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July 10, 2020

Executive Compensation at the Icahn School of Medicine at Mount Sinai

by Anne Paddock

The Icahn School of Medicine at Mount Sinai (ISMMS) is a non-profit, tax-exempt 501 (c) (3) research medical school that is part of the Mount Sinai Health System, which includes eight hospitals in the New York City area. Key information about ISMMS include the following:

  • Approximately 1,900 students are enrolled including medical school students, master, PhD, and post doctoral students.
  • There are about  2,000 medical residents.
  • The most recent Form 990 (2017) submitted to the IRS reports total revenue of $2.8 billion, most of which came from four sources:  patient care ($1.3 billion), contributions, gifts, and grants ($585 million), Mount Sinai hospital carts ($500 million), and NYC Health and Hospital Corp ($217 million).
  • Expenses totaled nearly $2.8 billion in 2017 with the three largest expenses being compensation ($2.1 billion), office-related expenses ($223 million), and fees for services ($150 million).
  • At the beginning of the year (2017), ISMMS had $1 billion in net assets (which is referred to by some as the endowment). After adding the unspent revenue ($55 million) and unrealized gains on assets ($54 million) and other changes in net assets (-$26 million), net assets were $1.1 billion at year-end.

In 2017, 12,727 employees received $2.1 billion in compensation, which equates to an average compensation of $161,000. However, only 4,205 employees received more than $100,000 in compensation with the 18 most highly compensated listed below:

  • $12,457,914:  Kenneth Davis, CEO*
  • $10,953,430:  Andrew Hecht, Assistant Professor
  • $  6,010,494:  David Adams, Chairman
  • $  4,810,716:  Arthur Jenkins, III, Associate Professor
  • $  4,730,665:  Samin Sharma, Professor
  • $  3,979,757:  Ashutosh Tewari, Chairman
  • $  2,351,104:  Dennis Charney, Dean*
  • $  1,924,372:  Donald T Scanlon, EVP, Finance and Chief Corp Serv*
  • $ 1,909,098:  Jeremy Boal, EVP, System CMO**
  • $ 1,549,728:  Burton P Drayer, EVP, CEO MS Doctors FPA*
  • $  1,528,781:  Arthur Klein, EVP, President of Health Network**
  • $  1,408,432:  Margaret Pastuszko, EVP, System CIO*
  • $  1,254,336:  Beth Essig, EVP, General Counsel*
  • $  1,141,299:  Jeffrey Silberstein, EVP, COO*
  • $   799,792:  Stephen Harvey, SVP, CFO
  • $   757,520:  Tanvir Choudhri, Trustee (ex-officio)
  • $   634,794:  Frank Cino, SVP, System Chief Risk Officer*
  • $   348,828:  Elana Abraham, Former Officer**

Employees designated with a “*” received compensation from ISMMS and a related or affiliated organization. Employees designated with a “**” received compensation from a related or affiliated organization. No designation means compensation came from ISMMS.

15 of the 18 (83%) most highly compensated employees are male while 3 of the 18 (17%) are female.

Dennis Charney was provided a $500,000 mortgage. The current balance due is $500,000.

Peter Pastuszko, related to a family member, Margaret Pastuszko received $1,385, 115 in a business transaction (no detail provided on Schedule L, Part IV).

Luis Isola, a family member of an officer, received $947,773 in a business transaction (no detail provided on Schedule L, Part IV).

211 independent contractors received more than $100,000. The five most highly compensated were:

  • $10.6 million:  Change Healthcare, LLC of Murray, UT for billing services
  • $ 3.2 million:  Crowell Moring of Baltimore, MD for legal services
  • $ 2.9 million:  Sequenom, Inc. of Pasadena, CA for lab testing
  • $ 2.7 million:  CJS Solutions Group of Orlando, FL for IT consulting
  • $ 2.6 million:  Path of Seattle, WA for consulting

To read the IRS Form 990 (2017), click here.

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