2012-11-15T11:50:56-06:00 2011-12-31 861065772 DELOITTE TAX LLP 201 E KENNEDY BLVD STE 1200 TAMPA FL 33602 990 2011-01-01 591711400 MOUNT SINAI MEDICAL CENTER FOUNDATION MOUN 3056742777 4300 ALTON ROAD MIAMI BEACH FL 33140 ALEXANDER MENDEZ 3056742777 2012-11-14 1 STEVEN ROVNER P00648526 8132738355 2011 2016-02-24 21:20:13Z STEVEN D SONENREICH 4300 ALTON ROAD MIAMI BEACH FL 33140 33164428 0 X MSMCFOUNDATION.ORG X 1976 FL TO RAISE FUNDS TO SUPPORT MOUNT SINAI MEDICAL CENTER OF FLORIDA, INC., A NOT-FOR-PROFIT ACUTE CARE TEACHING AND RESEARCH FACILITY. 79 73 17 1 0 0 13342938 13391862 0 0 2358697 632144 -185155 -172449 15516480 13851557 11900835 3147343 0 0 1661010 1655910 0 0 553981 3359594 3323407 16921439 8126660 -1404959 5724897 88490285 92799895 769082 656103 87721203 92143792 TO RAISE FUNDS TO SUPPORT MOUNT SINAI MEDICAL CENTER OF FLORIDA, INC., A NOT-FOR-PROFIT ACUTE CARE TEACHING AND RESEARCH FACILITY. 0 0 6519666 13391862 THE FOUNDATION RAISES FUNDS FOR MOUNT SINAI MEDICAL CENTER, A 501(C)(3) ORGANIZATION, FOR CAPITAL AND NON-CAPITAL PURPOSES. 6519666 1 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 1 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 0 0 1 9 0 1 17 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 79 73 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X CAMILLE LEWIS 3056742030 4300 ALTON ROAD MIAMI BEACH FL 33140 X JAYNE ABESS 0.50 X 0 0 0 MATTHEW ADLER 0.50 X 0 0 0 MICHAEL M ADLER 0.50 X 0 0 0 RONALD ALBERT JR 0.50 X 0 0 0 MATAN BEN-AVIV 0.50 X 0 0 0 JONATHAN BELOFF 0.50 X X 0 0 0 DONNA K BLOOM 0.50 X 0 0 0 STEPHEN BOUCHER 0.50 X 0 0 0 JC CAREY 0.50 X 0 0 0 PAUL B CHAPLIN MD 2.00 X 0 0 0 WAYNE E CHAPLIN 0.50 X 0 0 0 SONYA CHOEFF 0.50 X 0 0 0 CHARLES CITRIN 0.50 X 0 0 0 STANLEY COHEN 0.50 X X 0 0 0 STEVE COHEN 0.50 X 0 0 0 CEDRIK DENAIN 0.50 X 0 0 0 NORMAN S EDELCUP 0.50 X X 0 0 0 ROBERT FINVARB 0.50 X 0 0 0 RANDI FREEDMAN 0.50 X 0 0 0 JONATHAN FRYD 0.50 X 0 0 0 MARTIN J GELB 0.50 X 0 0 0 GARY R GERSON 0.50 X 0 0 0 DALIA GLOTTMANN 0.50 X 0 0 0 PETER S GOLD 0.50 X 0 0 0 BARTON S GOLDBERG 0.50 X 0 0 0 MICHAEL S GOLDBERG 0.50 X 0 0 0 BARRY L GOLDIN 0.50 X 0 0 0 JERROLD GOODMAN 0.50 X 0 0 0 MARK H HILDEBRANDT 1.00 X X 0 0 0 ANDREW R HIRSCHL DDS 0.50 X X 0 0 0 SHEILA HOLLO 0.50 X 0 0 0 JUDITH HYDE 0.50 X 0 0 0 RONI JACOBSON 0.50 X 0 0 0 ALAN S KAPLAN DMD 0.50 X 0 0 0 JON KIDD 0.50 X 0 0 0 ELLIOT KRASNOW 0.50 X 0 0 0 RICHARD L KRELSTEIN 0.50 X 0 0 0 IRA B LAMPERT 0.50 X 0 0 0 MATTHEW LAZENBY 0.50 X 0 0 0 LINDA LEHRMAN 0.50 X 0 0 0 ALAN A LIPS 0.50 X 0 0 0 DAVE LORENZO 0.50 X 0 0 0 MICHAEL LOVE 0.50 X 0 0 0 JACQUELINE