Civic Intelligence

Malmonides Research and Development Foundation

990 • Fiscal year 2019 • EIN 11-2608229

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 05, 2020

Organization ProfileWWW.maimonidesmed.org
4802 Tenth AvenueBrooklyn, NY 11219

(718) 283-6456

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

27th percentile

0.05x

Higher debt load relative to assets than 27% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

91st percentile

3.21x

Higher debt load relative to revenue than 91% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Net Margin

2nd percentile

-164%

Higher net margin than 2% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

99th percentile

$1,992,151

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 806.5% of source-year revenue.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Asset Growth

75th percentile

14%

Faster asset growth than 75% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

1st percentile

-93%

Faster revenue growth than 1% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets27th percentile

Assets

Up

$16,912,141

Up $2,015,755 (+14%) from 2018

Net Assets

Up

$16,118,984

Up $1,808,427 (+13%) from 2018

Liabilities

Up

$793,157

Up $207,328 (+35%) from 2018

Revenue And Expenses
Liabilities / Revenue91st percentileNet Margin2nd percentile

Revenue

Down

$247,011

Down $3,287,131 (-93%) from 2018

Expenses

Up

$651,089

Up $92,160 (+16%) from 2018

Net Income

Down

-$404,078

Down $3,379,291 (-114%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth75th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0Assets 2010: $10,421,972Liabilities 2010: $465,709Net Assets 2010: $9,956,2632010Assets 2011: $9,945,649Liabilities 2011: $575,202Net Assets 2011: $9,370,4472011Assets 2012: $10,529,088Liabilities 2012: $664,765Net Assets 2012: $9,864,3232012Assets 2013: $12,040,082Liabilities 2013: $809,226Net Assets 2013: $11,230,8562013Assets 2014: $12,005,355Liabilities 2014: $946,018Net Assets 2014: $11,059,3372014Assets 2015: $11,446,137Liabilities 2015: $795,849Net Assets 2015: $10,650,2882015Assets 2016: $11,583,118Liabilities 2016: $794,435Net Assets 2016: $10,788,6832016Assets 2017: $12,718,764Liabilities 2017: $588,493Net Assets 2017: $12,130,2712017Assets 2018: $14,896,386Liabilities 2018: $585,829Net Assets 2018: $14,310,5572018Assets 2019: $16,912,141Liabilities 2019: $793,157Net Assets 2019: $16,118,9842019Assets 2020: $18,521,336Liabilities 2020: $511,429Net Assets 2020: $18,009,9072020Assets 2021: $20,668,159Liabilities 2021: $452,579Net Assets 2021: $20,215,5802021Assets 2022: $17,799,008Liabilities 2022: $603,758Net Assets 2022: $17,195,2502022Assets 2023: $19,807,901Liabilities 2023: $650,101Net Assets 2023: $19,157,8002023Assets 2024: $22,470,558Liabilities 2024: $816,568Net Assets 2024: $21,653,9902024

Highlighted filing

2019

Assets$16,912,141
Liabilities$793,157
Net Assets$16,118,984
Open 2019 Filing

Operations Trend

Revenue Growth1st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$2.0M$0-$2.0MRevenue 2010: $880,329Expenses 2010: $784,730Net Income 2010: $95,5992010Revenue 2011: $866,116Expenses 2011: $854,691Net Income 2011: $11,4252011Revenue 2012: $886,136Expenses 2012: $856,616Net Income 2012: $29,5202012Revenue 2013: $2,277,195Expenses 2013: $809,998Net Income 2013: $1,467,1972013Revenue 2014: $656,225Expenses 2014: $698,614Net Income 2014: -$42,3892014Revenue 2015: $501,461Expenses 2015: $724,903Net Income 2015: -$223,4422015Revenue 2016: $172,178Expenses 2016: $815,470Net Income 2016: -$643,2922016Revenue 2017: $1,729,658Expenses 2017: $523,398Net Income 2017: $1,206,2602017Revenue 2018: $3,534,142Expenses 2018: $558,929Net Income 2018: $2,975,2132018Revenue 2019: $247,011Expenses 2019: $651,089Net Income 2019: -$404,0782019Revenue 2020: -$315,594Expenses 2020: $407,666Net Income 2020: -$723,2602020Revenue 2021: $1,623,416Expenses 2021: $570,938Net Income 2021: $1,052,4782021Revenue 2022: $1,561,943Expenses 2022: $854,686Net Income 2022: $707,2572022Revenue 2023: $849,538Expenses 2023: $788,700Net Income 2023: $60,8382023Revenue 2024: $907,096Expenses 2024: $980,709Net Income 2024: -$73,6132024

