MAIMONIDES RESEARCH & DEVELOPMENT FOUNDATION

EIN: 112608229 501(c)(3) Medical Research

BROOKLYN, NY

Total Revenue
$907,096
Total Expenses
$980,709
Total Assets
$22,470,558
Net Assets
$21,653,990
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1982
Legal Domicile
NY
Principal Officer
PATRICK BORGEN MD
Phone
7182836456
Tax Period
2024-01-01 to 2024-12-31

MAIMONIDES RESEARCH & DEVELOPMENT FOUNDATION, founded in 1982, is a small nonprofit in the Medical Research sector that reported $907K in total revenue in fiscal year 2024. Net assets of $21.7M represent 286 months of operating reserves.

Mission

MAIMONIDES RESEARCH AND DEVELOPMENT FOUNDATION WAS ESTABLISHED EXCLUSIVELY FOR THE EDUCATIONAL, SCIENTIFIC, MEDICAL AND CHARITABLE PURPOSES CARRIED ON BY MAIMONIDES MEDICAL CENTER.

Program Service Accomplishments

Program 1
Expenses: $742,580 Revenue: $275,000

EXPENDITURES FOR GRANTS REPRESENT FUNDS AWARDED BY THE FOUNDATION'S BOARD OF DIRECTORS FOR MEDICAL RESEARCH AND DEVELOPMENT PROJECTS. INCLUDED IN EXPENSES ARE $218,528 RESEARCH RELATED ADMINISTRATIVE...

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EXPENDITURES FOR GRANTS REPRESENT FUNDS AWARDED BY THE FOUNDATION'S BOARD OF DIRECTORS FOR MEDICAL RESEARCH AND DEVELOPMENT PROJECTS. INCLUDED IN EXPENSES ARE $218,528 RESEARCH RELATED ADMINISTRATIVE FEES. REVENUE IS GENERATED FROM RENTAL INCOME PRODUCED BY PROVIDING FACILITIES TO MAIMONIDES MEDICAL CENTER.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $275,000
Investment Income $630,160
Other Revenue $1,936
TOTAL REVENUE $907,096

Expense Breakdown

Grants Paid $486,728
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $742,580
Other Expenses $493,981
TOTAL EXPENSES $980,709

Year-over-Year Comparison

2024 2023 Change
Revenue $907,096 $849,538 +0.1%
Expenses $980,709 $788,700 +0.2%
Net Income $-73,613 $60,838 -2.2%
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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Governance

Voting Members
17
Independent Members
5
Employees
N/A
Volunteers
N/A

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
5
$3,204,426
Total Directors
18
$10,969,571
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
PATRICK BORGEN MD PRESIDENT/MEDICAL DIRECTOR 0.5
Officer Director
$0 $66,239 $2,058,300
KENNETH GIBBS DIRECTOR 0.5
Director
$0 $57,570 $1,815,127
JOHN MARSHALL MD DIRECTOR 0.5
Director
$0 $67,422 $1,490,856
LAURIE WEINSTEIN SECRETARY 0.5
Officer
$0 $57,419 $1,146,126
DAVID COHEN MD DIRECTOR 0.5
Director
$0 $45,012 $984,934
AFSHIN RAZI MD DIRECTOR 0.5
Director
$0 $68,379 $756,347
JEFFREY AVNER MD DIRECTOR 0.5
Director
$0 $53,256 $723,852
ARIEL SCHULMAN MD DIRECTOR 0.5
Director
$0 $31,581 $614,512
SERGEY MOTOV MD DIRECTOR 0.5
Director
$0 $65,729 $500,885
ANTHONY KALLOO MD DIRECTOR THRU 12/24 0.5
Director
$0 $26,805 $495,818
MONICA GHITAN MD DIRECTOR THRU 6/24 0.5
Director
$0 $39,905 $394,941
EDMUND SCHMIDT DIRECTOR 0.5
Director
$0 $26,052 $380,267
YU SHAI LIN MD DIRECTOR 0.5
Director
$0 $66,041 $376,922
JUAN KUPFERMAN MD DIRECTOR AS OF 9/24 0.5
Director
$0 $24,917 $376,810
STEVEN EISENSTADT CHAIRMAN 0.5
Officer Director
$0 $0 $0
ROBERT MACHINIST VICE PRESIDENT 0.5
Officer Director
$0 $0 $0
DONNA ASTION MD TREASURER 0.5
Officer Director
$0 $0 $0
CHASKEL ROSENBERG DIRECTOR 0.5
Director
$0 $0 $0
MARVIN EISENSTADT DIRECTOR THRU 12/24 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 $907,096 $980,709 $22,470,558 $-73,613
2023 $849,538 $788,700 $19,807,901 $60,838
2022 $1,561,943 $854,686 $17,799,008 $707,257
2021 $1,623,416 $570,938 $20,668,159 $1,052,478
2020 $-315,594 $407,666 $18,521,336 $-723,260
2019 $247,011 $651,089 $16,912,141 $-404,078
2018 $3,534,142 $558,929 $14,896,386 $2,975,213
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