J MANSFIELD 0.50 X 0 0 0 ISABEL MAY 0.50 X 0 0 0 LAURANS A MENDELSON 0.50 X 0 0 0 LISA MILLER EISENBERG 0.50 X 0 0 0 MICHAEL MILBERG 40.00 X X 343316 0 47728 WILLIAM E MULTACK 0.50 X 0 0 0 JEFFREY E NEWMAN 0.50 X 0 0 0 LYNNE NORKIN 0.50 X 0 0 0 BRUCE OROSZ 0.50 X 0 0 0 JAY PARKER 0.50 X X 0 0 0 SIDNEY PERTNOY 0.50 X 0 0 0 ALAN G RANDOLPH 0.50 X 0 0 0 CAROLEE REIBER 0.50 X 0 0 0 MARK J REVITZ 0.50 X X 0 0 0 STEPHEN L RIEMER 0.50 X 0 0 0 FRED M ROSENBLOOM MD 0.50 X 0 0 0 MARK E ROUSSO 0.50 X 0 0 0 MELISSA RUBIN 0.50 X 0 0 0 CANDACE RUSKIN 0.50 X 0 0 0 MERCEDES SAEWITZ 0.50 X 0 0 0 CAROLE R SAMET 0.50 X 0 0 0 HARRY SENDZISCHEW MD 0.50 X 0 20610 0 MICHAEL SHAFIR 0.50 X 0 0 0 RONALD W SHANE MD 0.50 X 0 0 0 MICHAEL A SILVER 0.50 X 0 0 0 STEVEN D SONENREICH 0.50 X 0 1094146 311798 LESTA S STACOM 0.50 X 0 0 0 JASON STARKMAN 0.50 X 0 0 0 MORTON STEELE 0.50 X 0 0 0 SENATOR PAUL B STEINBERG 0.50 X 0 0 0 ROBERT A STONE 0.50 X 0 0 0 DAVID SUGARMAN 0.50 X 0 0 0 ARTHUR S UNGER 0.50 X 0 0 0 JOSHUA WALLACK 0.50 X 0 0 0 MICHAEL S WEINBERG 0.50 X 0 0 0 LEONARD A WIEN JR 0.50 X 0 0 0 LINDA ZILBER 0.50 X X 0 0 0 BATIA SEPIN 40.00 X 140117 0 46775 483433 1114756 406301 2 0 1 0 FOUNTAINEBLEAU FLORIDA HOTEL LLC 4441 COLLINS AVENUE MIAMI BEACH FL 33140 EVENT HOSTING 120516 BLACKBAUD 2000 DANIEL ISLAND DRIVE CHARLESTON SC 294927541 FUNDRAISING DATABASE MGMT 118522 2 13391862 65193 13391862 911920 911920 18696941 18976717 -279776 -279776 -279776 163705 336154 -172449 -172449 13851557 0 0 459695 3087343 3087343 60000 60000 483433 63170 420263 917445 584736 332709 255032 112107 88201 54724 -15242 -15242 35100 35100 42980 15580 21490 5910 72107 26139 36053 9915 146711 146711 BAD DEBT EXPENSE 2316628 2316628 FOOD & ENTERTAINMENT 294066 134598 109296 50172 CONSULTING AGREEMENTS 278714 101034 139357 38323 DECORATIONS 56128 56128 96215 18331 71784 6100 8126660 6519666 1053013 553981 4683853 5711817 29377748 28577663 13315023 18764329 111045 14453 40787125 39503387 31206 31206 184285 197040 88490285 92799895 769082 656103 769082 656103 X 6194423 7705012 75856562 78768562 5670218 5670218 87721203 92143792 88490285 92799895 X 5724897 -1302308 X 0 1 1 X 0 X 17712714 18816374 15569724 15535269 20564329 88198410 17712714 18816374 15569724 15535269 20564329 88198410 14964630 73233780 2994777 1186686 1365416 1042858 911920 7501657 220545 314628 139565 216180 163705 1054623 96754690 0.75690 0.85010 X SCHEDULE A, PART IV, SUPPLEMENTAL INFORMATION: SCHEDULE A, PART II, LINE 10, EXPLANATION FOR OTHER INCOME: FUNDRAISING REVENUES RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 34821000 588000 