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.
In fiscal years 2017-2019 ABIM Foundation transferred approximately $10 million to ABIM to fund numerous improvements to its programs and services based on physician feedback. These have included the introduction of a new assessment option called the Knowledge Check-In, an enhanced user-friendly Physician Portal, a redesigned abim.org website, and exploration of collaboratively developed assessment pathways with medical specialty societies.
The ABIM Foundation operates on a July to June fiscal year. Our most recent publicly available is 990 form (pdf) for fiscal year 2020 ended 6/30/20. It reflects compensation paid for the preceding calendar year (January 2019 to December 2019) and financial activity for the current fiscal year (July 2019 to June 2020).
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, 2020 and 2019.