This is my second year of doing an annual report on the financial status of the major non-profit organizations of the massage therapy profession. I am not an accountant or a financial expert. This information was taken directly from FORM 990, the Return of Organization Exempt from Income Tax, which is published on Guidestar.
If there’s such a thing as a poster child for good finances in these economic times, it’s the Federation of State Massage Therapy Boards.
It was reported at last month’s annual meeting that the Federation had paid off their $700,000 start-up loan 27 months early.
The 990 shows an increase in total revenues of over $1.2 million from the previous year, a decrease in liabilities, and an increase in assets. Of course expenses increased, but when revenues take that big a jump, so do the expenses related to generating those revenues, particularly the money paid to the exam administration company. That amount increased about $600K, due to the rapid increase in the number of students taking the exam. The Federation’s revenues come from the MBLEx and from the annual dues paid by the member boards, currently numbering 40. READ MORE….