2022-08-23T14:48:30-07:00 2021-12-31 990 2021-01-01 471442997 MEDICAL DEBT RESOLUTION INC MEDI 8446373328 28-07 JACKSON AVE 5TH FL LONG ISLAND CITY NY 11101 Jose Penabad Treasurer 8446373328 2022-06-16 1 11 1 AAL2 X 2021 2022-09-23 18:48:47Z RIP MEDICAL DEBT Allison Sesso 28-07 Jackson Ave 5th Fl Long Island City NY 11101 17143600 0 X WWW.RIPMEDICALDEBT.ORG X 2014 NY ACQUIRE AND ABOLISH, I.E. RELIEVE, MEDICAL DEBT OWED BY INDIVIDUALS EXPERIENCING POVERTY OR OTHER HARDSHIP (PLEASE SEE SCHEDULE O FOR A MORE COMPLETE DESCRIPTION OF THE ORGANIZATION'S MISSION) 12 11 16 0 0 0 66152013 17111360 14505 0 6433 32240 0 0 66172951 17143600 0 0 0 0 1524391 2223279 777000 973000 1109715 10733133 15240993 13034524 18437272 53138427 -1293672 57765850 56504785 361090 407679 57404760 56097106 X ACQUIRE AND ABOLISH, I.E. RELIEVE, MEDICAL DEBT OWED BY INDIVIDUALS EXPERIENCING POVERTY OR OTHER HARDSHIP (PLEASE SEE SCHEDULE O FOR A MORE COMPLETE DESCRIPTION OF THE ORGANIZATION'S MISSION) 0 1 15230682 0 0 MEDICAL DEBT RELIEF: LOCATE, ACQUIRE, AND ABOLISH, I.E. RELIEVE, MEDICAL DEBT FOR INDIVIDUALS WHO ARE EXPERIENCING POVERTY, GENERALLY DEFINED AS EARNING 200% OR LESS THAN THE FEDERAL POVERTY LEVEL, OR WHO ARE EXPERIENCING HARDSHIPS THAT MAKE PAYING OFF THE DEBT DIFFICULT OR IMPOSSIBLE. AN EXAMPLE OF HARDSHIP INCLUDES EXCESSIVE MEDICAL DEBT (I.E. OUT OF POCKET MEDICAL EXPENSES AMOUNTING TO MORE THAN 5% OF GROSS INCOME). 113244 0 0 TECHNOLOGY INFRASTRUCTURE DEVELOPMENT PROGRAM: RESEARCH, DESIGN, AND DEVELOP TECHNOLOGIES TO DIRECTLY SUPPORT THE ORGANIZATION'S CORE MISSION OF LOCATING, ACQUIRING, AND ABOLISHING MEDICAL DEBT. 255126 0 0 EDUCATION & OUTREACH: CONDUCT CONFERENCES AND PUBLISH WEBSITES, BOOKS, AND ARTICLES TO RAISE PUBLIC AWARENESS OF THE ECONOMIC AND SOCIAL EFFECTS OF MEDICAL DEBT. 0 0 0 15599052 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 25 0 1 16 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 11 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK AL AR AZ CA CO CT DC DE FL GA GU HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA PW RI SC SD TN TX UT VA VT WA WI WV WY X ALLISON SESSO 8446373328 28-07 JACKSON AVE 5TH FL LONG ISLAND CITY NY 11101 CRAIG ANTICO DIRECTOR & DEPT HEAD - DEBT OPS THRU 3/5/21 40 0 X 481639 0 17368 ALLISON SESSO CEO / PRESIDENT 40 0 X 291865 0 28029 DAVID REYNOLDS VP INFO SYSTEMS 40 0 X 183457 0 18874 PRISCILLA THOMAS-KEITH VP PROGRAM MANAGEMENT 40 0 X 157292 0 32855 MIKEL BURROUGHS DIRECTOR MILITARY DEBT ACQUISITION 40 0 X 121042 0 2720 JANA KNAUEROVA VP FINANCE & ADMINISTRATION 40 0 X 103824 0 12933 RUTH LANDE VP HOSPITAL RELATIONS, FROM 9/7/21 40 