR 0.5 40.0 X 0 267946 57062 Yu Shai Lin MD DIRECTOR 0.5 40.0 X 0 236591 60300 Edward Fitzpatrick MD DIRECTOR THRU 6/30/22 0.5 40.0 X 0 254772 0 Joyce Leahy FORMER DIRECTOR/OFFICER 0.0 0.0 X 0 192622 3119 Steven Eisenstadt CHAIRMAN 0.5 0.0 X X 0 0 0 Robert Machinist Vice President 0.5 0.5 X X 0 0 0 Donna Astion MD TREASURER 0.5 0.5 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 11763355 717368 0 true true false 0 10000 10000 RENTAL INCOME 531390 275000 275000 275000 614785 614785 0 0 0 0 0 10855043 10192885 662158 662158 662158 0 0 0 0 0 0 0 0 0 0 1561943 275000 1276943 435702 435702 0 0 0 0 0 0 0 0 0 253173 202538 50635 0 0 46000 46000 0 0 0 92897 92897 0 6344 6344 0 2003 2003 0 0 0 0 0 18412 18412 0 0 157 157 0 0 MISCELLANEOUS -2 0 -2 854686 656652 198034 0 1018897 1182390 390424 100469 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1755022 1329649 425530 425373 15313833 12255838 3519475 3834938 0 0 0 0 0 0 20668159 17799008 48000 51500 365997 532776 0 0 0 0 0 0 0 0 0 0 0 0 38582 19482 452579 603758 X 20215580 17195250 0 0 20215580 17195250 20668159 17799008 707257 -3727587 X false true X true false X X 1 MAIMONIDES MEDICAL CENTER 111635081 3 true 435702 0 1 435702 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 Centers officers, directors, senior management and department chairs. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 425000 425000 1325000 1324627 373 5022 5022 0 425373 HEDGE FUND 537977 F PRIVATE EQUITY 3296961 F 3834938 0 DUE TO AFFILIATES 19482 19482 -2258541 -3727587 -3727587 1469046 92897 92897 1561943 761789 761789 92897 92897 854686 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 1882338 0 0 0 0 1882338 1882338 true false true false false false true MAIMONIDES MEDICAL CENTER 4802 TENTH AVE BROOKLYN NY 11219 111635081 501(C)(3) 435702 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. true true false false false false true false false Patrick Borgen MD PRESIDENT/MEDICAL DIR 0 1967580 0 0 0 22049 0 22875 0 35205 0 2047709 0 0 Kenneth Gibbs DIRECTOR 0 1259307 0 0 0 501489 0 22875 0 26362 0 1810033 0 0 John Marshall MD DIRECTOR 0 1027648 0 62500 0 51774 0 22875 0 36330 0 1201127 0 0 David Cohen MD DIRECTOR 0 724696 0 0 0 219040 0 22875 0 16242 0 982853 0 0 Laurie Weinstein SECRETARY 0 568721 0 187500 0 172908 0 22875 0 26363 0 978367 0 0 Anthony Kalloo MD DIRECTOR 0 726243 0 75000 0 24072 0 22875 0 12192 0 860382 0 0 Harry Adler MD DIRECTOR 0 759771 0 0 0 21291 0 22875 0 25113 0 829050 0 0 Afshin Razi MD DIRECTOR 0 563986 0 40000 0 21052 0 22875 0 37955 0 685868 0 0 Jeffrey Avner MD DIRECTOR 0 522638 0 50000 0 22876 0 22875 0 23973 0 642362 0 0 Ariel Schulman MD DIRECTOR 0 474249 0 0 0 20740 0 22875 0 9542 0 527406 0 0 Sergei Motov MD DIRECTOR 0 414948 0 0 0 360 0 22875 0 35205 0 473388 0 0 Edmund Schmidt DIRECTOR 0 292979 0 0 0 16007 0 22875 0 37905 0 369766 0 0 Monica Ghitan MD DIRECTOR 0 266914 0 0 0 1032 0 21857 0 35205 0 325008 0 0 Yu Shai Lin MD DIRECTOR 0 236039 0 0 0 552 0 22875 0 37425 0 296891 0 0 Edward Fitzpatrick MD DIRECTOR THRU 6/30/22 0 254772 0 0 0 0 0 0 0 0 0 254772 0 0 Joyce Leahy FORMER DIRECTOR/OFFICER 0 0 0 0 0 192622 0 0 0 3119 0 195741 0 0 SCHEDULE J SUPPLEMENTAL INFORMATION PART I, LINE 4A - OF THE LISTED PERSONS IN FORM 990 PART VII, SECTION A, THE FOLLOWING INDIVIDUAL RECEIVED SEVERANCE PAY DURING CALENDAR YEAR 2022: JOYCE LEAHY $152,394 Maimonides Research and Development Foundation did not pay severance. The severance was paid by Maimonides Medical Center, the related organization. PART I, LINE 4B - THE FOLLOWING PERSONS PARTICIPATED IN A 457(F) SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: DAVID COHEN, KENNETH GIBBS, JOHN MARSHALL, LAURIE WEINSTEIN, JOYCE LEAHY AND EDMUND SCHMIDT 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 2022. IN ACCORDANCE WITH TERMS OF THE SERP PLAN, VESTED BENEFITS WERE PAID OUT IN 2022 TO THE FOLLOWING PARTICIPANTS. KENNETH GIBBS - $398,380 DAVID COHEN - $157,334 LAURIE WEINSTEIN - $125,400 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 ADVANCEAND 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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