The Mount Sinai Medical Center

Nonprofit profile at a glance

EIN
136271888
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
New York, NY, USA
Phone
6466054095
Rating
38
Verdict
REVIEW
Rating confidence
Moderate
Sector
Fund Raising and/or Fund Distribution

Reported finances

Revenue
$1,197,852
Expenses
$78,572
Assets
$2,129,834,256
Liabilities
$2,114,871,051

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

Leadership & pay

77 people listed

Executive titles in this filing

  • BRENDAN CARR 12 MD (CHIEF EXECUTIVE OFFICER (START 1/1/24))
  • DENNIS CHARNEY MD 1 2 (PRESIDENT, ACADEMIC AFFAIRS)
  • MARGARET PASTUSZKO 1 (PRESIDENT, SYSTEM COO)

Highest reported compensation

  • KENNETH DAVIS 1 MD (TRUSTEE AND FORMER OFFICER): $7,503,060 total reported compensation
  • BRENDAN CARR 12 MD (CHIEF EXECUTIVE OFFICER (START 1/1/24)): $5,489,914 total reported compensation
  • DENNIS CHARNEY MD 1 2 (PRESIDENT, ACADEMIC AFFAIRS): $2,636,248 total reported compensation

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

Overview

Mission

Provide fundraising, support, and maintains pooled investments for entities of the mount sinai health system, inc.

What it reported doing in 2024

The medical center maintains investments in a pooled investment portfolio for the benefit of icahn school of medicine at mount sinai, the mount sinai hospital, mount sinai auxiliary board, st luke's-roosevelt hospital center, beth israel medical center, New York eye and ear infirmary, as well as the medical center; collectively, the mount sinai health system. The mount sinai health system's permanently restricted assets are held in perpetuity, but the income derived from these assets can be used or expended, in part or in entirety, for either specified or unspecified purposes of the respective entity, in accordance with mount sinai's policies and procedures governing the management of institutional funds. In accordance with the mount sinai health system's investment pool agreement, the book income earned from pooled investments is consolidated in the supported entities' respective statements of activities. The medical center's book income derived from it's permanently restricted assets is used to support either specified (generally, the school) or unspecified purposes. The investments maintained by the medical center in the pooled investment portfolio may generate unrelated business taxable income ("ubit"); in the event ubti is assessed to the medical center, as the legally named entity on the investment (typically a k-1 statement), the medical center reports all of the ubit on its 990t and remits the appropriate tax liability estimates to the IRS and settles any income tax expense with the IRS when the medical center's 990t is filed for the corresponding tax year. The medical center allocates the income tax expense to the entities of the health system based on the earnings derived on their prorata share of the investment pool in accordance with the mount sinai health system's investment pool agreement; none of the other entities are required to report any ubit from the pooled investments maintained by the medical center under the mount sinai health system investment pool agreement.

Operating model

Revenue model
Affiliate-supported. 90% of the money available for current operations came from contributions from related organizations.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

REVIEW - Most voting board members are independent and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 45
  • Accountability: 90
  • Sustainability: 77
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 19th 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: Scored; rating input score 0
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 98.2%; rating input score 98; 26th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: 93.4%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 27,106.78; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 0.99; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 969.6%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: -19% per year; rating input score 0; 2nd percentile among comparable filings
  • Revenue growth: 15.1% per year; rating input score 100; 79th percentile among comparable filings
  • Asset growth: 13.9% per year; rating input score 100; 70th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 56 of 57 board members independent · 7 of 9 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $7.5M · 77 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 21 of 22 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors, foreign activity, executive pay, and related organizations
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 39 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.
  • Moderate — Transparency & Controls: Schedule D expense reconciliation did not reconcile in the filed values.