Civic Intelligence

Kings Physician Services PC

990 • Fiscal year 2021 • EIN 46-2333282

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 02, 2022

506 Sixth StreetBrooklyn, NY 11215

(212) 297-5412

Siviq Scores

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

Liabilities / Assets

49th percentile

0.48x

Higher debt load relative to assets than 49% of similar nonprofits.

2021 filings • NTEE E • $100M-$250M nonprofits • Source year 2021

Liabilities / Revenue

18th percentile

0.15x

Higher debt load relative to revenue than 18% of similar nonprofits.

2021 filings • NTEE E • $100M-$250M nonprofits • Source year 2021

Net Margin

4th percentile

-46%

Higher net margin than 4% of similar nonprofits.

2021 filings • NTEE E • $100M-$250M nonprofits • Source year 2021

Top Officer Pay

57th percentile

$1,554,206

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

2021 filings • NTEE E • $100M-$250M nonprofits • Source year 2021

Asset Growth

6th percentile

-13%

Faster asset growth than 6% of similar nonprofits.

2021 filings • NTEE E • $100M-$250M nonprofits • Annualized from 2020 to 2021

Revenue Growth

89th percentile

80%

Faster revenue growth than 89% of similar nonprofits.

2021 filings • NTEE E • $100M-$250M nonprofits • Annualized from 2020 to 2021

Assets

Down

$47,541,580

Down $7,172,764 (-13%) from 2020

Net Assets

Up

$24,823,677

Up $159,490,752 (+118%) from 2020

Liabilities

Down

$22,717,903

Down $166,663,516 (-88%) from 2020

Revenue

Up

$152,167,067

Up $67,420,705 (+80%) from 2020

Expenses

Up

$222,913,007

Up $66,258,191 (+42%) from 2020

Net Income

Up

-$70,745,940

Up $1,162,514 (+1.6%) from 2020

Historical Trend

Balance Sheet Trend

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

$200M$100M$0-$100M-$200MAssets 2014: $0Liabilities 2014: $0Net Assets 2014: $02014Assets 2015: $1Liabilities 2015: $02015Assets 2016: $1,144,811Liabilities 2016: $167,651Net Assets 2016: $977,1602016Assets 2017: $17,455,737Liabilities 2017: $3,063,508Net Assets 2017: $14,392,2292017Assets 2018: $18,769,596Liabilities 2018: $26,551,664Net Assets 2018: -$7,782,0682018Assets 2019: $33,930,028Liabilities 2019: $96,688,649Net Assets 2019: -$62,758,6212019Assets 2020: $54,714,344Liabilities 2020: $189,381,419Net Assets 2020: -$134,667,0752020Assets 2021: $47,541,580Liabilities 2021: $22,717,903Net Assets 2021: $24,823,6772021Assets 2022: $70,224,980Liabilities 2022: $46,226,865Net Assets 2022: $23,998,1152022Assets 2023: $67,085,963Liabilities 2023: $42,889,337Net Assets 2023: $24,196,6262023Assets 2024: $71,559,669Liabilities 2024: $47,356,979Net Assets 2024: $24,202,6902024

Highlighted filing

2021

Assets$47,541,580
Liabilities$22,717,903
Net Assets$24,823,677

Operations Trend

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

$400M$300M$200M$100M$0-$100MRevenue 2014: $0Expenses 2014: $0Net Income 2014: $02014Revenue 2015: $0Expenses 2015: $0Net Income 2015: $02015Revenue 2016: $1,144,811Expenses 2016: $167,651Net Income 2016: $977,1602016Revenue 2017: $24,436,782Expenses 2017: $11,021,713Net Income 2017: $13,415,0692017Revenue 2018: $35,988,161Expenses 2018: $58,162,458Net Income 2018: -$22,174,2972018Revenue 2019: $79,237,302Expenses 2019: $134,213,855Net Income 2019: -$54,976,5532019Revenue 2020: $84,746,362Expenses 2020: $156,654,816Net Income 2020: -$71,908,4542020Revenue 2021: $152,167,067Expenses 2021: $222,913,007Net Income 2021: -$70,745,9402021Revenue 2022: $260,613,986Expenses 2022: $260,613,986Net Income 2022: $02022Revenue 2023: $286,947,129Expenses 2023: $286,947,129Net Income 2023: $02023Revenue 2024: $307,319,898Expenses 2024: $307,319,898Net Income 2024: $02024

Highlighted filing

2021

Revenue$152,167,067
Expenses$222,913,007
Net Income-$70,745,940
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 2, 2022
Return Version
2021v4.2
Gross Receipts
$152,167,067
Mission and Program Overview

