American Board Of Medical Specialties
- Assets
- $41.2m
- Revenue
- $21.8m
- Investments
- $0.0
- Employees
- 70
- Location
- Chicago, IL
- Founding
- 11/1964
- Data as of
- 12/2023
- EIN
- 41-0847713
Organization Overview
American Board Of Medical Specialties is located in Chicago, IL. The organization was established in 1964. According to its NTEE Classification (E03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Health Care and related organizations. As of 12/2023, American Board Of Medical Specialties employed 70 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Board Of Medical Specialties is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2023, American Board Of Medical Specialties generated $21.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $18.5m during the year ending 12/2023. While expenses have increased by 0.3% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE AMERICAN BOARD OF MEDICAL SPECIALTIES (ABMS) IS TO SERVE (CONTINUED IN SCH O) THE PUBLIC AND THE MEDICAL PROFESSION BY IMPROVING THE QUALITY OF HEALTH CARE THROUGH SETTING PROFESSIONAL STANDARDS FOR LIFELONG CERTIFICATION IN PARTNERSHIP WITH ITS MEMBER BOARDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN PARTNERSHIP WITH ITS MEMBER BOARDS, ABMS IS A LEADER IN SETTING RIGOROUS STANDARDS FOR BOARD CERTIFICATION ACROSS 40 MEDICAL SPECIALTIES AND 89 MEDICAL SUBSPECIALTIES. WHILE MEMBER BOARDS TAILOR THESE STANDARDS TO THEIR SPECIFIC SPECIALTIES AND SUBSPECIALTIES, ABMS SUPPORTS THE MEMBER BOARDS IN THE OVERALL IMPLEMENTATION OF THE STANDARDS BY PROVIDING LEARNING OPPORTUNITIES AND RESOURCES REGARDING EVALUATION, ASSESSMENT AND POLICY DEVELOPMENT RELATIVE TO CERTIFICATION. THESE SUPPORTS ARE CRITICAL TO THE ABMS COMMUNITY. AT PRESENT, IN THE UNITED STATES, ABMS MEMBER BOARDS HAVE CERTIFIED MORE THAN 940,000 PHYSICIANS AND MEDICAL SPECIALISTS.
IN TERMS OF ADVOCACY, ABMS COMMUNICATES INFORMATION ABOUT AND EMPHASIZES THE IMPORTANCE OF BOARD CERTIFICATION TO DIPLOMATES, MEDICAL PROFESSIONALS, HEALTH CARE ORGANIZATIONS, INSURERS, LEGISLATORS AND THE GENERAL PUBLIC. THESE COMMUNICATIONS PROVIDE THESE STAKEHOLDERS AND ADVOCATES WITH FACTUAL INFORMATION ABOUT THE IMPORTANCE OF BOARD CERTIFICATION AND THE MARKER OF TRUST SIGNIFIED BY THE CREDENTIAL. CERTIFICATIONMATTERS.ORG, WHICH IS A PUBLIC ACCESS ABMS WEBSITE, ALSO PROVIDES INFORMATION ABOUT BOARD CERTIFICATION. ANY INDIVIDUAL MAY ACCESS THIS SITE TO DETERMINE IF A PHYSICIAN OR MEDICAL SPECIALIST IS BOARD CERTIFIED BY AN ABMS MEMBER BOARD. IN TERMS OF RESEARCH AND PROFESSIONAL DEVELOPMENT, ABMS AND ITS MEMBER BOARDS ACTIVELY STUDY AND SUPPORT RESEARCH INTO THE IMPACT THAT CERTIFICATION PROGRAMS HAVE ON BOTH THE PROFESSION OF MEDICINE AS WELL AS IMPROVING PATIENT SAFETY AND HEALTH CARE. ABMS IS ALSO COMMITTED TO PHYSICIAN PROFESSIONAL DEVELOPMENT AS PART OF ITS MEMBER BOARDS' CONTINUING CERTIFICATION PROGRAMS, INCLUDING CONTINUING MEDICAL EDUCATION AND QUALITY AND PRACTICE IMPROVEMENT ACTIVITIES.
INTERNATIONALLY, ABMS CONTRACTS WITH THE SINGAPORE MINISTRY OF HEALTH TO DEVELOP AND MAINTAIN A PROGRAM OF PHYSICIAN ASSESSMENT AND CERTIFICATION FOR SINGAPORE'S PHYSICIANS AND MEDICAL SPECIALISTS, AS WELL AS CONSULTS WITH OTHER COUNTRIES AND COMMUNITIES ACROSS THE WORLD SEEKING TO EXPLORE OR ESTABLISH PHYSICIAN CERTIFICATION PROGRAMS.
ABMS CONVENES LEADERS AND STAKEHOLDERS FROM ACROSS THE ABMS AND GREATER HEALTH CARE COMMUNITIES TO DISCUSS CURRENT AND EMERGING ISSUES IN TODAY'S HEALTH CARE SYSTEM, SEEKING TO UNDERSTAND WAYS IN WHICH ABMS AND ITS MEMBER BOARDS CAN ADDRESS THOSE ISSUES TO IMPROVE THE QUALITY OF PATIENT CARE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard E Hawkins MD President & CEO | OfficerTrustee | 48 | $801,672 |
Gregory Ogrinc MD Svp, Cert Standard & Prgm | Officer | 45 | $423,617 |
Jennifer Michael Chief Operating Officer | Officer | 50 | $352,655 |
Thomas Granatir SVP Policy & Ext. Relations | Officer | 50 | $287,822 |
David Coursey Director Of Sales | 50 | $330,094 | |
Richard Waters Chief Marketing Officer | 50 | $279,622 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Data Recognition Corporation Test Administration | 12/30/23 | $142,000 |
Internet Testing Systems Llc Test Administration | 12/30/23 | $413,588 |
Grant Thornton Llp Audit And Tax Service | 12/30/23 | $129,168 |
Innovationlabs Consulting And Training L Consultants | 12/30/23 | $121,543 |
Arentfox Schiff Hardin Legal Services | 12/30/23 | $116,184 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $20,895,772 |
| Investment income | $846,791 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $43,781 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,808,011 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,165,933 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,432,408 |
| Pension plan accruals and contributions | $392,592 |
| Other employee benefits | $793,280 |
| Payroll taxes | $644,413 |
| Fees for services: Management | $220,738 |
| Fees for services: Legal | $233,132 |
| Fees for services: Accounting | $118,992 |
| Fees for services: Lobbying | $182,223 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $110,138 |
| Fees for services: Other | $567,475 |
| Advertising and promotion | $356,558 |
| Office expenses | $234,686 |
| Information technology | $1,114,271 |
| Royalties | $0 |
| Occupancy | $936,812 |
| Travel | $332,962 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,186,550 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $138,244 |
| Insurance | $267,438 |
| All other expenses | $0 |
| Total functional expenses | $18,468,046 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,266,165 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $441,697 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $827,248 |
| Net Land, buildings, and equipment | $293,496 |
| Investments—publicly traded securities | $23,250,678 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $796,836 |
| Other assets | $6,353,872 |
| Total assets | $41,229,992 |
| Accounts payable and accrued expenses | $2,172,972 |
| Grants payable | $0 |
| Deferred revenue | $6,427,350 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,814,010 |
| Total liabilities | $11,414,332 |
| Net assets without donor restrictions | $29,815,660 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $41,229,992 |