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← MASSACHUSETTS MEDICAL SOCIETY

Form 990 for tax year 2023

Filed by MASSACHUSETTS MEDICAL SOCIETY.

Totals

Total revenue
$138,011,798
Total expenses
$133,285,279
Contributions and grants received
$1,335,321
Grants paid
$757,980
Program service revenue
$74,184,052
Investment income
$21,880,552
Other revenue
$40,611,873
Total assets, end of year
$295,176,920
Total liabilities, end of year
$91,242,627
Net assets or fund balances, end of year
$203,934,293
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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.

  • 1f · All other contributions, gifts and grants

    $1,335,321

  • 2a · Program service revenue: PUBLICATION REVENUE

    total $66,673,497 · related or exempt $45,038,287 · unrelated business $21,635,210

  • 2b · Program service revenue: EDUCATIONAL

    total $4,548,419 · related or exempt $4,548,419

  • 2c · Program service revenue: MEMBERSHIP & HEADQUART

    total $2,962,136 · related or exempt $2,962,136

  • 3 · Investment income

    total $6,346,116 · excluded $6,346,116

  • 5 · Royalties

    total $37,675,081 · related or exempt $37,675,081

  • 6a · Gross rents

    real property $1,053,288

  • 6b · Less rental expenses

    real property $127,448

  • 6c · Rental income or loss

    real property $925,840

  • 6d · Net rental income or loss

    total $925,840 · excluded $925,840

  • 7a · Gross sales of assets other than inventory

    securities $88,786,842 · other assets $10,347,069

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

    securities $83,223,634 · other assets $375,841

  • 7c · Gain or loss

    securities $5,563,208 · other assets $9,971,228

  • 7d · Net gain or loss

    total $15,534,436 · excluded $15,534,436

  • 11a · Other revenue: CONFERENCE CENTER/CAFE

    total $2,010,952 · unrelated business $2,004,780 · excluded $6,172

  • 11e · Other revenue, total

    $2,010,952

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $623,206

  • 2 · Grants to domestic individuals

    total $134,774

  • 5 · Compensation of officers, directors and key employees

    total $2,483,313

  • 7 · Other salaries and wages

    total $56,229,213

  • 8 · Pension plan contributions

    total $7,037,892

  • 9 · Other employee benefits

    total $9,197,218

  • 10 · Payroll taxes

    total $4,114,253

  • 11b · Fees: legal

    total $293,734

  • 11c · Fees: accounting

    total $274,867

  • 11d · Fees: lobbying

    total $100,000

  • 11f · Fees: investment management

    total $392,076

  • 11g · Fees: other

    total $12,301,931

  • 12 · Advertising and promotion

    total $3,119,675

  • 13 · Office expenses

    total $647,548

  • 14 · Information technology

    total $9,709,023

  • 16 · Occupancy

    total $3,952,060

  • 17 · Travel

    total $822,968

  • 19 · Conferences, conventions and meetings

    total $691,220

  • 20 · Interest

    total $1,809,039

  • 22 · Depreciation, depletion and amortization

    total $5,532,807

  • 23 · Insurance

    total $740,587

  • 24a · Other expenses: NEJM GROUP COGS

    total $10,406,306

  • 24b · Other expenses: CONFERENCE CENTER FOOD

    total $1,022,417

  • 24c · Other expenses: CREDIT CARD PROCESSING

    total $869,621

  • 24d · Other expenses: AMA DUES & MMS DISTRICT

    total $254,848

  • 24e · All other expenses

    total $524,683

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,280,868 · end of year $975,597

  • 2 · Savings and temporary cash investments

    beginning of year $6,664,520 · end of year $6,378,849

  • 4 · Accounts receivable

    beginning of year $14,315,754 · end of year $16,018,705

  • 7 · Other notes and loans receivable

    beginning of year $5,018,000 · end of year $4,509,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,074,000 · end of year $3,139,426

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

    $125,417,915

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

    $80,379,786

  • 10c · Land, buildings and equipment, net

    beginning of year $48,057,245 · end of year $45,038,129

  • 11 · Investments: publicly traded securities

    beginning of year $193,088,170 · end of year $194,416,901

  • 12 · Investments: other securities

    beginning of year $8,101,759 · end of year $15,685,590

  • 15 · Other assets

    beginning of year $2,262,303 · end of year $9,014,723

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,625,415 · end of year $10,310,781

  • 19 · Deferred revenue

    beginning of year $35,358,982 · end of year $34,494,258

  • 24 · Unsecured notes and loans payable

    beginning of year $35,971,112 · end of year $22,208,333

  • 25 · Other liabilities

    beginning of year $16,208,513 · end of year $24,229,255

  • 27 · Net assets without donor restrictions

    beginning of year $183,698,597 · end of year $203,934,293

Mission and programs · 2023

Mission

TO ADVANCE MEDICAL KNOWLEDGE, TO DEVELOP AND MAINTAIN THE HIGHEST PROFESSIONAL AND ETHICAL STANDARDS OF MEDICAL PRACTICE AND HEALTH CARE, AND TO PROMOTE MEDICAL INSTITUTIONS FORMED ON LIBERAL PRINCIPLES FOR THE HEALTH, BENEFIT, AND WELFARE OF THE CITIZENS OF MASSACHUSETTS.