Mission

To provide excellent medical health care services to patients without regard to age, sex, race, creed, national origin or disabilities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$24,146,565$21,876,195▼ $2,270,370
Cash and Non-Interest-Bearing Accounts$26,591,389$13,646,340▼ $12,945,049
Accounts Receivable$3,630,285$4,581,720▲ $951,435
Prepaid Expenses and Deferred Charges$27,488$3,041,457▲ $3,013,969
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Loans From Officers Directors$0$0→ $0
Total Assets$54,714,344$47,541,580▼ $7,172,764
Other Assets Total$318,617$4,395,868▲ $4,077,251
Liabilities
Accounts Payable and Accrued Expenses$9,889,601$22,453,989▲ $12,564,388
Other Liabilities$179,491,818$263,914▼ $179,227,904
Total Liabilities$189,381,419$22,717,903▼ $166,663,516
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-134,667,075$24,823,677▲ $159,490,752
Total Net Assets Fund Balance$-134,667,075$24,823,677▲ $159,490,752
Total Liabilities and Net Assets / Fund Balance$54,714,344$47,541,580▼ $7,172,764

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$20,350,922$5,642,426$25,993,348
Equipment$1,101,366$1,431,344$2,532,710
Buildings$423,907$1,006,749$1,430,656
Other Assets Org$4,236,913--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
-Attending PhysicianPT$513,683$400,691$914,374
-ElectrophysiologistPT$338,619$200,168$538,787

Board Members and Trustees

NameTitle
-President

Highest Paid Contractors

ContractorServicesLocationCompensation
Weill Cornell MedicineLeased PhysiciansPO BOX 9845, New York, NY 10087$44,654,954
J & S Stark Billing And Consulting INCBilling Services179 AVENUE AT THE COMMONS, Shrewsbury, NJ 07702$4,344,967
Columbia UniversityLeased PhysiciansPO BOX 27651, New York, NJ 10087$3,473,639
Diagnostic Cardiology AssociatesMedical Services50 COURT ST, Brooklyn, NY 11201$1,531,008
Mtbc Health INCBilling Services7 CLYDE ROAD, Somerset, NJ 08873$1,147,300
Revenue and Support

Revenue Composition

Contributions and Grants
$17,000
Program Service Revenue
$103,037,673
Investment Income
$0
Other Revenue
$49,112,394
Change in Net Assets
$-70,745,940
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$124,130,177
Other Expenses$92,507,712
Grants and Similar Amounts Paid$6,275,118
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$93,469,068$9,332,250-$102,801,318
Fees for Services Other$38,280,032$12,986,996$0$51,267,028
Insurance$16,102,723--$16,102,723
Other Employee Benefits$11,381,755$1,176,594-$12,558,349
Occupancy$10,831,044$1,048,855-$11,879,899
Office Expenses$5,189,491$2,365,569-$7,555,060
Payroll Taxes$6,398,610$419,858-$6,818,468
Grants to Domestic Orgs$6,275,118--$6,275,118
Depreciation Depletion$2,008,657$212,921-$2,221,578
Pension Plan Contributions$1,140,827$121,349-$1,262,176
Current Officers, Directors, Trustees, and Key Employees-$689,866-$689,866
Other Expenses$202,617$3,114,462-$202,617
Conferences and Meetings-$44,476-$44,476
Travel-$4,273-$4,273
Total Functional Expenses$191,384,424$31,528,583$0$222,913,007
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Newyork-presbyterin Brooklyn Methodist HospitalBrooklyn, NY501(c)(3)Support$6,275,119
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
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 Third Party$213,486
Operating Lease Liability$50,428
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 15 PROCESS FOR DETERMINING COMPENSATION

The individual identified herein as the president of the corporation is employed and compensated by a related organization, newyork-presbyterian/brooklyn methodist hospital (the "hospital"). The individual performs services for the corporation by arrangement between the hospital and such organization(s). As set forth in schedule r, the corporation and the hospital are related organizations. The organization's president has no influence over the compensation process performed by the related organization.

Form 990, Part VI, Line 6 Classes of members or stockholders

The organization has a shareholder who also serves as the chief medical officer, an employee of the newyork-presbyterian/brooklyn methodist. Dr. Silber is the sole shareholder of kings physician services, p.c.. The p.c. Is organized and operated exclusively for the sole purpose of supporting and furthering the charitable purposes of newyork-presbyterian/brooklyn methodist.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

No action may be taken by a shareholder, officer, or director, without the consent of newyork-presbyterian/brooklyn methodist.

Form 990, Part VI, Line 7B Decisions requiring approval by members or stockholders

No action may be taken by a shareholder, officer, or director, without the consent of newyork-presbyterian/brooklyn methodist.

Form 990, Part VI, Line 11B Review of form 990 by governing body

Members of the newyork-presbyterian hospital (nyph) finance department (finance) coordinated and completed all of the information required for form 990, accessing various resources including, legal, human resources, corporate compliance, development, and other departments as needed. The following is the process for review: senior finance executives review the return in conjunction with ernst & young u.s. Llp, paid preparer, prior to submission to the chair of the audit and corporate compliance committee of the nyph board (nyph audit committee) or his/her designee.pursuant to the corporation's bylaws, it is the nyph audit committee that reviews the corporation's form 990. The chair of the nyph audit committee or his/her designee conducts a detailed review and meets with finance to address any questions. A copy of the 990 is sent to the other committee members for review, and a report is given on the 990 by management at the committee's meeting immediately preceding the filing. A copy of the form 990 is made available to members of the governing body prior to its filing. The corporation files the 990 upon final review.

