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.
Executive Director Debra Persinger received an annual raise of $38,500. The FSMTB also moved into more spacious offices in Overland Park, KS this year and as announced at the 2009 meeting, added another staff member. Persinger had previously been the sole employee since the inception of the Federation.
One noteworthy point is that the Board members of the FSMTB are not compensated at all, other than their travel expenses to and from meetings and expenses directly related to Board business. According to the filing, Board members spend 10-15 hours per week on FSMTB business. As a state Board member myself, I can relate to that. Serving on any Board is time-consuming. The FSMTB Board members deserve recognition for serving without any per diem.
Congratulations to the FSMTB for doing such an impressive job in the middle of a recession.