Activities or mission (Part I)

SEE FORM 990, PART III, LINE 1.

  • PUBLISHING MEDICAL INFORMATION:AS A STATE MEDICAL SOCIETY, THE MMS IS IN THE UNIQUE POSITION OF MANAGING A WORLD-WIDE BRAND, NEJM GROUP. NEJM GROUP PUBLISHES THE NEW ENGLAND JOURNAL OF MEDICINE (NEJM), NEJM JOURNAL WATCH, NEJM CATALYST, NEJM EVIDENCE, AND NEJM AI. AS THE FLAGSHIP OF NEJM GROUP, NEJM IS RECOGNIZED AS THE WORLD'S LEADING GENERAL MEDICAL JOURNAL. NEJM DELIVERS HIGH-QUALITY, PEER-REVIEWED RESEARCH AND INTERACTIVE CLINICAL CONTENT TO PHYSICIANS, EDUCATORS, RESEARCHERS, AND THE GLOBAL MEDICAL COMMUNITY. NEJM'S MISSION IS TO PUBLISH THE BEST RESEARCH AND INFORMATION AT THE INTERSECTION OF BIOMEDICAL SCIENCE AND CLINICAL PRACTICE AND TO PRESENT THIS INFORMATION IN UNDERSTANDABLE, CLINICALLY USEFUL FORMATS THAT INFORM HEALTH CARE DELIVERY AND IMPROVE PATIENT OUTCOMES. NEJM KEEPS HEALTH CARE PROFESSIONALS AT THE LEADING EDGE OF MEDICAL KNOWLEDGE, HELPS THEM TO GAIN BROAD UNDERSTANDING IN THEIR AREAS OF INTEREST, AND PROVIDES A VARIETY OF ENGAGING AND INNOVATIVE WAYS TO LEARN. NEJM HAS MORE THAN ONE MILLION READERS FROM NEARLY EVERY COUNTRY.

  • EDUCATION: TOGETHER, MMS AND NEJM GROUP PROVIDE UNPARALLELED CONTENT AND EDUCATION SERVICES TO REACH PRACTICING HEALTH CARE PROFESSIONALS AND IMPROVE PATIENT CARE. THE MASSACHUSETTS MEDICAL SOCIETY RECEIVED ACCREDITATION WITH COMMENDATION BY THE ACCME AND HAS MAINTAINED THIS CERTIFICATION OF EXCELLENCE SINCE THE PROGRAM'S INCEPTION. THROUGH OUR CONTINUING MEDICAL EDUCATION PROGRAM (CME), THE MASSACHUSETTS MEDICAL SOCIETY (MMS) SEEKS TO ENABLE CLINICALLY RELEVANT AND VALUABLE LEARNING, FRAMED BY THE BEST AVAILABLE EVIDENCE, DESIGNED TO ADVANCE THE QUALITY, ACCESSIBILITY, SAFETY, AND COST-EFFECTIVENESS OF HEALTH CARE FOR PATIENTS AND THE PUBLIC WHILE PROMOTING CLINICIAN PROFESSIONALISM AND WELLNESS. IN SUMMARY, WE SEEK TO ENSURE OPTIMAL HEALTH AND WELL-BEING OF PATIENTS AND PROVIDERS.