484000 3914000 587000 31392000 33102000 4128000 500000 1326000 1583000 34821000 29939000 4076000 571000 893000 591000 33102000 33324000 281000 563000 3693000 536000 29939000 0.00000 0.18060 0.81940 0 0 0 13851557 8126660 5724897 -1302308 -1302308 4422589 12885403 -1302308 -1302308 14187711 -336154 -336154 13851557 8462814 336154 336154 8126660 0 8126660 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: PART V, LINE 4: THE FOUNDATION'S ENDOWMENT CONSISTS OF APPROXIMATELY 50 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ENDOWMENT CONSISTS OF DONOR-RESTRICTED FUNDS THAT HAVE BEEN LIMITED BY DONORS TO SPECIFIC TIME PERIOD OR PURPOSE. AS REQUIRED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE ENDOWMENT NET ASSET COMPOSITION BY FUND TYPE AS OF DECEMBER 31, 2011, IS COMPRISED OF THE FOLLOWING: TEMPORARILY RESTRICTED PERMANENTLY RESTRICTED ALZHEIMER'S PROGRAM 4,892,000 0 MELANOMA RESEARCH 4,286,000 0 CANCER LIFELINE 1,535,000 0 CANCER RESEARCH 2,393,000 0 OTHER PROGRAMS 12,616,000 5,670,000 ------------ ----------- TOTAL FUNDS 25,722,000 5,670,000 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: PART X, LINE 2: THE FOOTNOTE TO THE AUDITED FINANCIAL STATEMENTS FOR MOUNT SINAI MEDICAL CENTER OF FLORIDA, INC. AND SUBSIDIARIES REGARDING FIN48 READS AS FOLLOWS: THE MEDICAL CENTER FOLLOWS THE PROVISIONS OF ASC 740-15-2, ASC 740 INCOME TAXES, AND HAS DETERMINED THAT AS OF DECEMBER 31 2011 AND 2010, THE MEDICAL CENTER HAD NO MATERIAL UNRECOGNIZED TAX BENEFITS. THE MEDICAL CENTER DOES NOT EXPECT THAT UNRECOGNIZED TAX BENEFITS WILL MATERIALLY INCREASE WITHIN THE NEXT TWELVE MONTHS. IN THE EVENT THE MEDICAL CENTER WERE TO RECOGNIZE INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IT WOULD BE RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS AS INCOME TAX EXPENSE. TAX YEARS FROM 2007 THROUGH 2010 ARE SUBJECT TO EXAMINATION BY THE FEDERAL AND STATE TAXING AUTHORITIES, RESPECTIVELY. THERE ARE NO INCOME TAX EXAMINATIONS CURRENTLY IN PROCESS. PART XII, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE -336,154. PART XIII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE 336,154. FOUNDERS BALL 158080 158080 183132 48000 77400 NETWORKERS 2555 2555 3689 2 3070 3070 15293 5723 2917 163705 163705 202114 53723 80317 336154 -172449 1 MOUNT SINAI MEDICAL CENTER 4300 ALTON ROAD MIAMI BEACH FL 33140 590624424 501(C)(3) 3087343 FAIR MARKET VALUE N/A GENERAL SUPPORT 1 SCHOLARSHIPS FOR STUDENTS ATTENDING SCHOOL 30 60000 FAIR MARKET VALUE N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: MOUNT SINAI MEDICAL CENTER OR FLORIDA FOUNDATION