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Nonprofiteer
← ABFM FOUNDATION INC

Form 990 for tax year 2023

Filed by ABFM FOUNDATION INC.

Totals

Total revenue
$8,860,380
Total expenses
$7,792,687
Contributions and grants received
$2,895,188
Grants paid
$2,399,692
Program service revenue
$3,080,917
Investment income
$2,063,556
Other revenue
$820,719
Total assets, end of year
$109,220,739
Total liabilities, end of year
$5,526,472
Net assets or fund balances, end of year
$103,694,267
Program services expenses (Part IX)
$7,330,145
Management and general expenses
$462,542
Fundraising expenses
$0
Program service expenses (Part III)
$7,330,145

Program services were 94.1% 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.

  • 1d · Related organizations

    $2,067,063

  • 1f · All other contributions, gifts and grants

    $828,125

  • 2a · Program service revenue: CENTER CONTRACT INCOME

    total $2,100,808 · related or exempt $2,100,808

  • 2b · Program service revenue: PUBLICATION FEE

    total $975,000 · related or exempt $975,000

  • 2c · Program service revenue: JOURNAL REVENUE

    total $5,109 · related or exempt $5,109

  • 3 · Investment income

    total $1,996,688 · excluded $1,996,688

  • 6a · Gross rents

    real property $1,046,921

  • 6b · Less rental expenses

    real property $592,439

  • 6c · Rental income or loss

    real property $454,482

  • 6d · Net rental income or loss

    total $454,482 · excluded $454,482

  • 7a · Gross sales of assets other than inventory

    securities $29,785,520

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

    securities $29,718,652

  • 7c · Gain or loss

    securities $66,868

  • 7d · Net gain or loss

    total $66,868 · excluded $66,868

  • 11a · Other revenue: MANAGEMENT FEE CPVHC

    total $341,237 · excluded $341,237

  • 11b · Other revenue: LICENSE FEE

    total $25,000 · excluded $25,000

  • 11e · Other revenue, total

    $366,237

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,359,742 · program services $2,359,742

  • 2 · Grants to domestic individuals

    total $8,000 · program services $8,000

  • 3 · Grants to foreign organizations and individuals

    total $31,950 · program services $31,950

  • 11b · Fees: legal

    total $8,475 · management and general $8,475

  • 11c · Fees: accounting

    total $3,300 · management and general $3,300

  • 11f · Fees: investment management

    total $315,767 · management and general $315,767

  • 11g · Fees: other

    total $66,716 · program services $66,716

  • 17 · Travel

    total $16,618 · program services $16,618

  • 19 · Conferences, conventions and meetings

    total $131,457 · program services $131,457

  • 24a · Other expenses: COST OF CENTER CONTRACT

    total $2,100,808 · program services $2,100,808

  • 24b · Other expenses: RESEARCH COSTS

    total $1,269,765 · program services $1,269,765

  • 24c · Other expenses: PUBLICATION COSTS

    total $781,195 · program services $781,195

  • 24d · Other expenses: PERSONNAL COST ALLOCATI

    total $512,711 · program services $437,711 · management and general $75,000

  • 24e · All other expenses

    total $186,183 · program services $126,183 · management and general $60,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,191,214 · end of year $1,044,048

  • 4 · Accounts receivable

    beginning of year $5,383,978 · end of year $5,277,319

  • 9 · Prepaid expenses and deferred charges

    beginning of year $39,993 · end of year $40,549

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

    $4,935,792

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

    $1,349,943

  • 10c · Land, buildings and equipment, net

    beginning of year $3,718,497 · end of year $3,585,849

  • 11 · Investments: publicly traded securities

    beginning of year $74,590,998 · end of year $90,409,375

  • 12 · Investments: other securities

    beginning of year $2,160,153 · end of year $2,649,932

  • 14 · Intangible assets

    beginning of year $388,711 · end of year $323,926

  • 15 · Other assets

    beginning of year $6,096,408 · end of year $5,889,741

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,252,296 · end of year $2,426,622

  • 25 · Other liabilities

    beginning of year $3,823,979 · end of year $3,099,850

  • 27 · Net assets without donor restrictions

    beginning of year $89,493,677 · end of year $103,694,267

Mission and programs · 2023

Mission

TO PERFORM THE FUNCTIONS OF AND CARRY OUT THE EDUCATION SCIENTIFIC LITERARY AND CHARITABLE PURPOSES OF ITS SUPPORTED ORGANIZATION, THE AMERICAN BOARD OF FAMILY MEDICINE (ABFM) INCLUDING: (A)TO ACCEPT FUNDING REQUESTS SUBMITTED TO THE ABFM OR FROM OTHER ORGANIZATIONS INVOLVED IN THE FOSTERING OF EDUCATION, SCHOLARLY ACTIVITIES OR RESEARCH IN FAMILY MEDICINE OR EDUCATIONAL TRAINING AND TESTING AND TO ADVISE THE ABFM OF THE BENEFIT TO THE SPECIALTY OF FAMILY MEDICINE OF PROVIDING SUCH SUPPORT; (B)TO SOLICIT AND ACCEPT CONTRIBUTIONS OR RESEARCH GRANTS FROM ORGANIZATIONS TO HELP FUND ANY PROJECTS/INITIATIVES THAT MEET THE ABOVE REQUIREMENTS.