  • MEMBER SERVICES: THE MASSACHUSETTS MEDICAL SOCIETY (MMS) IS THE STATEWIDE PROFESSIONAL ASSOCIATION FOR PHYSICIANS AND MEDICAL STUDENTS, SUPPORTING APPROXIMATELY 24,000 MEMBERS. THE MMS IS DEDICATED TO EDUCATING AND ADVOCATING FOR THE PHYSICIANS OF MASSACHUSETTS AND PATIENTS LOCALLY AND NATIONALLY. A LEADERSHIP VOICE IN HEALTH CARE, THE MMS CONTRIBUTES PHYSICIAN AND PATIENT PERSPECTIVES TO INFLUENCE HEALTH-RELATED LEGISLATION AT THE STATE AND FEDERAL LEVELS. THROUGH FY24, MMS - THE STATE'S LARGEST PHYSICIAN-LED MEMBERSHIP ORGANIZATION - CONTINUED TO BE A SOURCE OF PROFESSIONAL SUPPORT AND EDUCATION FOR PHYSICIANS WHILE ADVOCATING FOR PHYSICIANS AND PATIENTS. MEMBERS ACTIVELY PARTICIPATED IN ADVANCING DOZENS OF MMS INITIATIVES, ACTIVITIES, AND POLICIES. SOME KEY AREAS OF FOCUS AND IMPACT DURING FY24 WERE OPIOID ADDICTION; MENTAL HEALTH CARE; RESPONSIBLE ARTIFICIAL INTELLIGENCE; REDUCING POTENTIAL MEDICARE CUTS; PUBLIC HEALTH ISSUES, SUCH AS MPOX, RESPIRATORY SYNCYTIAL VIRUS (RSV), AND MEASLES; PHYSICIAN MENTORING AND SUPPORT PROGRAMS; THE SHORTAGE OF PRIMARY CARE PHYSICIANS; SEDATION AND ANESTHESIA FOR COLONOSCOPIES AND ENDOSCOPIES; AND PRIOR AUTHORIZATION AND OTHER ADMINISTRATIVE BURDENS FOR PHYSICIANS.

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

Listed in Part VII

  • Barbara S Spivak

    PRESIDENT

    Total calculated
    $138,541
    From this org
    $138,541
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Hugh M Taylor

    PRESIDENT-ELECT

    Total calculated
    $71,875
    From this org
    $71,875
    From related orgs
    $0
    Other
    $0
    Hours/week
    12 + 1.5 related

  • Olivia Liao

    VICE PRESIDENT

    Total calculated
    $29,167
    From this org
    $6,667
    From related orgs
    $0
    Other
    $22,500
    Hours/week
    12

  • Lynda Kabbash

    SECRETARY-TREASURER

    Total calculated
    $25,000
    From this org
    $25,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    12 + 1.7 related

  • Lee S Perrin

    ASST. SECRETARY-TREAS

    Total calculated
    $0
    Hours/week
    4 + 1.5 related

  • Theodore A Calianos

    IMMEDIATE PAST PRESIDENT

    Total calculated
    $74,917
    From this org
    $74,917
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.3

  • Jean M Bruch MD DMD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Michael S Kaplan MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Christopher Garofalo MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Kenath J Shamir MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • David T Golden MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Ann B Spires MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Thomas A Murray III MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Flora F Sadri-Azarbayani Do

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • James K Wang MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Katherine J Atkinson MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Ana-Cristina Vasilescu MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Paula Jo Carbone MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Nidhi K Lal MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • John A Deloge MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Nicolas Argy MD JD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Simone S Wildes MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • George J Clairmont MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • S Jay Jayasankar MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Manjul Shukla MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Robert B Coit MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Sahdev R Passey MD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3 + 1.5 related

  • Patrick Lowe MD

    RESIDENT TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Senila Yasmin

    STUDENT TRUSTEE

    Total calculated
    $0
    Hours/week
    0.3

  • Melody J Eckardt MD MPH Facog

    SPEAKER

    Total calculated
    $25,000
    From this org
    $25,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Lois Dehls Cornell

    EXECUTIVE VICE PRESIDENT

    Total calculated
    $658,180
    From this org
    $594,055
    From related orgs
    $0
    Other
    $64,125
    Hours/week
    50 + 0.4 related

    Schedule J breakdown matched by us

    Base
    $566,073
    Bonus
    $0
    Other
    $27,982
    Deferred
    $33,000
    Nontaxable benefits
    $31,125
    Filer's total
    $658,180

  • Paul Shannon

    VICE PRESIDENT, FINANCE

    Total calculated
    $380,193
    From this org
    $321,198
    From related orgs
    $0
    Other
    $58,995
    Hours/week
    50 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $303,378
    Bonus
    $350
    Other
    $17,470
    Deferred
    $32,363
    Nontaxable benefits
    $26,632
    Filer's total
    $380,193

  • Eli Freiman MD Faap

    VICE SPEAKER

    Total calculated
    $12,500
    From this org
    $12,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • David Sampson

    VP/CHIEF PUBLISHING OFFICER, NEJM GROUP

    Total calculated
    $502,036
    From this org
    $429,927
    From related orgs
    $0
    Other
    $72,109
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $406,834
    Bonus
    $200
    Other
    $22,893
    Deferred
    $33,000
    Nontaxable benefits
    $39,109
    Filer's total
    $502,036