Highlighted filing

2019

Revenue$247,011
Expenses$651,089
Net Income-$404,078
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 5, 2020
Return Version
2019v5.1
Gross Receipts
$7,408,840
Mission and Program Overview

Mission

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

Maimonides Research and Development FOUNDATION AWARDS GRANTS FOR RESEARCH AND DEVELOPMENT ACTIVITIES PRIMARILY TO PHYSICIANS ASSOCIATED WITH MAIMONIDES MEDICAL CENTER.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$10,065,353$11,665,084▲ $1,599,731
Investments Other Securities$727,882$2,047,313▲ $1,319,431
Cash and Non-Interest-Bearing Accounts$1,524,226$654,428▼ $869,798
Land, Buildings, and Equipment, Net$425,146$425,019▼ $127
Savings and Temporary Cash Investments$253,779$220,297▼ $33,482
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$14,896,386$16,912,141▲ $2,015,755
Other Assets Total$1,900,000$1,900,000→ $0
Liabilities
Grants Payable$534,141$736,064▲ $201,923
Accounts Payable and Accrued Expenses$36,250$43,100▲ $6,850
Other Liabilities$15,438$13,993▼ $1,445
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$585,829$793,157▲ $207,328
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$14,310,557$16,118,984▲ $1,808,427
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$14,310,557$16,118,984▲ $1,808,427
Total Liabilities and Net Assets / Fund Balance$14,896,386$16,912,141▲ $2,015,755

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$19$1,324,981$1,325,000
Land$425,000-$425,000
Other Land Buildings$0$4,240$4,240
Other Assets Org$1,900,000--
Other Securities$1,490,382--
Compensation and Service Providers
Top Officer Pay99th percentile

Employees

NameTitleOtherTotal
Edward Fitzpatrick MDDirector$25,000$25,000

Board Members and Trustees

NameTitle
Steven EisenstadtChairman
Howard Minkoff MDPresident/medical Director
Robert MachinistVice President
Afshin Razi MDDirector
David Cohen MDDirector
Jacob Solome MDDirector
Jeffrey Avner MDDirector
John Marshall MDDirector
Joyce Leahy EsqDirector
Ken GibbsDirector
Marvin EisenstadtDirector
Patrick Borgen MDDirector
Stephan Kamholz MDDirector
Thomas SmithDirector
William Solomon MDDirector
Yu Shai Lin MDDirector
Edward ChapnickDirector (as of 12/19)
Edmund P SchmidtDirector (As of 6/19)
Donna Astion MDSecretary/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$4,000
Program Service Revenue
$275,000
Investment Income
$-126,989
Other Revenue
$95,000
All Other Contributions
$4,000
Change in Net Assets
$-404,078

Audited Revenue Reconciliation

Revenue per Audited Statements
$247,011
Total Revenue per Audited Statements
$247,011
Total Revenue per Form 990
$247,011
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$442,666
Other Expenses$208,423
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$442,666--$442,666
Fees for Services Management$63,286$15,822-$79,108
Fees for Service Investment Mgmnt Fees-$71,417-$71,417
Fees for Services Accounting-$37,749-$37,749
Conferences and Meetings$11,396$4,686-$16,082
Fees for Services Other-$2,463-$2,463
Information Technology-$1,201-$1,201
Other Expenses-$276-$276
Depreciation Depletion-$127-$127
Total Functional Expenses$517,348$133,741$0$651,089

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$651,089
Total Expenses per Audited Statements$651,089
Total Expenses per Form 990$651,089
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Maimonides Medical CenterBrooklyn, NY501(c)(3)Medical Research$442,666

International Summary

Offices
0
Employees
0
Spending
$1,302,268

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments-00$1,302,268
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Affiliate$13,993
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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 4 The organization's by-laws were amended on December 10, 2019 to reflect updated definition of the following: (1) Quorum and Action (2) Committees of the board (3) Related party transactions 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 The Form 990 is reviewed by the outside tax preparer who signs off on the return. The returns and attachments are presented to the President and Finance Committee of the Board of Trustees for their comments and questions prior to filing. Pursuant to their 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 and officers of the Board 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 conflict or appear to conflict 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, conflict of interest policy and audited financial statements upon request at 4802 Tenth Avenue, Administration Building, Executive Office, 2nd floor, Brooklyn NY 11219.”

