Maimonides Research & Development Foundation

Nonprofit profile at a glance

EIN
112608229
IRS 990 coverage
2018–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Brooklyn, NY, USA
Phone
7182836456
Rating
57
Verdict
MIXED
Rating confidence
Moderate
Sector
Medical Research N.E.C.

Official website

Reported finances

Revenue
$907,096
Expenses
$980,709
Assets
$22,470,558
Liabilities
$816,568

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

Leadership & pay

19 people listed

Executive titles in this filing

  • PATRICK BORGEN MD (PRESIDENT/MEDICAL DIRECTOR)
  • ROBERT MACHINIST (VICE PRESIDENT)

Highest reported compensation

  • PATRICK BORGEN MD (PRESIDENT/MEDICAL DIRECTOR): $2,058,300 total reported compensation
  • KENNETH GIBBS (DIRECTOR): $1,815,127 total reported compensation
  • JOHN MARSHALL MD (DIRECTOR): $1,490,856 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Maimonides research and development foundation was established exclusively for the educational, scientific, medical and charitable purposes carried on by maimonides medical center.

What it reported doing in 2024

Expenditures for grants represent funds awarded by the foundation's board of directors for medical research and development projects. Included in expenses are $218,528 research related administrative fees. Revenue is generated from rental income produced by providing facilities to maimonides medical center.

Operating model

Revenue model
Investment-supported. 71% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 66% of its reported program spending out as grants.

The verdict

MIXED - A large share of available resources goes toward mission work and program spending has grown recently. A relatively small share of voting board members are independent and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 65
  • Transparency & Controls: 57
  • Accountability: 45
  • Sustainability: 44
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 72.1%; rating input score 72
  • Program expense ratio: 75.7%; rating input score 76
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: Scored; rating input score 0
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 29.4%; rating input score 29; 10th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -8.1%; rating input score 19; 19th percentile among comparable filings
  • Total-asset coverage ratio: 22.91; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 56; 56th percentile among comparable filings
  • Officer compensation ratio: 71%; rating input score 1; 1st percentile among comparable filings

Growth

  • Program expense growth: 10.4% per year; rating input score 100; 64th percentile among comparable filings
  • Revenue growth: -15.2% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: 5.4% per year; rating input score 100; 40th percentile among comparable filings

Details

  • Where the money goes: 72.1% of revenue deployed · 75.7% of spending went to programs
  • Governance: 5 of 17 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $743K in reported program spending
  • Leadership: top reported pay $2.1M · 19 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 26 of 26 current checks pass
  • Schedules: 7 filed schedules · includes foreign activity, grants, and executive pay
  • Filing history: 6 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 31 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 29/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 19/100.
  • High — Sustainability: Officer compensation ratio scored 1/100.
  • Review — Sustainability: Liabilities to assets ratio scored 56/100.