0 X 104845 0 80 HAROLD JERRY ASHTON DIRECTOR & CONSULTANT THRU 7/31/21 20 0 X 90000 0 0 WILLIAM VON MUEFFLING DIRECTOR & BOARD CHAIR 1 0 X X 0 0 0 MICHELE MASUCCI DIRECTOR & VICE CHAIR 1 0 X X 0 0 0 JOSE PENABAD DIRECTOR & TREASURER 1 0 X X 0 0 0 TED SANN DIRECTOR & SECRETARY 1 0 X X 0 0 0 DR OXIRIS BARBOT DIRECTOR 1 0 X 0 0 0 ROBERT GOFF DIRECTOR 1 0 X 0 0 0 JON LINDSEY DIRECTOR 1 0 X 0 0 0 ELIZABETH MARINCOLA DIRECTOR 1 0 X 0 0 0 DR RAM RAJU DIRECTOR 1 0 X 0 0 0 MAGAN RAY DIRECTOR 1 0 X 0 0 0 JEFF SMEDSRUD DIRECTOR 1 0 X 0 0 0 1533964 0 112859 7 0 1 0 SANDRA DAVIS LLC DBA DONORLY 1460 BROADWAY New York NY 10036 FUNDRAISING COUNSEL 973000 KEITH HEARLE 2807 Jackson Ave Fl 5 Long Island City NY 11101 DEBT ACQUISITION CONSULTING 167500 NIXON PEABODY LLP 55 W 46th St New York NY 10036 LEGAL SERVICES 250707 WELLSPRING CONSULTING LLC 198 Amity Road Ste 23 Woodbridge CT 06525 STRATEGIC PLANNING CONSULTING 193800 4 0 0 0 0 0 17111360 403343 17111360 0 32240 0 0 32240 0 0 0 0 0 0 0 0 0 0 0 0 0 0 17143600 0 0 32240 X 0 0 0 0 0 0 0 0 1211377 707335 464949 39093 0 0 0 0 817032 598444 191118 27470 12400 9305 2665 430 63676 23887 32568 7221 118794 80785 34091 3918 0 0 0 0 259144 212323 46821 0 89499 0 89499 0 0 0 0 0 973000 973000 0 0 0 0 964637 409026 542990 12621 3885 0 2325 1560 226795 7399 187885 31511 145403 73674 59534 12195 0 0 0 0 31295 0 31295 0 11279 584 9999 696 0 0 0 0 1294 1294 0 0 0 0 0 0 0 0 0 0 97305 83783 13522 0 19244 0 19244 0 COST OF DEBT ABOLISHED (SEE SCHEDULE O) 13591923 13591923 0 0 CAPITALIZED LABOR - Internal Use Software -200710 -200710 0 0 0 0 18437272 15599052 1728505 1109715 47091782 15327967 9709850 38792789 163100 258352 18651 2465 0 0 0 0 0 0 0 0 522887 1346698 40959 17784 10256 23175 0 0 0 0 0 0 247655 469238 1669 284101 57765850 56504785 361090 216952 190727 361090 407679 X 52275653 50434168 5129107 5662938 57404760 56097106 57765850 56504785 -1293672 -13982 0 0 0 0 X 0 1 X 1 0 X 2163479 5339832 9891081 66152013 17097377 100643782 0 0 0 0 0 0 0 0 0 0 0 0 2163479 5339832 9891081 66152013 17097377 100643782 0 100643782 0 0 1153 6433 32240 39826 0 0 0 0 0 0 0 0 0 0 0 0 100683608 310051 0.99960 0.99991 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 0 0 0 40959 0 17784 23175 0 0 0 0 23175 LEASE LIABILITY 190727 190727 17279618 0 150000 0 -13982 136018 17143600 0 0 0 17143600 18587272 150000 0 0 0 150000 18437272 0 0 0 18437272 Schedule D, Part XI, Line 2d Impairment loss on cryptocurrency asset. X X X X 1 DONORLY 1460 BROADWAY NEW YORK NY 10036 AS FUNDRAISING COUNSEL FOR THE ORGANIZATION, THE FIRM OF SANDRA DAVIS, LLC DBA "DONORLY", PROVIDES A TEAM OF SKILLED