The ABIM Foundation is a 501(c)(3) charitable organization created by the American Board of Internal Medicine (ABIM) as a supporting organization within the meaning of Section 509(a)(3) of the Internal Revenue Code. ABIM Foundation bylaws state that the majority of the ABIM Foundation Board must be current or former members of the ABIM Board of Directors.
ABIM initially transferred $5 million to the Foundation in 1990. Over nearly 20 years (between 1990 and 2008), approximately $56 million was transferred by ABIM to the ABIM Foundation. There have been no transfers since 2008.
The ABIM Foundation operates on a July to June fiscal year. Our most recent publicly available 990 form (pdf) is for fiscal year 2015 ended 6/30/15. It reflects compensation paid for the preceding calendar year (January 2014 to December 2014) and financial activity for the current fiscal year (July 2014 to June 2015).
As is required for supporting organizations by governing accounting standards, the audit report for ABIM and the ABIM Foundation has been consolidated throughout the ABIM Foundation’s history. Our most recent audited financials for ABIM and Affiliated Foundation comprise the consolidated statements (pdf) of financial position, activities and cash flow as of June 30, 2016 and 2015.