MOUNT SINAI ELDERCARE INC

EIN: 861888783 501(c)(3) Health Care

MIAMI BEACH, FL

Total Revenue
$434,609
Total Expenses
$2,481,100
Total Assets
$4,189,160
Net Assets
$4,137,960
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Organization Details

Formation Year
2021
Legal Domicile
FL
Principal Officer
GINO SANTORIO
Phone
9042344338
Tax Period
2023-01-01 to 2023-12-31

MOUNT SINAI ELDERCARE INC, founded in 2021, is a small nonprofit in the Health Care sector that reported $435K in total revenue in fiscal year 2023. Expenses of $2.5M exceeded revenue, resulting in a 471% operating deficit.

Mission

TO AID SENIORS IN REMAINING IN THE COMMUNITY THROUGH TEAM-BASED, QUALITY CARE AND SUPPORT THAT ADDRESSES THEIR INDIVIDUAL NEEDS AND PREFERENCES WITH PROFESSIONALISM AND COMPASSION.

Program Service Accomplishments

Program 1
Expenses: $704,367 Revenue: $434,609

IN 2023, MOUNT SINAI ELDERCARE, INC. BEGAN OPERATIONS AS AN ALL-INCLUSIVE CARE FOR THE ELDERLY (PACE) PROGRAM. THE FINAL STEPS IN THE APPROVAL PROCESS INCLUDED AN AUDIT CONDUCTED BY CENTERS FOR...

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IN 2023, MOUNT SINAI ELDERCARE, INC. BEGAN OPERATIONS AS AN ALL-INCLUSIVE CARE FOR THE ELDERLY (PACE) PROGRAM. THE FINAL STEPS IN THE APPROVAL PROCESS INCLUDED AN AUDIT CONDUCTED BY CENTERS FOR MEDICARE AND MEDICAID SERVICES (CMS) AND FLORIDA'S AGENCY FOR HEALTH CARE ADMINISTRATION MEDICAID DIVISION. MOUNT SINAI ELDERCARE, INC. OFFICIALLY SIGNED THE PACE PROGRAM AGREEMENT ON JUNE 13, 2023 AND SUBSEQUENTLY ENROLLED THE FIRST FIVE PARTICIPANTS IN SEPTEMBER 2023. ENROLLMENT GOALS WERE SET AT FIVE NET POSITIVE ENROLLMENTS PER MONTH RESULTING IN TWENTY ENROLLED PARTICIPANTS AT YEAR-END. THE ENROLLMENT TEAM WAS VERY BUSY GENERATING ACTIVE LEADS AND SECURING A PIPELINE OF POTENTIAL CANDIDATES THAT RESULTED IN ACTUAL ENROLLMENTS IN 2023 TOTALING 18. ELDERCARE HAD ONE DISENROLLMENT NETTING 17 FOR THE YEAR. OF THE NET ENROLLMENTS, 17% WERE MEDICAID ONLY FUNDED WHILE 83% WERE DUAL OR MEDICARE AND MEDICAID ENROLLEES. THE INTERDISCIPLINARY TEAM WAS SUCCESSFUL IN PROVIDING DISCIPLINE SPECIFIC ASSESSMENTS THAT AIDED IN THE CREATION OF EACH ENROLLED PARTICIPANT FIRST CARE PLAN. THE DAY CARE CENTER STARTED WITH ONE PARTICIPANT PER DAY AND BY YEAR-END THIS TOTAL GREW TO NINE PER DAY. WITH THE INCREASED ATTENDANCE IN THE DAY CARE CENTER CAME THE INCREASE IN MEALS PROVIDED AT THE SAME RATES. IN SEPTEMBER, THERE WERE A TOTAL OF 162 HOURS OF TRANSPORTATION. SERVICES WERE PROVIDED BY ONE FULL-TIME DRIVER AND DEDICATED VEHICLE. BY THE END OF THE YEAR, THIS TOTAL INCREASED TO 185 HOURS PLUS THE ADDITION OF ON-DEMAND DRIVERS THAT CONTRIBUTED 52 ADDITIONAL ONE-WAY TRIPS. TRANSPORTATION SERVICES ARE PROVIDED TO AND FROM THE DAY CARE CENTER AS WELL AS APPROVED MEDICAL APPOINTMENTS. IN ADDITION, THE CLINIC HAD 49 COMPLETED ENCOUNTERS WITH PARTICIPANTS; OCCUPATIONAL THERAPY PROVIDED 94 HANDS-ON THERAPEUTIC SESSIONS WHILE PHYSICAL THERAPY PROVIDED 95 SESSIONS. AT YEAR-END, MOUNT SINAI ELDERCARE, INC. WAS NOT FAR OFF ITS ORIGINAL ENROLLMENT GOALS AND ALL ENROLLED PARTICIPANTS ARE LIVING IN THE COMMUNITY AND NOT IN A LONG-TERM CARE FACILITY. KEEPING OUR PARTICIPANTS IN THE COMMUNITY IS OUR NUMBER ONE GOAL.

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Trantor Score

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

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $434,609
Investment Income $0
Other Revenue $0
TOTAL REVENUE $434,609

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,274,589
Fundraising Expenses $0
Program Expenses $704,367
Other Expenses $1,206,511
TOTAL EXPENSES $2,481,100

Year-over-Year Comparison

2023 2022 Change
Revenue $434,609 N/A N/A
Expenses $2,481,100 $721,737 +2.4%
Net Income $-2,046,491 $-721,737 +1.8%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
5
Independent Members
1
Employees
N/A
Volunteers
1

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
$5,164,038
Total Directors
6
$5,164,038
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
GINO SANTORIO PRESIDENT/CEO 0.50
Officer Director
$0 $74,144 $1,934,421
ROBERT GOLDSZER MD SENIOR VP/CMO (END 2/23) 3.00
Officer Director
$0 $87,676 $692,444
ALEXANDER A MENDEZ EXECUTIVE VP/CFO 0.50
Officer Director
$0 $100,266 $1,466,566
ANGEL PALLIN SENIOR VP/COO 3.00
Officer Director
$0 $103,116 $730,281
NEISEN KASDIN COMMUNITY REPRESENTATIVE 0.00
Director
$0 $0 $0
LYNDA BARCELO VP MGN CARE & POP HEALTH 15.00
Officer Director
$0 $51,062 $340,326
STEVEN SONENREICH FORMER PRESIDENT 0.00
$0 $0 $1,084,684
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 $434,609 $2,481,100 $4,189,160 $-2,046,491
2022 No data $721,737 $3,883,751 No data
2021 No data No data $500 No data
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