PERSONNEL WHO MANAGE SUBSTANTIALLY ALL BACK-OFFICE ACTIVITIES ASSOCIATED WITH THE ORGANIZATION'S FUNDRAISING AND DEVELOPMENT FUNCTION, INCLUDING CAMPAIGN DEVELOPMENT AND EXECUTION, DONOR RESEARCH, GIFT ACKNOWLEDGMENT, GRANT APPLICATIONS, DONOR MANAGEMENT SYSTEMS MAINTENANCE, IN ADDITION TO PROVIDING ADVICE ON HIGH LEVEL FUNDRAISING AND DEVELOPMENT STRATEGY. IN PERFORMING THESE FUNCTIONS, DONORLY IS EITHER DIRECTLY OR INDIRECTLY RESPONSIBLE FOR VIRTUALLY ALL REVENUE, EXCEPT IN-KIND REVENUE. 0 0 973000 -973000 0 973000 -973000 AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA PR RI SC SD TN TX UT VA VT WA WI WV WY Schedule G, Part I, Line 2b (I) NAME OF FUNDRAISER: DONORLY (II) ADDRESS OF FUNDRAISER: 1460 BROADWAY, NEW YORK, NY 10036 Schedule G, Part I, Line 2b(v) AS FUNDRAISING COUNSEL FOR THE ORGANIZATION, THE FIRM OF SANRA DAVIS, LLC DBA "DONORLY" PROVIDES A TEAM OF SKILLED PERSONNEL WHO MANAGE SUBSTANTIALLY ALL BACK-OFFICE ACTIVITIES ASSOCIATED WITH THE ORGNAIZATION'S FUNDRAISING AND DEVELOPMENT FUNCTION, INCLUDING CAMPAIGN DEVELOPMENT AND EXECUTION, DONOR RESEARCH, GIFT ACKNOWLEDGEMENT, GRANT APPLICATIONS, DONOR MANAGEMENT SYSTEMS MAINTENANCE, IN ADDITION TO PROVIDING ADVICE ON HIGH LEVEL FUNDRAISING AND DEVELOPMENT STRATEGY. IN PERFORMING THESE FUNCTIONS, DONORLY IS EITHER DIRECTLY OR INDIRECTLY RESPONSIBLE FOR VIRTUALLY ALL REVENUE, EXCEPT IN-KIND REVENUE. X X X X X 1 0 0 0 0 0 0 0 0 ALLISON SESSO CEO / PRESIDENT 266365 0 25000 0 500 0 10535 0 17494 0 319894 0 0 0 CRAIG ANTICO DIRECTOR & DEPT HEAD - DEBT OPS thru 3/5/21 216639 0 25000 0 240000 0 7500 0 9868 0 499007 0 0 0 DAVID REYNOLDS VP INFO SYSTEMS 182957 0 0 0 500 0 6722 0 12152 0 202331 0 0 0 PRISCILLA THOMAS-KEITH VP PROGRAM MANAGEMENT 156792 0 0 0 500 0 5775 0 27080 0 190147 0 0 0 Schedule J, Part I, Line 4 Craig Antico - $240,000 - severance payment. X 22 310677 FMV X CRYPTOCURRENCY 7 85252 FMV X DEBT PORTFOLIO 1 7461 FMV - Transparency Pricing Model 0 0 1 0 Form 990, Part I, Line 1 MISSION OF MEDICAL DEBT RESOLUTION, INC., DBA "RIP MEDICAL DEBT" RIP MEDICAL DEBT IS A 501(C)(3) NONPROFIT WHOSE MISSION IS TO END MEDICAL DEBT AND BE: ** Be a source of justice in an unjust healthcare finance system, by combining the generosity of donors with the existing debt industry to produce a high volume of debt relief (reducing mental and financial distress for millions of people). ** Furnish healthcare providers with a way to strengthen communities by relieving debt. RIP also offers to partner with them to refine their financial aid programs to better serve people. ** Bring attention to the negative impacts caused by medical debt to