Form 990, Part VI, Line 12C Conflict of interest policy

Kings physician services, p.c. Adheres to a conflict of interest (coi) policy that was approved by the audit and corporate compliance committee of the board of trustees. The policy states in part: "each board member, officer or key person of a new york-presbyterian organization shall complete a conflict of interest questionnaire prior to becoming a board member, officer or key person of the new york-presbyterian organization and annually thereafter." the policy also states that "each board member, officer, or key person shall promptly advise the chief executive officer of the newyork-presbyterian organization, or his or her designee, of any changes to the information provided in that individual's last completed conflict of interest questionnaire." the chief executive officer of new york-presbyterian hospital, or his or her designee, shall review all completed questionnaires and all subsequent advice of changes and shall take such action as is deemed appropriate to eliminate potentials for conflicts of interest, including such steps as reassignment of responsibilities or establishment of protective arrangements. All disclosures of interests in completed questionnaires or subsequent advice, unless clearly irrelevant or immaterial, shall be compiled and reported by management to the audit and corporate compliance committee of the board of new york- presbyterian hospital, together, in each case, with response or recommendation of management. The audit and corporate compliance committee shall determine whether the reported resolution of issues raised by the disclosures is satisfactory and, if not, shall require such further action as it deems appropriate.

Form 990, Part VI, Line 19 Required documents available to the public

External requests for our governing documents, conflict of interest policy, and financial statements are reviewed for validity. These requests are then granted if deemed appropriate.

Form 990, Part VIII, Line 11D Other Miscellaneous Revenue

OTHER - Total Revenue: 586395, Related or Exempt Function Revenue: 447080, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: 139315; - Total Revenue: , Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ;

Filing and Contact Details

Filer

Filer Name
Kings Physician Services Pc
EIN
46-2333282
Phone
2122975412
Address
506 SIXTH STREET, BROOKLYN, NY 11215
Doing Business As
Newyork-presbyterian Medical Group

Signing Officer

Name
Steven Silber
Title
President
Signed
2022-11-02
Discuss with paid preparer
No

Organization Details

Formed
2013
Legal Domicile
Ny
Voting Board Members
1
Independent Board Members
0
Employees
307
Volunteers
34

Preparer

Firm
Ernst & Young US Llp
Address
1 MANHATTAN WEST, NEW YORK, NY 10001
Preparer
Nicole Sokolowski
Phone
2127733000
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 2 New program services

Services that are no longer provided by park slope medical services, pc, brooklyn radiology, pc and park slope pathology, pc. Are now available to the community through kings physicians services pc., a related organization

Form 990, Part IX, Line 11G Other Fees

BILLING/COLLECTION FEES - Total Expense: 10420211, Program Service Expense: , Management and General Expenses: 10420211, Fundraising Expenses: ; LEASED PHYSICIANS - Total Expense: 32675577, Program Service Expense: 32675577, Management and General Expenses: , Fundraising Expenses: ; LEASE PHYSICIAN FEE - Total Expense: 4917808, Program Service Expense: 2360548, Management and General Expenses: 2557260, Fundraising Expenses: ; PROFESSIONAL FEES MEDICAL - Total Expense: 3253432, Program Service Expense: 3243907, Management and General Expenses: 9525, Fundraising Expenses: ; - Total Expense: , Program Service Expense: , Management and General Expenses: , Fundraising Expenses: ;

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

Elimination of parent payable - xxx-xx-xxxx;

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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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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0KINGS PHYSICIANS PC (SUPPORTING ORGANIZATION) IS A CAPTIVE PC ORGANIZED FOR THE SOLE PURPOSE OF SUPPORTING AND FURTHERING THE CHARITABLE PURPOSES OF NEW YORK PRESBYTERIAN BROOKLYN METHODIST HOSPITAL (SUPPORTED ORGANIZATION) BY ENGAGING IN THE PRACTICE OF MEDICINE AS DIRECTED BY THE NEW YORK PRESBYTERIAN BROOKLYN METHODIST HOSPITAL. KINGS PHYSICIANS PC AGREES TO BE BOUND BY THE TERMS OF THE CERTIFICATE OF INCORPORATION, BY-LAWS, AND SHAREHOLDER'S AGREEMENT. THERE CAN BE NO CHANGE TO THESE GOVERNING DOCUMENTS WITHOUT PRIOR WRITTEN CONSENT FROM NEW YORK PRESBYTERIAN BROOKLYN METHODIST HOSPITAL
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0KINGS PHYSICIAN SERVICES, P.C. IS A CAPTIVE PC ORGANIZED FOR THE SOLE PURPOSE OF SUPPORTING NEWYORK-PRESBYTERIAN/BROOKLYN METHODIST. KINGS PHYSICIAN SERVICES, P.C. TRANSFERS THE MONEY TO NEWYORK-PRESBYTERIAN/BROOKLYN METHODIST BASED ON AN AGREEMENT BETWEEN THE TWO ENTITIES.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds.
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