BOG Manages Financial Resources Prudently to Meet ABR Mission
By Robert M. Barr, MD, ABR President, and John A. Kaufman, MD, ABR Secretary-Treasurer
As one of its fiduciary responsibilities, the Board of Governors carefully monitors the financial performance of the organization. ABR management controls costs wherever possible and seeks efficiencies including automation. The ABR has not been immune to inflationary pressures, including those related to recruiting and retaining qualified employees. Development expenses related to exam creation and delivery have not yet reached steady state in the new remote exam paradigm; however, the Board will continue to strive to avoid fee increases. The last increase was in 2016.
As a nonprofit 501(c)(6), we are required to file IRS Form 990; that form (for 2021) and other financial information is posted on our website. We had an operating deficit in 2021, expect to end with a deficit for 2022, and have budgeted for a deficit for 2023. Financial reserves have, thus far, allowed us to avoid fee increases to cover these operating losses. We have asked staff to continue to meet the requirements for Platinum transparency status with Candid (GuideStarTM). For a video about ABR Finances, click on the image.