Activities or mission (Part I)

FOSTERING OF EDUCATION AND SCHOLARLY ANALYSIS OR RESEARCH IN FAMILY MEDICINE

  • RESEARCH DIRECTED TOWARDS IMPROVING THE EDUCATION, TRAINING AND CERTIFICATION PROCESSES FOR FAMILY PHYSICIANS.

    Expenses $1,794,074 · Grants $458,409

  • THE FOUNDATION MANAGES THE PUBLICATION OF THE JOURNAL OF THE AMERICAN BOARD OF FAMILY MEDICINE (JABFM) AND OF THE ANNALS OF FAMILY MEDICINE. BOTH JOURNALS PUBLISH PEER REVIEWED ARTICLES FROM RESEARCHERS WHO ARE ADDRESSING HEALTH CARE ISSUES FACING THE PATIENTS IN THE CARE OF FAMILY PHYSICIANS.

    Expenses $781,195 · Revenue $980,109

  • THE FOUNDATION MANAGES THE CENTER FOR PROFESSIONALISM & VALUE IN HEALTH CARE. THE CENTER, LOCATED IN WASHINGTON DC, AIMS TO STUDY RELATIONSHIPS BETWEEN PROFESSIONALISM AND VALUE, PROMOTE THEIR ALIGNMENT, REDUCE HEALTH PROFFESSIONALS' BURDEN AND BETTER SUPPORT OUTCOME AND QUALITY IMPROVEMENT. THE CENTER ALSO MANAGES THE PRIME REGISTRY, AN OUTPATIENT CLINICAL DATA REGISTRY AND IS A QUALIFIED CLINICAL DATA REGISTRY.

    Expenses $2,100,808 · Revenue $2,100,808

  • PROVIDE FUNDING TO SUPPORT ORGANIZATIONS ENGAGED IN PROVIDING EDUCATIONAL OPPORTUNITIES, SCHOLARLY EFFORTS OR RESEARCH IN FAMILY MEDICINE AND ADMINISTRATION OF THE SAME. CONSIDER REQUESTS SUBMITTED TO THE ABFM OR FROM OTHER ORGANIZATIONS INVOLVED IN THE FOSTERING OF EDUCATION, SCHOLARLY ANALYSIS OR RESEARCH IN FAMILY MEDICINE; CREATION OF AN ELECTRONIC ARCHITECTURE THAT ENABLES REAL TIME INTERACTIONS AMOUNG HEALTH CARE RELATED ENTITIES OR RESEARCHERS FOR THE PURPOSE OF SHARING DATA THAT DRIVES IMPROVEMENTS IN THE HEALTH CARE FIELD.

    Expenses $2,654,068 · Grants $1,941,283

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Warren Newton MD

    DIRECTOR/PRESIDENT/SECRETA

    Total calculated
    $956,913
    From this org
    $0
    From related orgs
    $908,589
    Other
    $48,324
    Hours/week
    2 + 85 related

    Schedule J breakdown matched by us

    Base
    $0 + $908,589 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $31,350 related
    Nontaxable benefits
    $0 + $16,974 related
    Filer's total
    $0 + $956,913 related

  • Diane Beebe MD

    DIRECTOR AND CHAIR

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.5

  • Carlos Jaen MD

    DIRECTOR AND VICE CHAIR

    Total calculated
    $2,500
    From this org
    $2,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Laura Brooks MD

    DIRECTOR AND TREASURER

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.5

  • Craig Czarsty MD

    DIRECTOR

    Total calculated
    $5,500
    From this org
    $5,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Sam Jones MD

    DIRECTOR

    Total calculated
    $7,000
    From this org
    $7,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Collen Conry MD

    DIRECTOR

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Andrea Anderson MD

    DIRECTOR

    Total calculated
    $8,435
    From this org
    $0
    From related orgs
    $8,435
    Other
    $0
    Hours/week
    1

  • Roger Bean CPA

    EXECUTIVE DIRECTOR

    Total calculated
    $207,230
    From this org
    $0
    From related orgs
    $190,922
    Other
    $16,308
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $0 + $190,922 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $16,308 related
    Filer's total
    $0 + $207,230 related

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

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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
DIRECTORS ARE ALLOWED TO TRAVEL TO THREE BOARD MEETINGS PER YEAR VIA FIRST-CLASS TRAVEL

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.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • ABFM REALTY LLC

    RENTAL REAL ESTATE · KY · income $1,048,269 · assets $5,299,250

    Directly controlled by ABFM FOUNDATION INC

  • ABFM INTERNATIONAL LLC

    LICENSING REVENUE · KY · income $0 · assets $8,806

    Directly controlled by ABFM FOUNDATION INC

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202433209349301788

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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