TRANSFERS A PORTION OF THE CONTRIBUTIONS RECEIVED FROM THE YOUNG PRESIDENTS CLUB TO MSMC OF FLORIDA FOR PROGRAM SERVICES AND TO SPECIFIC INDIVIDUALS IN THE FORM OF SCHOLARSHIPS TO PROVIDE FINANCIAL ASSISTANCE TO THE CHILDREN OF MSMC EMPLOYEES. THE YOUNG PRESIDENTS CLUB BOARD ELECTS EACH YEAR TO DONATE THE FUNDS AND SEE TO IT THAT ALL TRANSFERS ARE USED FOR PROPER PURPOSES AND ARE NOT OTHERWISE DIVERTED FROM THE INTENDED USE. 0 1 0 0 0 0 0 0 0 MICHAEL MILBERG 256733 0 84975 0 1608 0 45850 0 1878 0 391044 0 0 0 STEVEN D SONENREICH 0 671639 0 392679 0 29828 0 289214 0 22584 0 1405944 0 0 BATIA SEPIN 136246 0 0 0 3871 0 40805 0 5970 0 186892 0 0 0 PART I, LINE 3 PART I, LINE 3: THE ORGANIZATION RELIED ON THE METHODS OF ESTABLISHING COMPENSATION FOR THE ORGANIZATION'S CEO/EXECUTIVE DIRECTOR EMPLOYED BY MOUNT SINAI MEDICAL CENTER OF FLORIDA, INC. (EIN: 59-0624424). MOUNT SINAI MEDICAL CENTER USES THE FOLLOWING METHODS TO ESTABLISH SUCH COMPENSATION: - COMPENSATION COMMITTEE - INDEPENDENT COMPENSATION CONSULTANT - WRITTEN EMPLOYMENT CONTRACT - COMPENSATION SURVEY OR STUDY - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE. PART I, LINE 4B PART I, LINE 4B: STEVEN D. SONENREICH, PRESIDENT AND CHIEF EXECUTIVE OFFICER OF MSMC AND MEMBER OF MSMC FOUNDATION BOARD OF DIRECTORS, PARTICIPATES IN AN IRC SEC 457(F) PLAN. THE PAYMENT IN 2011 WAS $ 243,364. DR STEPHEN UNGER SEE PART V 63829 COMPENSATION 0 PART IV, COLUMN B RELATIONSHIP BETWEEN INTERESTED PERSON AND THE ORGANIZATION DR. STEPHEN UNGER: FAMILY MEMBER OF ARTHUR UNGER, A DIRECTOR OF MSMC FOUNDATION. X 1 15193 FAIR MARKET VALUE X 1 50000 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 TRUSTEES MICHAEL ADLER AND MATTHEW ADLER HAVE A FAMILY RELATIONSHIP. TRUSTEES WAYNE CHAPLIN AND PAUL CHAPLIN HAVE A BUSINESS RELATIONSHIP. TRUSTEES PAUL CHAPLIN AND WAYNE CHAPLIN HAVE A BUSINESS RELATIONSHIP. TRUSTEES WAYNE CHAPLIN, PAUL CHAPLIN, AND SHEILA HOLLO HAVE A FAMILY RELATIONSHIP. TRUSTEES MARTIN GELB AND SONIA CHOEFF HAVE A FAMILY RELATIONSHIP. TRUSTEES MARK H. HILDEBRANDT AND LAURANS A. MENDELSON HAVE A BUSINESS RELATIONSHIP. TRUSTEES CANDACE RUSKIN AND WILLIAM MULTACK HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11 THE PROCESS FOR REVIEW OF THE FORM 990 BY MEMBERS OF THE GOVERNING BODY AND MANAGEMENT IS AS FOLLOWS: THE MEMBERS OF THE GOVERNING BODY, MANAGEMENT, AND THE INDEPENDENT TAX CONSULTANTS HAVE MET AND REVIEWED IN DETAIL THE COMPLETED FORM 990. THE FOLLOWING MEMBERS OF THE GOVERNING BODY PERFORMED THE REVIEW ALONG WITH EXECUTIVE MANAGEMENT COMPOSED OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER, AND