Abfm Foundation Inc

Nonprofit profile at a glance

EIN
611368512
IRS 990 coverage
2019–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Lexington, KY, USA
Phone
8772237437
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Centers to Support the Independence of Specific Populations

Reported finances

Revenue
$24,990,397
Expenses
$9,527,924
Assets
$130,610,531
Liabilities
$5,563,242

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • WARREN NEWTON MD (DIRECTOR/PRESIDENT/SECRETA)
  • ROGER BEAN CPA (EXECUTIVE DIRECTOR)

Highest reported compensation

  • WARREN NEWTON MD (DIRECTOR/PRESIDENT/SECRETA): $999,441 total reported compensation
  • ROGER BEAN CPA (EXECUTIVE DIRECTOR): $211,734 total reported compensation
  • DIANE BEEBE MD (DIRECTOR AND CHAIR): $6,500 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

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.

What it reported doing in 2024

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.

Operating model

Revenue model
Affiliate-supported. 62% of the money available for current operations came from contributions from related organizations.
Distribution model
Hybrid. The nonprofit split its reported program spending across 60% for direct work, and 40% for grants.

The verdict

SUPPORTED - A large share of total spending goes to programs and most voting board members are independent. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 61
  • Transparency & Controls: 59
  • Accountability: 75
  • Sustainability: 93
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 51.7%; rating input score 52
  • Program expense ratio: 94.5%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 8th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: 0 of 8 controls in place; rating input score 0
    • Claims monitoring procedures: Fail
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 99.4%; rating input score 99; 33rd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 87.5%; rating input score 88; 20th percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 61.9%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 13.71; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 85; 85th percentile among comparable filings
  • Officer compensation ratio: 1%; rating input score 85; 85th percentile among comparable filings

Growth

  • Program expense growth: 20.4% per year; rating input score 100; 90th percentile among comparable filings
  • Revenue growth: 8.7% per year; rating input score 100; 69th percentile among comparable filings
  • Asset growth: 14.4% per year; rating input score 100; 79th percentile among comparable filings

Details

  • Where the money goes: 51.7% of revenue deployed · 94.5% of spending went to programs
  • Governance: 7 of 8 board members independent · 5 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $9M in reported program spending
  • Leadership: top reported pay $999K · 9 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 25 of 26 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 5 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 58 filed money-flow records
  • Related organizations: 56 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Financial Efficiency: Mission deployment rate scored 52/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Transparency & Controls: Foreign activity oversight: 8 of 8 not reported.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.