  • Theresa E Sciarappa

    SENIOR VP, COO

    Total calculated
    $501,659
    From this org
    $443,365
    From related orgs
    $0
    Other
    $58,294
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $439,330
    Bonus
    $1,700
    Other
    $2,335
    Deferred
    $32,162
    Nontaxable benefits
    $26,132
    Filer's total
    $501,659

  • Eric Joseph Rubin MD

    EDITOR-IN-CHIEF

    Total calculated
    $652,161
    From this org
    $591,427
    From related orgs
    $0
    Other
    $60,734
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $559,909
    Bonus
    $200
    Other
    $31,318
    Deferred
    $33,102
    Nontaxable benefits
    $27,632
    Filer's total
    $652,161

  • Robert J Stuart

    VP/CHIEF DIGITAL OFFICER

    Total calculated
    $525,378
    From this org
    $463,168
    From related orgs
    $0
    Other
    $62,210
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $382,468
    Bonus
    $77,200
    Other
    $3,500
    Deferred
    $33,333
    Nontaxable benefits
    $28,877
    Filer's total
    $525,378

  • Mary Beth E Hamel MD

    EXECUTIVE EDITOR

    Total calculated
    $517,857
    From this org
    $442,814
    From related orgs
    $0
    Other
    $75,043
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $432,037
    Bonus
    $5,200
    Other
    $5,577
    Deferred
    $61,950
    Nontaxable benefits
    $13,093
    Filer's total
    $517,857

  • Darren Taichman MD

    DEPUTY EDITOR

    Total calculated
    $510,810
    From this org
    $434,504
    From related orgs
    $0
    Other
    $76,306
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $428,025
    Bonus
    $4,200
    Other
    $2,279
    Deferred
    $33,000
    Nontaxable benefits
    $43,306
    Filer's total
    $510,810

  • Dan L Longo MD

    DEPUTY EDITOR

    Total calculated
    $447,529
    From this org
    $414,488
    From related orgs
    $0
    Other
    $33,041
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $406,180
    Bonus
    $3,200
    Other
    $5,108
    Deferred
    $33,000
    Nontaxable benefits
    $41
    Filer's total
    $447,529

  • Jeffrey M Drazen MD

    EDITOR (CURRENT); FORMER E

    Total calculated
    $486,428
    From this org
    $415,739
    From related orgs
    $0
    Other
    $70,689
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $387,614
    Bonus
    $2,200
    Other
    $25,925
    Deferred
    $43,011
    Nontaxable benefits
    $27,678
    Filer's total
    $486,428

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

  • 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

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 3
THE EXECUTIVE VICE PRESIDENT IS THE TOP MANAGEMENT OFFICIAL. THE PROCESS FOR DETERMINING HER COMPENSATION IS DESCRIBED ON SCHEDULE O, PART VI, SECTION B, LINE 15.

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

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.

  • MASSACHUSETTS MEDICAL SOCIETY CHARITABLE AND EDUCATIONAL FUND

    501(C)(3) · MEDICAL STUDENT LOANS · MA · controlled entity

    Directly controlled by MASSACHUSETTS MEDICAL SOCIETY

  • PHYSICIAN HEALTH SERVICES INC

    501(C)(3) · OUTREACH SERVICES · MA · controlled entity

    Directly controlled by MASSACHUSETTS MEDICAL SOCIETY

  • MASSACHUSETTS MEDICAL SOCIETY & ALLIANCE CHARITABLE FOUNDATION

    501(C)(3) · GRANTMAKING · MA · controlled entity

    Directly controlled by MASSACHUSETTS MEDICAL SOCIETY

  • BOSTON MEDICAL LIBRARY

    501(C)(3) · EDUCATION · MA

    Directly controlled by MASSACHUSETTS MEDICAL SOCIETY

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.

  • MMS WINTER STREET LLC

    PROPERTY · DE · income $0 · assets $27,154,648

    Directly controlled by MASSACHUSETTS MEDICAL SOCIETY

  • MMS LOT 2 LLC

    PROPERTY · DE · income $0 · assets $10,535,443

    Directly controlled by MASSACHUSETTS MEDICAL SOCIETY

Related corporations and trusts

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

  • PHYSICIAN'S INSURANCE AGENCY OF MASSACHUSETTS INC

    C · INSURANCE · MA · 100% owned · share of income $2,139,533 · share of assets $4,598,409 · controlled entity

Provenance

Return type
form_990
Tax year
2023
Filed
8 April 2025
IRS schema version
2023v6.0
Source object
202501019349300900

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