Palisades Medical Associates Llc

Overview

Mission

The company is operated exclusively for the sole purpose of supporting and furthering the charitble purpose of providing medical services to the patients of hmh hosptials corporation.

What it reported doing in 2024

Providing medically necessary healthcare services directly to patients through the physicians employed by the corporation. Also, providing administrative, supervisory, teaching, coverage and research services to hmh hospitals corporation; a related internal revenue code section 501(c)(3) tax-exempt organization, in furtherance of its primary tax-exempt purpose in providing medically necessary healthcare services to all individuals in a non-discriminatory manner regardless of race, color, creed, sex, national origin, religion or ability to pay. Accordingly, the corporation is an integral part of hackensack meridian health; a tax-exempt integrated healthcare delivery network.

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
Distribution model
No current program activity. The filing reports no program spending for the current year.

Nonprofit profile at a glance

EIN
223814193
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Edison, NJ, USA
Phone
5513677160
Rating confidence
Limited
Sector
Group Health Practice (Health Maintenance Organizations)

Reported finances

Revenue
$0
Expenses
$0
Assets
$29,751,596
Liabilities
$4,185

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

The verdict

- This form does not report enough financial and governance detail to rate the organization. That is normal for this form and is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 55
  • Accountability: 37
  • Sustainability: 4
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 22nd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 9th percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: Limited
  • Total-asset coverage ratio: Limited
  • Liabilities to assets ratio: 0; rating input score 37; 37th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: -8.2% per year; rating input score 0; 32nd percentile among comparable filings
  • Revenue growth: -3.9% per year; rating input score 0; 46th percentile among comparable filings
  • Asset growth: 29.3% per year; rating input score 100; 95th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 0 of 1 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $3.4M · 1 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 12 of 13 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 9 annual filings from 2015 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 38 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 37/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Transparency & Controls: Series filing activity did not reconcile in the filed values.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.

Leadership & pay

1 person listed

Highest reported compensation

  • Daniel Varga (Chief Physician Executive): $3,367,459 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024.