INDEPENDENT TAX CONSULTANTS: CHAIRMAN OF THE BOARD VICE-CHAIRMAN OF THE BOARD CHAIRMAN, FINANCE COMMITTEE CHAIRMAN, COMPLIANCE COMMITTEE CHAIRMAN, INVESTMENT COMMITTEE PRESIDENT, FOUNDATION CHAIRMAN, AUDIT COMMITTEE FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY: MOUNT SINAI MEDICAL CENTER FOUNDATION, INC. (THE "MEDICAL CENTER") FORMALLY IMPLEMENTED A WRITTEN CONFLICT OF INTEREST POLICY (THE "POLICY") ON MARCH 2006 TO PROTECT THE MEDICAL CENTER AND ENSURE THAT THE DELIBERATIONS AND DECISIONS MADE ON BEHALF OF THE MEDICAL CENTER ARE MADE IN THE BEST INTEREST OF THE MEDICAL CENTER. THE TERM "CONFLICT OF INTEREST" AS DEFINED BY THIS POLICY REFERS TO SITUATIONS IN WHICH FINANCIAL OR OTHER PERSONAL CONSIDERATIONS MAY COMPROMISE, OR HAVE THE APPEARANCE OF COMPROMISING, THE JUDGMENT OF SOMEONE CHARGED WITH THE RESPONSIBILITY TO ACT ON BEHALF OF THE MEDICAL CENTER. THIS POLICY IS REVIEWED PERIODICALLY BUT NOT LESS THAN ONCE A YEAR BY THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES TO BETTER MEET ITS OBJECTIVES. IT IS INTENDED TO SUPPLEMENT BUT NOT REPLACE ANY APPLICABLE LAWS GOVERNING CONFLICTS OF INTEREST IN NONPROFIT AND CHARITABLE ORGANIZATIONS. PERSONS COVERED UNDER THIS POLICY INCLUDE: (1) ANY CURRENT OR FORMER TRUSTEE, OFFICER, OR MEMBER OF A COMMITTEE WITH BOARD DELEGATED POWERS FOR THE MEDICAL CENTER; (2) MEMBERS OF MANAGEMENT AND ANY EMPLOYEE OF THE MEDICAL CENTER WHO: A) RECEIVES COMPENSATION FROM THE MEDICAL CENTER IN EXCESS OF $150,000 ANNUALLY, WHETHER AS A FULL- OR PART-TIME EMPLOYEE, INDEPENDENT CONTRACTOR, OR OTHERWISE, AND, B) HAS RESPONSIBILITIES, POWER OF INFLUENCE OVER AN ACTIVITY OF THE MEDICAL CENTER SIMILAR TO THAT OF AN OFFICER OR TRUSTEE AND WHICH REPRESENTS MORE THAN 10% OF THE ACTIVITIES, ASSETS, INCOME OR EXPENSES OF THE MEDICAL CENTER, AND C) IS ONE OF THE TWENTY EMPLOYEES WITH THE HIGHEST COMPENSATION FROM THE MEDICAL CENTER. (3) ANY PERSON(S) WHO SERVE AS A MEMBER OF THE MEDICAL CENTER'S MEDICAL STAFF AS A CHAIRPERSON OF A DEPARTMENT, CHIEF OF A CLINICAL SERVICE, OR MEMBER OF THE MEDICAL EXECUTIVE COMMITTEE. MONITORING AND COMPLIANCE: AN IMPORTANT STEP IN MONITORING AND ENFORCING COMPLIANCE WITH A CONFLICT OF INTEREST POLICY INCLUDES MANAGEMENT'S EDUCATION EFFORTS TO MAKE INTERESTED PERSONS AWARE OF THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. TO THAT END, MANAGEMENT HAS INCLUDED IN ITS CODE OF CONDUCT (THE "CODE") A SECTION ON CONFLICTS OF INTEREST WHICH HAS TO BE SIGNED AND RETURNED BY EVERY INTERESTED PERSON TO ACKNOWLEDGE AND ATTEST THAT THEY READ THE CODE INCLUDING THE CONFLICT