Overview
What is Mount Sinai Medical Center Insurance Trust?
Mount Sinai Medical Center Insurance Trust is a self-insurance trust established in Florida to manage malpractice and liability claims filed against Mt. Sinai Medical Center of Florida, Inc. The trust's primary focus is to cover these claims on behalf of the medical center, ensuring financial protection for potential legal issues. The trust is an integral part of the organization, allowing Mt. Sinai Medical Center to continue providing healthcare services without the constant burden of handling claims directly.
Official website here: www.msmc.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star rating)
Mount Sinai Medical Center Insurance Trust has received an overall score of 81%, which reflects a strong commitment to accountability and finance. The rating is based entirely on its performance in this area, showcasing effective financial management practices and transparency. A notable aspect of their evaluation is the perfect score in several categories, including their Financial Statements and the absence of any material diversion of assets.
The organization demonstrates a solid operational structure with policies in place for conflict of interest, whistleblower protections, and document retention, all receiving full marks. Additionally, the low liabilities to assets ratio indicates that the nonprofit is financially stable, which is a crucial factor for donor confidence. Their high program expense ratio suggests that the majority of their funding is directed towards their charitable programs.
However, while the financial metrics are commendable, potential donors may want to consider if there are other aspects of the charity's operations and impact that could be further assessed. Overall, Mount Sinai Medical Center Insurance Trust shows strong accountability and financial health, making it a reliable choice for contributors looking to support a well-managed nonprofit.
This AI summary has been generated from information found on Charity Navigator.
Is Mount Sinai Medical Center Insurance Trust legitimate?
Mount Sinai Medical Center Insurance Trust is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mount Sinai Medical Center Insurance Trust submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.msmc.com
What is the mission statement of Mount Sinai Medical Center Insurance Trust?
The Mount Sinai Medical Center Insurance Trust serves as a self-insurance entity, established to manage and cover malpractice and general liability claims filed against Mount Sinai Medical Center of Florida, Inc. Its primary objective is to shield the medical center from financial responsibilities arising from such claims. By assuming this role, the trust enables the medical center to focus on delivering quality healthcare services to its patients.
Official website here: www.msmc.com
Who is the CEO of Mount Sinai Medical Center Insurance Trust?
Steven D Sonenreich is the CEO of Mount Sinai Medical Center Insurance Trust The CEO's salary of Mount Sinai Medical Center Insurance Trust is $0 and their total compensation is $1,084,684.
Official website here: www.msmc.com
What is the revenue of Mount Sinai Medical Center Insurance Trust?
Mount Sinai Medical Center Insurance Trust's revenue in 2023 was $16,076,918.
Official website here: www.msmc.com
Who are the executives of Mount Sinai Medical Center Insurance Trust and what are their salaries?
Here are 5 key members and their salaries (Mount Sinai Medical Center Insurance Trust's CEO's salary is $0 and their total compensation is $1,084,684):
- Compensation: $0
- Related: $1,366,300
- Other: $100,266
- Compensation: $0
- Related: $1,860,277
- Other: $74,144
- Compensation: $0
- Related: $617,375
- Other: $100,336
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $1,084,684
- Other: $0
Official website here: www.msmc.com
Where can I find the form 990 for Mount Sinai Medical Center Insurance Trust?
Mount Sinai Medical Center Insurance Trust's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.msmc.com
Learn more at the official website: www.msmc.com
Mission Statement of Mount Sinai Medical Center Insurance Trust
Mount Sinai Medical Center Insurance Trust is a self-insurance trust established to shield Mount Sinai Medical Center of Florida, Inc. from malpractice and general liability claims. The trust serves as a financial bulwark, assuming the responsibility of compensating individuals for any damages resulting from alleged negligence or wrongdoing by the medical center. By self-insuring, Mount Sinai Medical Center Insurance Trust enables the medical center to maintain control over its risk management and liability costs, ensuring the continuity of its mission to deliver quality healthcare services. The trust's primary objective is to mitigate financial exposure and safeguard the interests of the medical center and its stakeholders.
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Impact
October, 2024
Mount Sinai Medical Center Insurance Trust plays a crucial role in mitigating financial risks associated with malpractice and general liability claims for Mount Sinai Medical Center of Florida, Inc. By functioning as a self-insurance trust, it provides essential coverage that helps ensure the medical facility can operate without the crippling burden of large, unexpected legal claims. This framework allows the center to allocate resources more effectively, focusing on patient care and operational efficiency rather than being overly concerned with external insurance liabilities.
With its base in Miami Beach, Florida, the trust safeguards the interests of both the institution and its patients, fostering an environment that encourages high-quality healthcare services while also ensuring that the organization can withstand potential legal challenges. This resilience is vital not only for the stability of the medical center but also for maintaining public trust and confidence in the healthcare services it provides. The mutual benefit principle underlying the trust's mission highlights its commitment to both the healthcare provider and the community it serves, reinforcing the importance of accountability and protection in the medical industry.
This information is meant to be a general summary of Mount Sinai Medical Center Insurance Trust. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $51,918
- Program Service Revenue: $16,025,000
- Gross Receipts: $16,076,918
Assets and Liabilities:
- Total Assets: $2,519,311
- Total Liabilities: $0
- Net Assets: $2,519,311
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INS. REVENUE FROM MSMC
Revenue
$16,025,000
Organization Details
Founding Year
1988
Principal Officer
Gino Santorio
Website
www.msmc.comNTEE Category
Code: Y20Z - Mutual benefit
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