Msmc Residential Realty LLC

“Form 990 provided to governing body -the finance department gathered the relevant information and prepared the tax returns. -the tax department of our outside auditors, ernst & young ("ey"), participated in the preparation of, and reviewed, all tax returns. -a questionnaire was circulated to all trustees (i.e., directors), officers and key employees in order to elicit the information required to be reported on the tax returns. -the trustee conflicts of interest review committee reviewed the responses provided by trustees and certain officers in the questionnaires and assessed additional pertinent facts gathered by the institution in order to evaluate the applicability of irs reporting requirements. The review committee then determined the appropriate trustee (and certain officer) disclosures that should be made on form 990 based on the recommendations of the finance department, the general counsel's office and the audit and compliance department. These recommendations were reviewed and approved by ey. The same process was conducted by the finance department, the general counsel's office, the audit and the compliance department and ey with respect to the questionnaires submitted by other officers and key employees. -the audit and compliance committee of the board of trustees conducted a review of the entire tax return, with the participation of ey, the finance department, and the general counsel's office and the audit and compliance department. The audit committee approved the tax returns as presented. -the audit committee's report of its review of the tax returns and its recommendation to file the returns were presented to, and accepted by, the executive committee of the board of trustees (the "executive committee"). -in addition to authorizing the filing of the tax returns, the executive committee directed that the returns, which will be filed on or before november 15, 2021, be provided to all trustees via the trustees' confidential website, and those returns were so provided before being filed. Form 990, part vi, line 12c compliance with the organization's business conflicts of interest policy (the "policy") is required of trustees, employees, medical staff and non-employee members of institutional committees and includes an ongoing duty to disclose potential conflicts. Compliance with the policy is monitored and enforced regularly and consistently. All disclosures with the potential for conflict are reviewed by an appropriate committee where they are carefully evaluated. When appropriate, a plan, which may involve measures including, but not limited to, recusal from participating in affected transactions, is developed to manage the potential conflict. Form 990, part vi, section b, questions 12-14 the boards of mount sinai medical center, icahn school of medicine at mount sinai and the mount sinai hospital have adopted all policies referred to in form 990, part vi, section b questions 12 to 14, which would apply to all owned/controlled entities, including the msmc residential realty llc. Form 990, part vi, line 19 the organization makes its business conflicts of interests policy available on its website (www.mountsinai.org) and makes its governing documents and financial statements available upon request.”

“Mission statement msmc residential realty llc's mission is to support its member corporations by acquiring, owning, financing, operating and disposing of real estate primarily for use of staff housing. Form 990, part vi, line 6 as described in the by-laws the mount sinai hospital; icahn school of medicine at mount sinai; msmc realty corporation and msmc residential realty manager, inc. Are the members of the msmc residential realty llc. Form 990, part vi, line 7a. The members of msmc residential realty llc (the "llc"), the mount sinai hospital, icahn school of medicine at mount sinai, msmc realty corporation, and msmc residential realty manager, inc., have the sole authority to approve or consent to actions of the llc and, accordingly act as msmc residential realty llc's governing body.”

“Other salaries, wages and employee benefits reported on Part IX, lines 7 & 9 are purchased service salaries and benefits for union employees of Mount Sinai Hospital, a related organization.”