spur change toward a more transparent, equitable and affordable healthcare system. ... RIP MEDICAL DEBT LOCATES, PURCHASES AND THEN ABOLISHES UNPAID AND UNPAYABLE MEDICAL DEBT AS A BENEFIT TO SOCIETY AS WELL AS THE DEBTOR. RIP WAS FOUNDED IN 2014 BY TWO FORMER COLLECTION INDUSTRY EXECUTIVES WHO DECIDED TO PUT THEIR EXPERTISE TO WORK TO FORGIVE DEBT RATHER THAN COLLECT IT. USING DEMOGRAPHIC AND CONSUMER CREDIT DATA, RIP ANALYZES BUNDLED DEBT PORTFOLIOS HELD BY HEALTHCARE PROVIDERS AND SECONDARY MARKET DEBT SELLERS TO IDENTIFY ACCOUNTS MEETING ITS CRITERIA FOR FINANCIAL RELIEF. RIP THEN NEGOTIATES TO BUY THESE PORTFOLIOS AT THEIR CURRENT INDUSTRY MARKET VALUE, OFTEN PAYING LESS THAN A PENNY ON THE DOLLAR. ONCE PURCHASED, RIP FORGIVES THE DEBT ON BEHALF OF THE DONOR, AT NO COST OR TAX CONSEQUENCE TO THE DEBTOR. THE DEBT IS ALSO REMOVED FROM THE CREDIT REPORTS OF THE DEBTOR. WHY MEDICAL DEBT? * UNLIKE OTHER DEBT, MEDICAL DEBT IS NOT A DEBT OF "CHOICE", I.E. PEOPLE DO NOT "CHOOSE" TO GET SICK * DEBTORS ARE THE "COLLATERAL DAMAGE" OF A FLAWED HEALTHCARE, PHARMA AND INSURANCE SYSTEM * 43 MILLION AMERICANS NOW OWE ABOUT $75 BILLION IN PAST-DUE MEDICAL DEBT * MORE THAN 1 IN 3 AMERICANS STRUGGLE TO AFFORD THE COST OF THEIR MEDICAL CARE * MEDICAL DEBT CONTRIBUTES TO MORE THAN 60 PERCENT OF ALL BANKRUPTCIES IN THE USA * 75 PERCENT OF ALL INDIVIDUALS IN MEDICAL BANKRUPTCY HAD HEALTH INSURANCE COVERAGE * MEDICAL DEBT LINGERS ON A PERSON'S CREDIT REPORT, MAKING IT HARDER TO PURCHASE OR RENT A HOME, BUY A VEHICLE, OBTAIN A CREDIT CARD, OR EVEN GAIN EMPLOYMENT. WHO QUALIFIES FOR RIP DEBT FORGIVENESS? * HOUSEHOLDS EARNING LESS THAN TWO TIMES THE FEDERAL POVERTY LEVEL * PERSONS FACING INSOLVENCY, DEFINED AS HAVING DEBTS GREATER THAN ASSETS * THOSE EXPERIENCING OTHER TYPES OF FINANCIAL HARDSHIP HOW IS A GIFT TO RIP DIFFERENT FROM A GIFT TO OTHER CHARITIES? BECAUSE RIP BUYS DEBT IN BULK, SPECIFICALLY TARGETING PEOPLE UNABLE TO PAY, IT IS ABLE TO BUY DEBT AT A LARGE DISCOUNT, OFTEN PAYING LESS THAN A PENNY ON THE DOLLAR. EVEN AFTER TAKING INTO ACCOUNT RIP'S OTHER PROGRAM AND ADMINISTRATIVE COSTS, A DONOR'S GIFT IS ABLE TO PROVIDE BENEFITS FAR GREATER THAN THE AMOUNT OF THE GIFT ITSELF. BECAUSE OF THIS LEVERAGE EFFECT, OVER ITS SHORT HISTORY RIP HAS BEEN ABLE TO FORGIVE MORE THAN $2.6 BILLION OF MEDICAL DEBT, PROVIDING MORE THAN $100 OF DEBT RELIEF FOR EACH DOLLAR DONATED. NO OTHER CHARITY WE ARE AWARE OF PROVIDES THIS KIND OF RETURN ON A DONOR'S INVESTMENT. Form 990, Part III, Line 3 DURING THE YEAR ENDED DECEMBER 31, 2021, THE ORGANIZATION DID NOT CONDUCT ANY ACTIVITIES AS PART OF THE MEDICAL DEBT RESEARCH