OF INTEREST SECTION. ANNUALLY, INTEREST PERSONS ALSO RECEIVE A REFRESHER TRAINING SESSION ON ETHICS AND CONFLICTS OF INTEREST. IN ADDITION, THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES HAS CREATED A SUBCOMMITTEE ON CONFLICTS OF INTEREST ("CONFLICTS COMMITTEE") TO ADMINISTER AND MONITOR COMPLIANCE WITH THIS POLICY. THE CONFLICTS COMMITTEE REQUIRES A STATEMENT FROM EACH INTERESTED PERSON NOT LESS FREQUENTLY THAN ONCE A YEAR SETTING FORTH ALL BUSINESS AND OTHER AFFILIATIONS THAT RELATE IN ANY WAY TO THE BUSINESS AND OTHER ACTIVITIES OF THE MEDICAL CENTER. INTERNAL AUDIT COMPILES AND SUMMARIZES ALL THE DISCLOSURES RECEIVED FROM INTERESTED PERSONS TO FACILITATE THEIR REVIEW BY THE CONFLICTS COMMITTEE. THE CONFLICTS COMMITTEE INDIVIDUALLY DISCUSSES EACH DISCLOSURE TO EVALUATE WHETHER A CONFLICT OF INTEREST EXISTS AND DETERMINES THE APPROPRIATE COURSE OF ACTION TO TAKE. NEITHER THE BOARD NOR ANY COMMITTEE OF THE BOARD SHALL VOTE UPON ANY PROPOSED TRANSACTION OR ARRANGEMENT IN CONNECTION WITH A POTENTIAL CONFLICT OF INTEREST UNTIL SUCH TIME AS THE CONFLICTS COMMITTEE HAS DETERMINED WHETHER A CONFLICT OF INTEREST EXISTS. WHERE THE CONFLICTS COMMITTEE HAS CONCLUDED THAT A CONFLICT OF INTEREST EXISTS, THE CHAIRMAN OF THE CONFLICTS COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTEREST PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO A PROPOSED TRANSACTION, CONTRACT, OR ARRANGEMENT. IF THE CONFLICTS COMMITTEE DETERMINES THAT THE MEDICAL CENTER CAN OBTAIN A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT WITH REASONABLE EFFORTS FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST, THEN THE MEDICAL CENTER SHALL NOT ENTER INTO THE TRANSACTION THAT INVOLVES THE CONFLICT OF INTEREST. IF A TRANSACTION OR ARRANGEMENT MORE ADVANTAGEOUS IS NOT REASONABLY ATTAINABLE UNDER THE CIRCUMSTANCES THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST, THEN THE BOARD OR COMMITTEE, AS APPLICABLE, SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED TRUSTEES WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE MEDICAL CENTER'S BEST INTEREST AND WHETHER IT IS FAIR AND REASONABLE TO THE MEDICAL CENTER, AND SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT IN CONFORMITY WITH SUCH DETERMINATION. FAILURE BY AN INTEREST PERSON TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST UNDER THE CONFLICT OF INTEREST POLICY IS CONSIDERED A SERIOUS MATTER AND MAY CONSTITUTE "CAUSE" FOR REMOVAL OR TERMINATION OF A TRUSTEE, OFFICER, OR THE TERMINATION OF ANY CONTRACTUAL OR EMPLOYMENT RELATIONSHIP THE MEDICAL CENTER MAY HAVE WITH AN INTERESTED