Mount Sinai Medical Center of Florida Inc

Analysis

Mount Sinai Medical Center of Florida Inc is a registered charity in United States, based in Miami Beach, FL. It received its IRS tax-exemption ruling in May 1948, 78 years ago. Its declared purposes cover health care, which this site groups under health and saving lives. The IRS classifies it as a hospital or medical research organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Mount Sinai Medical Center of Florida Inc reported income of $1.06bn and spending of $972.4m, spending 92% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $767.9m to $1.06bn (+38%), an average of +8.4% a year. The sharpest change came in the year to December 2021, when income rose by 21%. Over the whole period it spent 96% of the income it received.

Among 40,470 United States charities whose main cause is health and saving lives and that reported income, Mount Sinai Medical Center of Florida Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within FL. Charities of a similar size with the same main cause include Regions Hospital ($1.06bn), Health Research Incorporated Elizabeth Wood ($1.06bn) and HCR Manorcare Inc ($1.05bn).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 1.8% and program service revenue 94% of the total. Compensation of current officers, directors and key employees was $11.5m (1.2% of expenses). Other salaries and wages came to $405.1m. At year end it held assets of $1.12bn against liabilities of $728.2m, net assets of $395.5m. It reported 4,210 employees.