Civic Intelligence

Malmonides Research and Development Foundation

990 • Fiscal year 2023 • EIN 11-2608229

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 04, 2024

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

24th percentile

0.03x

Higher debt load relative to assets than 24% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

76th percentile

0.77x

Higher debt load relative to revenue than 76% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

58th percentile

7.2%

Higher net margin than 58% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

99th percentile

$2,056,402

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 242.1% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

64th percentile

11%

Faster asset growth than 64% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

7th percentile

-46%

Faster revenue growth than 7% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets24th percentile

Assets

Up

$19,807,901

Up $2,008,893 (+11%) from 2022

Net Assets

Up

$19,157,800

Up $1,962,550 (+11%) from 2022

Liabilities

Up

$650,101

Up $46,343 (+7.7%) from 2022

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin58th percentile

Revenue

Down

$849,538

Down $712,405 (-46%) from 2022

Expenses

Down

$788,700

Down $65,986 (-7.7%) from 2022

Net Income

Down

$60,838

Down $646,419 (-91%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth64th 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

2023

Assets$19,807,901
Liabilities$650,101
Net Assets$19,157,800
Open 2023 Filing

Operations Trend

Revenue Growth7th 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

2023

Revenue$849,538
Expenses$788,700
Net Income$60,838
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 4, 2024
Return Version
2023v5.1
Gross Receipts
$11,929,955
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$12,255,838$14,366,196▲ $2,110,358
Investments Other Securities$3,834,938$4,358,799▲ $523,861
Cash and Non-Interest-Bearing Accounts$1,182,390$427,170▼ $755,220
Land, Buildings, and Equipment, Net$425,373$425,216▼ $157
Savings and Temporary Cash Investments$100,469$230,520▲ $130,051
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$17,799,008$19,807,901▲ $2,008,893
Other Assets Total$0$0→ $0
Liabilities
Grants Payable$532,776$573,450▲ $40,674
Accounts Payable and Accrued Expenses$51,500$56,000▲ $4,500
Other Liabilities$19,482$20,651▲ $1,169
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$603,758$650,101▲ $46,343
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$17,195,250$19,157,800▲ $1,962,550
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$17,195,250$19,157,800▲ $1,962,550
Total Liabilities and Net Assets / Fund Balance$17,799,008$19,807,901▲ $2,008,893

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$216$1,324,784$1,325,000
Land$425,000-$425,000
Other Land Buildings$0$5,022$5,022
Other Securities$3,947,660--
Compensation and Service Providers
Top Officer Pay99th percentile

Board Members and Trustees

NameTitle
Steven EisenstadtChairman
Patrick Borgen MdPresident/medical Director
Robert MachinistVice President
Afshin Razi MdDirector
Anthony Kalloo MdDirector
Ariel Schulman MdDirector
Chaskie RosenbergDirector
David Cohen MdDirector
Edmund SchmidtDirector
Jacob Solome MdDirector
Jeffrey Avner MdDirector
John Marshall MdDirector
Kenneth GibbsDirector
Marvin EisenstadtDirector
Monica Ghitan MdDirector
Sergei Motov MdDirector
Yu Shai Lin MdDirector
Laurie WeinsteinSecretary
Donna Astion MdTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$275,000
Investment Income
$573,323
Other Revenue
$1,215
Change in Net Assets
$60,838

Audited Revenue Reconciliation

Revenue per Audited Statements
$760,893
Revenue Not Reported on Financial Statements
$88,645
Revenue Not Reported on Form 990
$1,901,712
Total Revenue per Audited Statements
$2,662,605
Total Revenue per Form 990
$849,538
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$437,331
Grants and Similar Amounts Paid$351,369
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$351,369--$351,369
Fees for Services Management$207,758$51,939$0$259,697
Fees for Service Investment Mgmnt Fees-$88,645-$88,645
Fees for Services Accounting-$50,500-$50,500
Conferences and Meetings$26,745--$26,745
Insurance$5,529--$5,529
Fees for Services Other-$5,100-$5,100
Office Expenses-$958-$958
Depreciation Depletion-$157-$157
Total Functional Expenses$591,401$197,299$0$788,700

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$788,700
Expenses per Audited Statements$700,055
Total Expenses per Audited Statements$700,055
Expenses Not Reported on Financial Statements$88,645
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Maimonides Medical CenterBrooklyn, NY501(c)(3)Medical Research$351,369

International Summary

Offices
0
Employees
0
Spending
$1,796,132

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$1,796,132
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 Affiliates$20,651
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
No
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 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.”

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
2024-11-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick Borgen Md
Formed
1982
Legal Domicile
Ny
Voting Board Members
18
Independent Board Members
6
Employees
0
Volunteers
0

Preparer

Firm
PwC US Tax LLP
Address
2001 MARKET STREET SUITE 1800, PHILADELPHIA, PA 10017
Preparer
Meredith Monroe
Phone
2673303000
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.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt14VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt15TREASURER
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IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
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IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
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IRS990/MinutesOfCommitteesInd0true
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IRS990/OperateHospitalInd0false
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$19,807,901
Liabilities
$650,101
Net assets
$19,157,800
Revenue
$849,538
Expenses
$788,700
Net income
$60,838
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