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← NATIONAL BOARD OF MEDICAL EXAMINERS

Form 990 for tax year 2024

Filed by NATIONAL BOARD OF MEDICAL EXAMINERS.

Totals

Total revenue
$189,758,430
Total expenses
$178,563,223
Contributions and grants received
$0
Grants paid
$2,819,348
Program service revenue
$173,506,146
Investment income
$16,275,580
Other revenue
-$23,296
Total assets, end of year
$457,188,976
Total liabilities, end of year
$88,503,471
Net assets or fund balances, end of year
$368,685,505
Program services expenses (Part IX)
$143,380,773
Management and general expenses
$35,182,450
Fundraising expenses
$0
Program service expenses (Part III)
$143,380,773

Program services were 80.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: Custom Programs

    total $9,215,837 · related or exempt $9,215,837

  • 2b · Program service revenue: Medical School Services

    total $46,560,397 · related or exempt $46,560,397

  • 2c · Program service revenue: Other Revenue

    total $393,542 · related or exempt $393,542

  • 2d · Program service revenue: USMLE

    total $117,336,370 · related or exempt $117,336,370

  • 3 · Investment income

    total $8,552,655 · related or exempt $8,552,655

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    real property $642,367

  • 6b · Less rental expenses

    real property $665,663

  • 6c · Rental income or loss

    real property -$23,296

  • 6d · Net rental income or loss

    total -$23,296 · excluded -$23,296

  • 7a · Gross sales of assets other than inventory

    securities $103,065,257 · other assets $5,245,165

  • 7b · Less cost or other basis and sales expenses

    securities $97,356,346 · other assets $3,231,151

  • 7c · Gain or loss

    securities $5,708,911 · other assets $2,014,014

  • 7d · Net gain or loss

    total $7,722,925 · excluded $7,722,925

  • 8c · Net income from fundraising events

    total $0

  • 9c · Net income from gaming

    total $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,702,301 · program services $2,702,301

  • 2 · Grants to domestic individuals

    total $40,000 · program services $40,000

  • 3 · Grants to foreign organizations and individuals

    total $77,047 · program services $77,047

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $5,710,129 · program services $753,725 · management and general $4,956,404

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $66,856,276 · program services $53,468,359 · management and general $13,387,917

  • 8 · Pension plan contributions

    total $9,091,210 · program services $6,941,774 · management and general $2,149,436

  • 9 · Other employee benefits

    total $9,489,040 · program services $6,775,352 · management and general $2,713,688

  • 10 · Payroll taxes

    total $4,975,085 · program services $3,715,164 · management and general $1,259,921

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $1,604,760 · management and general $1,604,760

  • 11c · Fees: accounting

    total $102,827 · management and general $102,827

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $272,294 · management and general $272,294

  • 11g · Fees: other

    total $8,859,766 · program services $7,023,459 · management and general $1,836,307

  • 12 · Advertising and promotion

    total $14,419 · management and general $14,419

  • 13 · Office expenses

    total $871,157 · program services $554,244 · management and general $316,913

  • 14 · Information technology

    total $12,744,170 · program services $10,764,688 · management and general $1,979,482

  • 15 · Royalties

    total $2,542 · program services $2,542

  • 16 · Occupancy

    total $1,535,326 · program services $1,179,959 · management and general $355,367

  • 17 · Travel

    total $1,135,192 · program services $471,264 · management and general $663,928

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $4,484,583 · program services $3,331,477 · management and general $1,153,106

  • 20 · Interest

    total $718,933 · program services $551,320 · management and general $167,613

  • 21 · Payments to affiliates

    total $266,144 · program services $266,144

  • 22 · Depreciation, depletion and amortization

    total $4,465,164 · program services $3,424,147 · management and general $1,041,017

  • 23 · Insurance

    total $861,128 · program services $674,797 · management and general $186,331

  • 24a · Other expenses: Vendor Computer Delivery Fees

    total $36,041,967 · program services $36,041,967

  • 24b · Other expenses: Credit Card Fees

    total $1,727,956 · program services $1,727,956

  • 24c · Other expenses: Other Project/Admin

    total $1,625,106 · program services $961,301 · management and general $663,805

  • 24d · Other expenses: Temporary Resources

    total $1,409,361 · program services $1,052,446 · management and general $356,915

  • 24e · All other expenses

    total $879,340 · program services $879,340

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $22,293,240 · end of year $7,573,951

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $8,856,235 · end of year $8,270,602

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    end of year $0

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $11,176,381 · end of year $12,771,636

