Mount Sinai Hospital Insurance Trust No 1
- Assets
- $244.1k
- Revenue
- $16.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Miami Beach, FL
- Founding
- 09/1978
- Data as of
- 12/2021
- EIN
- 59-1830065
Organization Overview
Mount Sinai Hospital Insurance Trust No 1 is located in Miami Beach, FL. The organization was established in 1978. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mount Sinai Hospital Insurance Trust No 1 is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Mount Sinai Hospital Insurance Trust No 1 generated $16.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $18.8m during the year ending 12/2021. While expenses have increased by 11.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
MT. SINAI MEDICAL CENTER INSURANCE TRUST IS A SELF-INSURANCE TRUST THAT HAS BEEN SET UP TO COVER MALPRACTICE AND GENERAL LIABILITY CLAIMS FILED AGAINST MT. SINAI MEDICAL CENTER OF FLORIDA, INC.
Describe the Organization's Program Activity:
MT. SINAI MEDICAL CENTER INSURANCE TRUST IS A SELF-INSURANCE TRUST THAT HAS BEEN SET UP TO COVER MALPRACTICE AND GENERAL LIABILITY CLAIMS FILED AGAINST MT. SINAI MEDICAL CENTER OF FLORIDA, INC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven D Sonenreich President/ceo (end 2/21) | OfficerTrustee | 1 | $0 |
Alexander A Mendez Executive Vp/cfo | OfficerTrustee | 0.5 | $0 |
Gino Santorio President/ceo (beg. 2/21) | OfficerTrustee | 1 | $0 |
Arnold Jaffee Senior Vp/gen Counsel | Trustee | 0.5 | $0 |
Name Not Listed Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Foley & Mansfield Legal Services | 12/30/21 | $448,037 |
Wicker Smith O'hara Mccoy & Ford Pa Legal Services | 12/30/21 | $1,723,914 |
Claims & Risk Management Services Insurance Adjustor | 12/30/21 | $281,016 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $16,605,443 |
| Investment income | $72 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,605,515 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,021,768 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $18,830,999 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $244,139 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $244,139 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $244,139 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $244,139 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Georgia School Board Association Risk & Insurance Management System Lawrenceville, GA | $52,422,531 | $34,786,604 |
Flnc Inc Apopka, FL | $48,544,911 | $28,151,992 |
Florida Workers Compensation Insurance Guaranty Association Tallahassee, FL | $160,792,783 | $30,980,706 |
Mount Sinai Hospital Insurance Trust No 1 Miami Beach, FL | $244,139 | $16,605,515 |
Alabama Farmers Cooperative Employees Welfare Benefit Plan Decatur, AL | $562,417 | $15,709,334 |
Thompson Tractor Co Inc Employee Benefit Trust Birmingham, AL | $5,674,629 | $15,989,582 |
Cwm Employee Benefit Trust Marietta, GA | $2,913,278 | $11,844,381 |
Alabama Insurance Guaranty Association Birmingham, AL | $168,293,024 | $6,611,625 |
Georgia Insurers Insolvency Pool Duluth, GA | $145,962,190 | $6,621,081 |
The University Of South Alabama Professional Liability Trust Fund Mobile, AL | $52,169,275 | $10,546,535 |
Florida Surplus Lines Service Office Tallahassee, FL | $53,775,536 | $9,728,040 |
Mcelroy Truck Lines Inc Medical Benefit Plan Cuba, AL | $1,269 | $5,259,792 |