What is the ABO’s annual budget? What are its sources of revenue and how is the money spent?
The ABO’s main source of income is fees for its examinations (written, oral, and Maintenance of Certification), totaling approximately $5.2 million annually. On the expense side, approximately $2 million is required to conduct the initial written ($861,000) and oral ($1.2 million) certifying examinations. Expenses to administer the Maintenance of Certification components (Quarterly Questions and Improvement in Medical Practice Activities) tally approximately $1.4 million.
Are fees increased annually for the examinations?
No. Fees for the Written Qualifying Examination and Oral Examination in 2020 are $1,950 per exam and have remained the same for the past three years. The $200 annual fee for Maintenance of Certification has not increased since 2012.
Does the ABO maintain a balanced budget every year?
In most years, the ABO has a balanced budget. Should a deficit occur through unanticipated or special expenses or decreased revenue, the shortfall is covered through a reserve fund.
Why does the ABO have investments and reserves?
Like most not-for-profit organizations, the ABO seeks to maintain sufficient reserves to allow the organization to function for at least one year (and ideally two years) in the event of extraordinary financial circumstances.
Does the ABO have real estate holdings or other tangible assets?
No. The ABO transitioned to a virtual office in 2018. All employees work remotely.
How many persons does the ABO employ and what do they do?
The ABO staff comprises 14 employees: the Chief Executive Officer, Administrator, Director of Assessment and Psychometrics, Exam Development Manager, Exam Development Coordinator, Maintenance of Certification Coordinator, Volunteer Program Manager, Director of Communications and Experience, Diplomate Success Specialist, Certification Experience Assistant, Physician Services Coordinator, Information Technology Manager, Database Administrator, and Digital Projects Manager. Specific role descriptions are available from the ABO office upon request.
Is the ABO’s staffing similar to other certifying boards?
The organizational structures of certifying boards vary considerably. Some boards have a full-time physician CEO or Executive Director, while others distribute executive responsibilities among several part-time physicians or employ non-physicians. Some boards employ physicians on a part-time basis for examination development. In general, the ABO’s staff-to-diplomate ratio is similar to other boards.
As a member board, how much does the ABO pay to the American Board of Medical Specialties every year?
The ABO pays a yearly fee to the ABMS for each diplomate certified, which is currently $159,565.
How is the ABO’s Chief Executive Officer compensated?
Dr. Bartley is employed by the Mayo Clinic, where he sees patients and performs surgery one day per week (0.2 FTE). The ABO remunerates the Mayo Clinic for the balance of his professional time (0.8 FTE), all of which is devoted to ABO responsibilities. Compensation is reviewed annually by the ABO Finance Committee using independent benchmarks.
Are ABO directors compensated?
ABO directors, both physician and public members, receive a per diem ($1,000) for meetings attended (weekdays only). No per diems are provided for Oral Examination days. Transportation, lodging, and a limited allowance for meals are covered by the ABO. The ABO reimburses directors for economy-class travel. Spousal travel is not covered. All physician directors pay MOC fees. The time commitment for a director is approximately 10-15 workdays and at least three weekends per year, in addition to approximately four hours per week. The typical term for a director is eight years.
Are the examiners for the Orals compensated?
The ABO relies on the extraordinarily generous support of hundreds of dedicated volunteers to conduct its work. Examiners pay their own travel. Prior to 2020 when the Oral Examination was conducted in-person, the ABO covered the cost of examiners’ hotel rooms (the room was also used for the examination) and provided on-site meals.
Does the ABO undergo periodic audits?
Yes. As a 501(c)(6) organization, the ABO is audited annually by S.R. Snodgrass of King of Prussia, PA. The ABO has also been awarded the 2020 Platinum Seal of Transparency by GuideStar, the world’s largest source of nonprofit information, in 2018, 2019, and 2020. Detailed organizational and financial information is posted on the ABO’s GuideStar profile.
Where can I review the ABO’s IRS 990 form?
Are payments made to the ABO tax deductible? Where can I find the ABO’s federal tax ID?
Fees paid to the ABO are not tax deductible as charitable contributions; however, they may be tax deductible under other provisions of the Internal Revenue Code. Please consult your tax preparer for guidance.