The Financial Health of Our Organizations: FSMTB
Note: For the past few years I have done a series of reports on the financial status of the non-profit organizations that represent the massage therapy profession. I obtain this information from Guidestar, a financial information clearinghouse for non-profits. The organizations can provide their Form 990 (Return of Organization Exempt from Income Tax) to Guidestar, and if they don’t, the IRS does it for them. I will state for the record that I am not an accountant or a financial analyst; I just report what I see (and maybe offer a few opinions). I usually get asked the question every year why I am not reporting on ABMP. Associated Bodywork & Massage Professionals is a privately-owned for-profit company, and they are not obligated to release their financial information. Non-profits are on a different filing schedule than the rest of us, and there is variance amongst them in when their fiscal year ends.
The Federation of State Massage Therapy Boards is as usual, in excellent financial condition. For the fiscal year ending 06/30/2012, they are showing revenues of almost $5.2M, up about $857K from 2011. Their expenses were slightly over $3.3M, leaving their net revenue for the year at over $1.8M. They also have assets of over $3.8M. Not too shabby for an organization that isn’t even ten years old yet.
Unlike some of our other organizations, the Board of Directors of the Federation are not compensated, with the exception of being reimbursed for travel expenses. They’re all volunteers. The Executive Director, Debra Persinger, was paid reportable compensation of $231,472 and a little over $49K in other compensation. Non-profits have to report the salaries of the directors, trustees, and the highest-paid employees and there were no others listed. Other wages and salaries were less than $74K total. READ MORE…