Maimonides Medical Center

EIN: 111635081 501(c)(3) Health Care

Brooklyn, NY

Total Revenue
$1,624,220,953
Total Expenses
$1,657,430,423
Total Assets
$1,741,180,827
Net Assets
$292,398,693
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1947
Legal Domicile
NY
Principal Officer
KENNETH D GIBBS
Phone
7182833900
Tax Period
2023-01-01 to 2023-12-31

Maimonides Medical Center, founded in 1947, is a large national nonprofit in the Health Care sector that reported $1.6B in total revenue in fiscal year 2023. Revenue grew 12% year-over-year, indicating healthy expansion.

Mission

MAIMONIDES MEDICAL CENTER IS AN ANCHOR OF THE HEALTHCARE SYSTEM FOR RESIDENTS OF BROOKLYN. IT ENCOMPASSES THE BOROUGH'S LARGEST HOSPITAL, A 711-BED TERTIARY TEACHING FACILITY THAT SERVES AS A DESTINATION CENTER FOR HIGH-QUALITY, COMPASSIONATE AND CULTURALLY-COMPETENT CARE, AS WELL AS A BROAD RANGE OF OUTPATIENT AND COMMUNITY SERVICES.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $97,350,075
Program Service Revenue $1,517,259,643
Investment Income $5,623,857
Other Revenue $3,987,378
TOTAL REVENUE $1,624,220,953

Expense Breakdown

Grants Paid $1,770,676
Salaries & Benefits $1,029,097,055
Fundraising Expenses $2,049,273
Program Expenses $1,312,268,720
Other Expenses $626,562,692
TOTAL EXPENSES $1,657,430,423

Year-over-Year Comparison

2023 2022 Change
Revenue $1,624,220,953 $1,451,215,166 +0.1%
Expenses $1,657,430,423 $1,516,482,116 +0.1%
Net Income $-33,209,470 $-65,266,950 -0.5%
Key Indicators
✓ Grants to Organizations ✓ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
26
Independent Members
24
Employees
8207
Volunteers
1587

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
⚠ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✓ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
6
$4,167,683
Total Directors
32
$2,280,281
Key Employees
4
$3,885,377
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JACOB SHANI MD CHAIR, CARDIOLOGY 40.0
Highest
$3,498,724 $51,439 $3,550,163
DAVID EDELSTEIN MD ORTHOPEDIC SURGERY 40.0
Highest
$2,100,285 $64,576 $2,164,861
PATRICK I BORGEN MD CHAIR, DEPT OF SURGERY 40.0
Highest
$1,991,826 $64,576 $2,056,402
Joshua Kerstein MD ASSOC DIR, CLINICAL CARDIOLOGY 40.0
Highest
$1,818,980 $64,576 $1,883,556
KENNETH D GIBBS PRESIDENT & CEO 40.0
Officer Director
$1,812,493 $54,489 $1,866,982
GREG H RIBAKOVE MD CHIEF CARDIOTHORACIC SURGERY 40.0
Highest
$1,794,058 $51,439 $1,845,497
LAURIE E WEINSTEIN EVP,CHIEF LEGAL OFFIC,ASST SEC 40.0
Officer
$1,258,857 $54,489 $1,313,346
JOHN MARSHALL MD EVP,MEDICAL AFFAIRS AS OF 5/23 40.0
Key Emp
$1,084,567 $65,656 $1,150,223
DAVID I COHEN MD EVP,POP HEALTH& ACADEM AFFAIRS 40.0
Key Emp
$970,153 $42,552 $1,012,705
ROBERT PALERMO EVP/CFO & ASST TREASURER 40.0
Officer
$922,779 $64,576 $987,355
ROBERT PRESS MD EVP,MEDICAL AFFAIRS THRU 5/23 40.0
Key Emp
$788,674 $153,321 $941,995
JUDY BACHMAN EVP/COO AS OF 2/23 40.0
Key Emp
$755,289 $25,165 $780,454
MICHAEL ANTONIADES FORMER EVP & COO 0.0
$720,289 $0 $720,289
MONICA GHITAN MD MEDICAL STAFF PRESIDENT 40.0
Director
$351,138 $62,161 $413,299
PAUL ADDISON TRUSTEE & TREASURER 0.5
Officer Director
$0 $0 $0
DONNA ASTION MD TRUSTEE 0.5
Director
$0 $0 $0
RICHARD BARASCH TRUSTEE THRU 8/23 0.5
Director
$0 $0 $0
JOSEPH BRUNO TRUSTEE 0.5
Director
$0 $0 $0
DAVID CASSATO MSGR TRUSTEE 0.5
Director
$0 $0 $0
JEFFERY FENSTER TRUSTEE THRU 6/23 0.5
Director
$0 $0 $0
CHAIM FISCHER TRUSTEE 0.5
Director
$0 $0 $0
YEHOSHUA FRUCHTHANDLER TRUSTEE 0.5
Director
$0 $0 $0
JEREMY GLICK TRUSTEE THRU 3/23 0.5
Director
$0 $0 $0
JACK A HIDARY TRUSTEE THRU 5/23 0.5
Director
$0 $0 $0
LOFTON HOLDER TRUSTEE 0.5
Director
$0 $0 $0
EUGENE KEILIN TRUSTEE & BOARD CHAIR 0.5
Officer Director
$0 $0 $0
MORTIMER N KLAUS TRUSTEE 0.5
Director
$0 $0 $0
GEORGE LIU MD TRUSTEE 0.5
Director
$0 $0 $0
ROBERT MACHINIST TRUSTEE 0.5
Director
$0 $0 $0
DONALD MELTZER TRUSTEE 0.5
Director
$0 $0 $0
FRANK NACCARATO TRUSTEE & SECRETARY 0.5
Officer Director
$0 $0 $0
AZZAM OBEID TRUSTEE 0.5
Director
$0 $0 $0
MARTIN PAYSON TRUSTEE 0.5
Director
$0 $0 $0
TREVOR PRICE TRUSTEE THRU 9/23 0.5
Director
$0 $0 $0
PETER REBENWURZEL TRUSTEE & VICE CHAIR 0.5
Director
$0 $0 $0
ERMINIA RIVERA TRUSTEE & VICE CHAIR 0.5
Director
$0 $0 $0
ALEX ROVT PHD TRUSTEE & VICE CHAIR 0.5
Director
$0 $0 $0
AVI SCHRON TRUSTEE THRU 6/23 0.5
Director
$0 $0 $0
MARY SINGH TRUSTEE 0.5
Director
$0 $0 $0
DAVID SPIRA TRUSTEE 0.5
Director
$0 $0 $0
AARON D TWERSKI TRUSTEE 0.5
Director
$0 $0 $0
MARTY WAISBROD TRUSTEE 0.5
Director
$0 $0 $0
GEORGE WEINBERGER TRUSTEE 0.5
Director
$0 $0 $0
MICHAEL L ZIEGLER ESQ TRUSTEE 0.5
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $1,624,220,953 $1,657,430,423 $1,741,180,827 $-33,209,470
2022 $1,451,215,166 $1,516,482,116 $1,708,014,796 $-65,266,950
2021 $1,327,224,906 $1,493,123,688 $1,684,839,092 $-165,898,782
2020 $1,401,547,417 $1,371,863,990 $1,813,379,005 $29,683,427
2019 $1,304,878,930 $1,297,342,078 $1,584,622,513 $7,536,852
2018 $1,314,727,016 $1,208,562,436 $1,417,811,063 $106,164,580
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