  • 10a · Land, buildings and equipment: cost or other basis

    $125,618,729

  • 10b · Land, buildings and equipment: accumulated depreciation

    $79,767,058

  • 10c · Land, buildings and equipment, net

    beginning of year $45,346,552 · end of year $45,851,671

  • 11 · Investments: publicly traded securities

    beginning of year $272,555,746 · end of year $279,878,406

  • 12 · Investments: other securities

    beginning of year $74,512,911 · end of year $83,400,904

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    end of year $9,889,935

  • 15 · Other assets

    beginning of year $10,103,459 · end of year $9,551,871

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,254,006 · end of year $16,323,013

  • 19 · Deferred revenue

    beginning of year $37,883,803 · end of year $36,698,734

  • 20 · Tax-exempt bond liabilities

    beginning of year $25,175,208 · end of year $23,467,658

  • 25 · Other liabilities

    beginning of year $39,826,510 · end of year $12,014,066

  • 27 · Net assets without donor restrictions

    beginning of year $325,704,997 · end of year $368,685,505

Mission and programs · 2024

Mission

NBME advances assessment of health care professionals to achieve optimal care for all. While centered on assessment of physicians, this mission encompasses the spectrum of health professionals along the continuum of education, training and practice and includes research in evaluation as well as development of assessment tools.For further information visit www.nbme.org.

Activities or mission (Part I)

NBME advances assessment of healthcare professionals to achieve optimal care for all.

  • The United States Medical Licensing Examination (USMLE) is a three-step examination for medical licensure in the United States and is sponsored by the Federation of State Medical Boards (FSMB) and NBME. The USMLE program supports medical licensing authorities in the United States through its leadership in the development, delivery, and continual improvement of high-quality assessments across the continuum of physicians' preparation for practice. It assesses a physician's ability to apply knowledge, concepts, and principles that are important in health and disease and that constitute the basis of safe and effective patient care.For further information visit www.usmle.org.Note: The expenses reflected above do not include management and general expenses.

    Expenses $88,474,458 · Revenue $117,336,370

  • The Medical School and Student Services program provides assessment services to domestic and international medical schools, students, and residents. Assessments include the subject examination program, self-assessment services, and web-based examination programs and pilot projects. Subject exams measure achievement in the traditional basic and clinical science disciplines and are used to compare student performance with a national reference group. A series of web-based self-assessments are available to help students assess their readiness to take USMLE. Faculty services include item-writing workshops, and medical school liaison activities include the Advisory Committee for Medical School Programs.Note: The expenses reflected above do not include management and general expenses.

    Expenses $29,889,006 · Revenue $46,560,397

  • The Growth and Innovation unit includes the Office of Research which supports NBMEs research enterprise by coordinating NBMEs research efforts across the organization and ensuring that NBMEs research portfolio is consistent with institutional priorities. In addition to these defined programs of research and development, each program area and service unit is charged to carry on a program of research and development relevant to the work of the program or unit, for example, development of new item formats for USMLE, exploring relationships between prior measures and certifying exam performance for those we serve and developing new testing methods for those we serve. These research and development activities result in the publication of dozens of research reports in scientific journals and presentations at scientific meetings each year.The Office of Research is responsible for conducting research related to improving the quality and efficiency of NBME products, services, and procedures. It is also aimed at developing capabilities that allow NBME to expand its range of assessments both geographically and across the health professions. In addition to this work, the Office of Research provides non-routine technical support to other organizational divisions and subunits and conducts research to contribute to the field of measurement.This unit delivers information vital for planning strategy related to innovative assessments to meet stakeholder needs. They support conception and market testing of product ideas and the research to investigate and sustain products and services.On January 31, 2024, NBME completed the acquisition of the assets of MedVR Education (MedVR), a business segment of ELearning Design Center, LLC, based in South Lyon, Michigan. MedVR is an extended reality platform that offers both off-the-shelf and customized virtual reality simulation training solutions for patient care, critical care nursing skills, and health care management utilized by universities and healthcare institutions.The primary reasons for the acquisition included expanding NBME's capabilities in innovation and enhancing its portfolio of advanced educational technologies. Specifically, NBME acquired MedVR to leverage its leading technology in simulation-based learning to support NBMEs strategic objective of developing new tools and assessments that support learners throughout their medical education.