Filing and Contact Details

Filer

Filer Name
Maimonides Research & Development Foundation
EIN
11-2608229
In Care Of
% PATRICK BORGEN MD
Phone
7182836456
Address
4802 TENTH AVENUE, BROOKLYN, NY 11219

Signing Officer

Name
Patrick Borgen Md
Title
Pres Research Fdn
Phone
7182836456
Signed
2020-11-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick Borgen Md
Formed
1982
Legal Domicile
Ny
Voting Board Members
20
Independent Board Members
5
Employees
0
Volunteers
0

Preparer

Firm
Ernst & Young US Llp
Address
111 MONUMENT CIRCLE SUITE 4000, INDIANAPOLIS, IN 46204
Preparer
Jennifer D Rhoderick
Phone
3176817000
Supplemental Narrative

Financial Statement Notes

Part X - Other Liabilities, Line 2 Fin 48 Footnote

“There was no liability for uncertain tax positions under FIN 48, making the footnote unnecessary.”

Raw XML AppendixShowing 400 of 1,386 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm11Edward Chapnick
IRS990/Form990PartVIISectionAGrp/PersonNm12Edmund P Schmidt
IRS990/Form990PartVIISectionAGrp/PersonNm13Yu Shai Lin MD
IRS990/Form990PartVIISectionAGrp/PersonNm14Edward Fitzpatrick MD
IRS990/Form990PartVIISectionAGrp/PersonNm15Steven Eisenstadt
IRS990/Form990PartVIISectionAGrp/PersonNm16Donna Astion MD
IRS990/Form990PartVIISectionAGrp/PersonNm17Marvin Eisenstadt
IRS990/Form990PartVIISectionAGrp/PersonNm18Robert Machinist
IRS990/Form990PartVIISectionAGrp/PersonNm19Jacob Solome MD
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IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5PRESIDENT/MEDICAL DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director (as of 12/19)
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director (As of 6/19)
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt16SECRETARY/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
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IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$16,912,141
Liabilities
$793,157
Net assets
$16,118,984
Revenue
$247,011
Expenses
$651,089
Net income
-$404,078
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.5$0.82$21.7$0.91$0.98$0.07
2023Detailed filing. Detailed filing data is available for this year.$19.8$0.65$19.2$0.85$0.79$0.06
2022Detailed filing. Detailed filing data is available for this year.$17.8$0.60$17.2$1.56$0.85$0.71
2021Detailed filing. Detailed filing data is available for this year.$20.7$0.45$20.2$1.62$0.57$1.05
2020Detailed filing. Detailed filing data is available for this year.$18.5$0.51$18.0$0.32$0.41$0.72
2019Detailed filing. Detailed filing data is available for this year.$16.9$0.79$16.1$0.25$0.65$0.40
2018Detailed filing. Detailed filing data is available for this year.$14.9$0.59$14.3$3.53$0.56$2.98
2017Summary only. Only limited summary data is available for this year.$12.7$0.59$12.1$1.73$0.52$1.21
2016Summary only. Only limited summary data is available for this year.$11.6$0.79$10.8$0.17$0.82$0.64
2015Summary only. Only limited summary data is available for this year.$11.4$0.80$10.7$0.50$0.72$0.22
2014Summary only. Only limited summary data is available for this year.$12.0$0.95$11.1$0.66$0.70$0.04
2013Summary only. Only limited summary data is available for this year.$12.0$0.81$11.2$2.28$0.81$1.47
2012Summary only. Only limited summary data is available for this year.$10.5$0.66$9.86$0.89$0.86$0.03
2011Summary only. Only limited summary data is available for this year.$9.95$0.58$9.37$0.87$0.85$0.01
2010Summary only. Only limited summary data is available for this year.$10.4$0.47$9.96$0.88$0.78$0.10