FEDERATION OF STATE MEDICAL BOARDS… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1966

Legal Domicile

Principal Officer

DR HUMAYUN J CHAUDHRY

Phone

8178684000

Tax Period

2024-05-01 to 2025-04-30

FEDERATION OF STATE MEDICAL BOARDS OF THE UNITED STATES INC, founded in 1966, is a mid-sized nonprofit in the Diseases & Disorders sector that reported $67.0M in total revenue in fiscal year 2024.

Mission

THE FSMB SERVES AS THE VOICE FOR STATE MEDICAL BOARDS, SUPPORTING THEM THROUGH EDUCATION, ASSESSMENT, RESEARCH AND ADVOCACY WHILE PROVIDING SERVICES AND INITIATIVES THAT PROMOTE PATIENT SAFETY, QUALITY HEALTH CARE AND REGULATORY BEST PRACTICES.

Program Service Accomplishments

Program 1

CREDENTIALS VERIFICATION SERVICE:THE CREDENTIALS VERIFICATION SERVICE ESTABLISHES A PERMANENT, LIFETIME REPOSITORY OF PRIMARY-SOURCE VERIFIED CORE CREDENTIALS FOR PHYSICIANS AND PHYSICIAN ASSISTANTS ELIMINATING THE NEED TO GO THROUGH THE TIME AND EFFORT OF ASSEMBLING AND FORWARDING THIS INFORMATION EVERY TIME THEY NEED TO BE CREDENTIALED OR LICENSED.

Program 2

MEMBER SERVICES:FSMB SUPPORTS STATE MEDICAL BOARDS AS THEY PROTECT THE PUBLIC AND PROMOTE QUALITY HEALTH CARE, PARTNERING AND INNOVATING WITH THEM TO SHAPE THE FUTURE OF MEDICAL REGULATION.

Program 3

SPECIAL PURPOSE EXAMINATION (SPEX) AND UNITED STATES MEDICAL LICENSING EXAMINATION (USMLE):THE FEDERATION MAKES AVAILABLE TO MEMBER MEDICAL BOARDS, A UNIFORM, HIGH QUALITY EXAMINATION FOR MEDICAL...

SPECIAL PURPOSE EXAMINATION (SPEX) AND UNITED STATES MEDICAL LICENSING EXAMINATION (USMLE):THE FEDERATION MAKES AVAILABLE TO MEMBER MEDICAL BOARDS, A UNIFORM, HIGH QUALITY EXAMINATION FOR MEDICAL LICENSURE ALONG WITH ADMINISTERING THE EXAMS. APPROXIMATELY 97 SPEX EXAMS WERE COMPLETED AND 38,283 EXAMINEES SAT FOR STEP THREE OF USMLE. ALSO, APPROXIMATELY 113,294 TRANSCRIPT REQUESTS WERE PROCESSED.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $436,862

Program Service Revenue $62,494,841

Investment Income $2,285,701

Other Revenue $1,813,701

TOTAL REVENUE $67,031,105

Expense Breakdown

Grants Paid $500

Salaries & Benefits $19,943,529

Fundraising Expenses $0

Other Expenses $45,346,806

TOTAL EXPENSES $65,290,835

Year-over-Year Comparison

	2024	2023	Change
Revenue	$67,031,105	$70,524,058	0.0%
Expenses	$65,290,835	$60,138,796	+0.1%
Net Income	$1,740,270	$10,385,262	-0.8%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

191

Volunteers

250

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$3,813,535

Total Directors

$287,318

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JEFFREY CARTER	IMMEDIATE PAST CHAIR	18.00	Officer Director	$83,049	$0	$83,049
KATIE TEMPLETON	CHAIR	18.00	Officer Director	$86,385	$0	$86,385
ANDREA ANDERSON	DIRECTOR	20.00	Director	$5,402	$0	$5,402
MAROULLA GLEATON	DIRECTOR	20.00	Director	$6,969	$0	$6,969
SHERIF ZAAFRAN	DIRECTOR	20.00	Director	$4,898	$0	$4,898
CHRISTY VALENTINE THEARD	DIRECTOR	20.00	Director	$5,360	$0	$5,360
SHAWN PARKER	DIRECTOR	20.00	Director	$3,277	$0	$3,277
GEORGE ABRAHAM	CHAIR-ELECT	18.00	Officer Director	$38,342	$0	$38,342
DENISE PINES	DIRECTOR	20.00	Director	$3,218	$0	$3,218
JOSEPH WILLETT	DIRECTOR	20.00	Director	$4,508	$0	$4,508
MARK WOODLAND	DIRECTOR	20.00	Director	$2,425	$0	$2,425
KENNETH CLEVELAND	DIRECTOR	20.00	Director	$3,779	$0	$3,779
J MICHAEL WIETING	DIRECTOR	20.00	Director	$3,026	$0	$3,026
ALEXIOS CARAYANNOPOULOS	DIRECTOR	20.00	Director	$0	$0	$0
EDWARD COUSINEAU	DIRECTOR	20.00	Director	$0	$0	$0
SARVAM TERKONDA	OUTGOING PAST CHAIR	18.00	Officer Director	$36,680	$0	$36,680
HUMAYUN CHAUDHRY	CEO	37.00	Officer	$749,072	$129,637	$878,709
MICHAEL DUGAN	CIO	40.00	Officer	$397,442	$92,420	$489,862
LISA ROBIN	CAO	40.00	Officer	$387,349	$70,123	$457,472
TODD PHILLIPS	CFO	40.00	Officer	$370,518	$63,412	$433,930
DAVID JOHNSON	CHIEF ASSESSMENT OFFICER	40.00	Officer	$335,070	$58,556	$393,626
ERIC FISH	CHIEF LEGAL OFFICER	40.00	Officer	$314,819	$48,928	$363,747
ANDREA CICCONE	CHIEF OF STAFF	40.00	Officer	$214,609	$40,816	$255,425
MARK STAZ	CHIEF LEARNING OFFICER	40.00	Officer	$264,707	$31,601	$296,308
CYNDI STREUN	VP, INFORMATION SVCS	40.00	Highest	$242,247	$43,866	$286,113
AARON YOUNG	VP, RESEARCH & DATA SERVICES	40.00	Highest	$222,224	$61,493	$283,717
FRANK MEYERS	DEPUTY LEGAL COUNSEL	40.00	Highest	$191,048	$28,635	$219,683
JOSEPH KNICKREHM	VP, COMMUNICATIONS	40.00	Highest	$189,097	$39,213	$228,310
CHRISTINE WELLS	DIRECTOR, PRODUCT MANAGER TRANSFORMATION & AUTOMAT	40.00	Highest	$183,053	$31,049	$214,102

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$67,031,105	$65,290,835	$115,939,404	$1,740,270
2024	$70,524,058	$60,138,796	$110,759,425	$10,385,262
2023	$62,904,225	$52,195,081	$95,672,054	$10,709,144
2022	$61,293,815	$51,947,871	$83,006,184	$9,345,944
2021	$54,397,022	$48,623,661	$78,140,270	$5,773,361
2020	$51,397,414	$45,122,121	$58,622,367	$6,275,293
2019	$49,614,224	$44,855,035	$57,841,505	$4,759,189
2018	$46,702,253	$41,486,541	$51,617,992	$5,215,712

FEDERATION OF STATE MEDICAL BOARDS OF THE UNITED STATES INC