    Expenses $14,562,082 · Grants $2,495,997 · Revenue $393,542

  • Custom Programs consist of a diverse portfolio of global customized assessment services and examination programs. The primary sources of revenue for Custom Programs are Health Profession Services, the Health and Wellness Coach Certifying Examination and the Post Licensure Assessment System. The Health Profession Services program provides comprehensive assessment, educational, consultative, and research services for healthcare organizations. During 2024, NBME's Health Profession Services worked with a variety of organizations to administer examinations for purposes of licensure and other evaluations of special competence for examination programs sponsored by health-related organizations. These organizations included allied health professional associations, members of the American Board of Medical Specialties, and medical societies. Examinations are administered worldwide, where applicable.NBME and the National Board for Health & Wellness Coaching collaborate to provide the Health and Wellness Coach Certifying Examination. The collaboration provides an opportunity to draw upon the unique capabilities of each organization to provide a high-quality assessment for health and wellness coaches. Exam content is developed by nationally recognized leaders in the field of health and wellness coaching and covers areas such as coaching structure and process, health and wellness, and ethics.The Post-Licensure Assessment System (PLAS) is a joint activity of NBME and the Federation of State Medical Boards (FSMB). PLAS comprises two programs: the Special Purpose Examination (SPEX) Program and the Assessment Center Program (ACP). SPEX is a one-day, multiple-choice examination of current knowledge requisite for the general, undifferentiated practice of medicine and is intended to be used for reasons of endorsement or reciprocity of licensure. The ACP provides comprehensive objective and personalized assessments of physicians for whom there is a question regarding clinical competence. Together, the PLAS programs have assessed physicians for reasons that range from endorsement of licensure to license reactivation after disciplinary action.Note: The expenses reflected for Custom Programs on Part III, line 4d do not include management and general expenses.

    Expenses $10,455,227 · Revenue $9,215,837

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Peter J Katsufrakis

    President & CEO

    Total calculated
    $2,172,839
    From this org
    $2,021,966
    From related orgs
    $0
    Other
    $150,873
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $873,709
    Bonus
    $126,516
    Other
    $1,021,741
    Deferred
    $138,899
    Nontaxable benefits
    $11,974
    Filer's total
    $2,172,839

  • John J Hinke Jr

    SVP & CFO

    Total calculated
    $576,684
    From this org
    $362,024
    From related orgs
    $0
    Other
    $214,660
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $363,477
    Bonus
    $500
    Other
    -$1,953
    Deferred
    $187,137
    Nontaxable benefits
    $27,523
    Filer's total
    $576,684

  • Michael G Jodoin

    SVP, C&P Mgmt

    Total calculated
    $558,344
    From this org
    $401,336
    From related orgs
    $0
    Other
    $157,008
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $403,083
    Bonus
    $500
    Other
    -$2,247
    Deferred
    $128,820
    Nontaxable benefits
    $28,188
    Filer's total
    $558,344

  • Linda M Gadsby

    SVP, Gen Couns

    Total calculated
    $522,285
    From this org
    $400,540
    From related orgs
    $0
    Other
    $121,745
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $399,008
    Bonus
    $500
    Other
    $1,032
    Deferred
    $110,047
    Nontaxable benefits
    $11,698
    Filer's total
    $522,285

  • Andrew F Farella

    SVP & CIO

    Total calculated
    $515,345
    From this org
    $379,272
    From related orgs
    $0
    Other
    $136,073
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $337,875
    Bonus
    $500
    Other
    $40,897
    Deferred
    $111,030
    Nontaxable benefits
    $25,043
    Filer's total
    $515,345

  • Ye Tong

    SVP, Assessment

    Total calculated
    $514,260
    From this org
    $391,271
    From related orgs
    $0
    Other
    $122,989
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $399,073
    Bonus
    $500
    Other
    -$8,302
    Deferred
    $91,059
    Nontaxable benefits
    $31,930
    Filer's total
    $514,260

  • Christopher A Feddock

    AVP, CBA

    Total calculated
    $508,531
    From this org
    $431,422
    From related orgs
    $0
    Other
    $77,109
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $400,680
    Bonus
    $27,954
    Other
    $2,788
    Deferred
    $49,720
    Nontaxable benefits
    $27,389
    Filer's total
    $508,531

  • Pamela L Treves

    SVP, Growth

    Total calculated
    $486,226
    From this org
    $347,095
    From related orgs
    $0
    Other
    $139,131
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $354,224
    Bonus
    $500
    Other
    -$7,629
    Deferred
    $107,469
    Nontaxable benefits
    $31,662
    Filer's total
    $486,226

  • Alex J Mechaber

    VP, USMLE

    Total calculated
    $466,022
    From this org
    $406,851
    From related orgs
    $0
    Other
    $59,171
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $403,083
    Bonus
    $500
    Other
    $3,268
    Deferred
    $56,655
    Nontaxable benefits
    $2,516
    Filer's total
    $466,022

  • Kenneth W Ridgley

    VP, Test Dev Srvs

    Total calculated
    $421,778
    From this org
    $342,216
    From related orgs
    $0
    Other
    $79,562
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $345,195
    Bonus
    $1,000
    Other
    -$3,979
    Deferred
    $47,643
    Nontaxable benefits
    $31,919
    Filer's total
    $421,778