PROGRAM. Form 990, Part III, Line 4d DESCRIPTION OF TECHNOLOGY INFRASTRUCTURE DEVELOPMENT PROGRAM: RESEARCH, DESIGN, AND DEVELOP TECHNOLOGIES TO DIRECTLY SUPPORT THE ORGANIZATION'S CORE MISSION OF LOCATING, ACQUIRING, AND ABOLISHING MEDICAL DEBT. Form 990, Part VI, Section A, Line 2 TED SANN, DIRECTOR AND SECRETARY, IS THE BROTHER-IN-LAW OF WILLIAM VON MUEFFLING, DIRECTOR AND BOARD CHAIR. Form 990, Part VI, Section B, Line 11b A COMPLETE COPY OF THIS FORM 990 HAS BEEN REVIEWED BY BOTH THE AUDIT COMMITTEE AND THE FULL BOARD OF DIRECTORS PRIOR TO FILING. THIS PROCESS IS PRESCRIBED IN THE CHARTER OF THE ORGANIZATION'S AUDIT COMMITTEE. Form 990, Part VI, Section B, Line 12c THE ORGANIZATION ENFORCES THE CONFLICT OF INTEREST POLICY BY MONITORING KNOWN RELATIONSHIPS, QUESTIONNAIRES, AND NOTING ANY CHANGES IN DISCLOSED INFORMATION. ANY CONFLICT IS REVIEWED BY THE BOARD BEFORE A DECISION IS MADE AS TO WHETHER TO APPROVE THE TRANSACTION. Form 990, Part VI, Section B, Line 15 EXECUTIVE DIRECTOR COMPENSATION IS DETERMINED BY THE INDEPENDENT MEMBERS OF THE BOARD IN ACCORDANCE WITH WRITTEN POLICY, AND INFORMED BY A REPORT OF INDEPENDENT COMPENSATION CONSULTANTS, INCLUDING MARKET SURVEYS, AND OTHER INDEPENDENT RESEARCH. PROCESS FOR DETERMINING COMPENSATION OF OFFICERS AND OTHER KEY EMPLOYEES: IN 2021, THE COMPENSATION OF OFFICERS AND KEY EMPLOYEES WAS DETERMINED BY THE INDEPENDENT MEMBERS OF THE BOARD IN ACCORDANCE WITH WRITTEN POLICY, INFORMED, WHERE APPROPRIATE BY A REPORT OF INDEPENDENT COMPENSATION CONSULTANTS AND OTHER INDEPENDENT RESEARCH, INCLUDING MARKET SURVEYS. COMPENSATION COMMITTEE: IN 2020, THE BOARD ESTABLISHED A NEW COMPENSATION COMMITTEE, COMPRISED OF AT LEAST THREE (3) INDEPENDENT DIRECTORS, WITH RESPONSIBILITY FOR ADVISING THE INDEPENDENT MEMBERS OF THE BOARD IN SETTING THE COMPENSATION OF THE ORGANIZATION'S EXECUTIVE DIRECTOR, OFFICERS, AND OTHER KEY EMPLOYEES. CURRENTLY THE NUMBER OF PERSONS SERVING ON THE COMPENSATION COMMITTEE IS FOUR (4). Form 990, Part VI, Section C, Line 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. WHERE REQUIRED, THE ORGANIZATION ALSO FURNISHES THESE DOCUMENTS TO STATE AUTHORITIES. Form 990, Part IX, Line 24a - 24d DETAILS OF COST OF DEBT ABOLISHED........ PURCHASES - DEBT PORTFOLIOS: $12,759,496; DONATED DEBT PORTFOLIOS: $7,461 DEBT BROKER FEES: $14,000; DEBT ACQUISITION CONSULTING FEES: $200,000 PURCHASES - DEBT ANALYSIS FEES: $20,025; PURCHASES - DEBT PLATFORM FEES: $66,253; PURCHASES - ANALYTICAL DATA: $245,620; DE/(IN)CREASE IN DEFERRED DEBT COSTS: ($877,744); MAILING SERVICES: $1,156,813 ............... TOTAL COST OF DEBT ABOLISHED: $13,591,923