PERSON OR OTHER PARTY. FORM 990, PART VI, SECTION B, LINE 15 ON AN ANNUAL BASIS, THE MOUNT SINAI MEDICAL CENTER COMPENSATION COMMITTEE CONTRACTS WITH AN INDEPENDENT CONSULTANT TO PREPARE AN OPINION REGARDING THE REASONABLENESS AND COMPARABILITY OF THE TOTAL COMPENSATION PROVIDED TO ITS SENIOR OFFICERS AND KEY EMPLOYEES. THE COMPENSATION COMMITTEE INFORMS THE INDEPENDENT CONSULTANT THAT THE INDEPENDENT CONSULTANT'S OPINION WILL BE PART OF THE COMMITTEE'S PROCEDURE FOR ESTABLISHING THE REBUTTABLE PRESUMPTION OF REASONABLENESS DESCRIBED IN THE INCOME TAX REGULATIONS. THE INDEPENDENT CONSULTANT'S DETERMINATION OF REASONABLENESS IS MADE AFTER A THOROUGH REVIEW OF ALL THE ELEMENTS OF THE TOTAL COMPENSATION COMPRISED OF: CASH COMPENSATION, HEALTH AND WELFARE BENEFITS, RETIREMENT BENEFITS, EXECUTIVE BENEFITS AND PERQUISITES, AND OTHER ELEMENTS OF COMPENSATION INCLUDING SEVERANCE ARRANGEMENTS. THE OPINION EXPRESSED BY THE INDEPENDENT CONSULTANT IS THEN PRESENTED TO THE MSMC COMPENSATION COMMITTEE IN A REPORT FORM FOR THEIR REVIEW. FORM 990, PART VI, SECTION C, LINE 19 FORM 990, PART VI, SECTION C, LINE 19: POLICY FOR ANNUAL INFORMATION REQUEST: DOCUMENTS THAT ARE REQUIRED TO BE OPEN FOR PUBLIC INSPECTION ARE MADE AVAILABLE UPON REQUEST. AVERAGE HOURS PER WEEK PART VII, SECTION A, LINE 1, COLUMN B THE OFFICERS LISTED ON PART VII, SECTION A, LINE 1(A), COLUMN B DEVOTED THEIR TIME TO THE ORGANIZATION AND RELATED ORGANIZATION AS FOLLOWS: MT SINAI MT SINAI MT SINAI MT SINAI MED CTR MED CTR MED CTR MEDICAL OF FL OF FL INSURANCE OFFICE FDN TRUST BLDG, II MICHAEL ADLER 1.0 0.5 0.0 0.0 PAUL CHAPLIN MD 1.0 2.0 0.0 0.0 WAYNE CHAPLIN 1.0 0.5 0.0 0.0 STANLEY COHEN 1.0 0.5 0.0 0.0 MARK HILDEBRANDT 1.0 1.0 0.0 0.0 IRA LAMPERT 1.0 0.5 0.0 0.0 LAURANS MENDELSON 1.0 0.5 0.0 0.0 SIDNEY PERTNOY 1.0 0.5 0.0 0.0 MARK REVITZ 1.0 0.5 0.0 0.0 HARRY SENDZISCHEW 1.0 0.5 0.0 0.0 STEVEN D. SONENREICH 40.0 0.5 0.5 0.5 ROBERT STONE 1.0 0.5 0.0 0.0 LEONARD WIEN 1.0 0.5 0.0 0.0 CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -1,302,308. MOUNT SINAI MEDICAL CENTER OF FLORIDA 4300 ALTON ROAD MIAMI BEACH FL 33140 590624424 HOSPITAL FL 501(C)(3) 3 N/A 0 MSMC INSURANCE TRUST 4300 ALTON ROAD MIAMI BEACH FL 33140 591830065 TRUST FL 501(C)(3) 11 B N/A 0 MSMC OFFICE BUILDING II 4300 ALTON ROAD MIAMI BEACH FL 33140 205737392 TITLE LEASE FL 501(C)(2) N/A N/A 0 RIGHT CHOICE MANAGEMENT SERVICES INC 4300 ALTON ROAD MIAMI BEACH FL 33140 650728277 MGMT SERVICES FL N/A C MT SINAI MED CTR OF FL GUARANTEE CORP PO BOX 1051 CJ KY1-1102 INSURANCE CJ N/A C 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0