  • Janelle R Endres

    VP, Human Resources

    Total calculated
    $369,971
    From this org
    $261,377
    From related orgs
    $0
    Other
    $108,594
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $268,975
    Bonus
    $500
    Other
    -$8,098
    Deferred
    $76,646
    Nontaxable benefits
    $31,948
    Filer's total
    $369,971

  • Steven Go

    VP, Assessment Ope

    Total calculated
    $362,777
    From this org
    $340,819
    From related orgs
    $0
    Other
    $21,958
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $341,550
    Bonus
    $500
    Other
    -$1,231
    Deferred
    $10,262
    Nontaxable benefits
    $11,696
    Filer's total
    $362,777

  • Antionette Crockrell

    VP, Business Dev

    Total calculated
    $351,541
    From this org
    $289,243
    From related orgs
    $0
    Other
    $62,298
    Hours/week
    45 + 2 related

    Schedule J breakdown matched by us

    Base
    $285,121
    Bonus
    $500
    Other
    $3,622
    Deferred
    $52,074
    Nontaxable benefits
    $10,224
    Filer's total
    $351,541

  • Rajat Arora

    VP, Ed Tech Innov

    Total calculated
    $326,762
    From this org
    $293,662
    From related orgs
    $0
    Other
    $33,100
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $298,846
    Bonus
    not reported
    Other
    -$5,184
    Deferred
    $3,837
    Nontaxable benefits
    $29,263
    Filer's total
    $326,762

  • Elisa K Moll

    VP, Strategy Management

    Total calculated
    $320,760
    From this org
    $246,636
    From related orgs
    $0
    Other
    $74,124
    Hours/week
    45 + 2 related

    Schedule J breakdown matched by us

    Base
    $253,140
    Bonus
    $500
    Other
    -$7,004
    Deferred
    $43,441
    Nontaxable benefits
    $30,683
    Filer's total
    $320,760

  • Susan A Deitch

    Secretary

    Total calculated
    $307,555
    From this org
    $190,777
    From related orgs
    $0
    Other
    $116,778
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $171,844
    Bonus
    $500
    Other
    $18,433
    Deferred
    $91,593
    Nontaxable benefits
    $25,185
    Filer's total
    $307,555

  • Uchenna C Kwentoh

    VP, Marketing & Strategic Comm

    Total calculated
    $278,814
    From this org
    $239,566
    From related orgs
    $0
    Other
    $39,248
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $244,988
    Bonus
    $500
    Other
    -$5,922
    Deferred
    $7,365
    Nontaxable benefits
    $31,883
    Filer's total
    $278,814

  • Marie Foley

    Vice Chair

    Total calculated
    $8,263
    From this org
    $8,263
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • David A Milling

    Treasurer

    Total calculated
    $7,811
    From this org
    $7,811
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Maya Hammoud

    Director

    Total calculated
    $7,718
    From this org
    $7,718
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Patricia A King

    Director

    Total calculated
    $7,527
    From this org
    $7,527
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Joshua D Nosanchuk

    Director

    Total calculated
    $6,647
    From this org
    $6,647
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Zachary E Weismann

    Director

    Total calculated
    $6,461
    From this org
    $6,461
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Jon Thomas

    Director

    Total calculated
    $6,457
    From this org
    $6,457
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Alfred F Tallia

    Past Chair

    Total calculated
    $5,183
    From this org
    $5,183
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Danny M Takanishi Jr

    Director

    Total calculated
    $3,150
    From this org
    $3,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Reena Karani

    Chair

    Total calculated
    $2,200
    From this org
    $2,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Part I, Line 1a: Relevant information in regards to selections on 1a.
Travel PolicyNBME's Business Travel policy states that the most cost effective options available based on the traveler's requested itinerary should be made. First-class travel and travel for companions are not specifically authorized in the policy. In limited circumstances, certain NBME Officers and Key Employees may be permitted first-class travel if authorized by the President. First-class travel and companion travel for the President are included in the compensation package. The cost incurred for travel for companions is included in the employee's taxable earnings.
Part III, Additional Information
The amounts reflected on Schedule J, Column C Retirement and other deferred compensation include an estimate of the annual increase in the actuarial present value of each employees benefit to be received at retirement under NBMEs defined benefit plan. In addition, column C includes the amount contributed by NBME to an eligible employee's defined contribution plan, as well as earnings accrued under the Executive Deferred Compensation Plan where applicable. The amount in column C does not represent an actual cash payment to the employee during the year, but an estimate of the accrued benefit during the year to be received at a later date or at the time of retirement.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • NBHWC

    501(c)(6) · Health & Wellness Coaching · DE · controlled entity

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Computer-Based Testing & Learning Corp

    C Corp · Comp-based Testing · PA · 100% owned · controlled entity

    Directly controlled by NBME

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.2
Source object
202523189349308872

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