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 deadline for filing is the 15th day of the fifth month after the end of their fiscal year. An organization can also request and receive up to two 90-day extensions, and due to the number who haven’t filed yet for 2011, it appears that some of them have done that.

It’s business as usual at the Federation of State Massage Therapy Boards…they’re rolling in the dough, and they appear to be immune to the slow economy. For the fiscal year ending 06/30/2011, they are showing a total gross revenue of over $4.3 million, well over a million dollars up from the previous year. Their total assets increased in a year’s time by almost $1.3 million, while their liabilities went down to less than $16,000—down from over $218,000 the previous year. Their net revenue after expenses is almost $1.5 million, up over $490K since the previous year. Their theme song could be “We’re in the money.”

One difference in the Federation and other organizations is that their Board members do not receive any reportable compensation. The only compensation listed on the form for key personnel is that of Executive Director Debra Persinger, who was paid $196,324 and received an additional $23,039, which is just listed as “other compensation from the organization and related organizations.” READ MORE....