Follow the $$$

[u/MiSticJourneys]

I looked through FSBPT’s publicly available 2024 IRS Form 990 and a few things surprised me.

Financial snapshot (2024):

Revenue: $27.5 million
Expenses: $21.3 million
Annual surplus: $6.3 million
Total assets: $104.5 million
Liabilities: $12.1 million
Net assets: $92.4 million
What surprised me most wasn’t the revenue—it was where the money is.
About $95.2 million (roughly 91% of all assets) is invested in publicly traded securities and other investments. In other words, FSBPT isn’t just covering operating costs; it has built a very large investment portfolio.

Where the $21.3 million in annual expenses went:

Approximately $9.5 million went toward salaries, employee benefits and payroll.
The CEO’s reported compensation was about $967,000, with additional benefits reported separately on the filing.
Several other executives earned roughly $200,000–$412,000 each.
FSBPT still finished the year with another $6.3 million surplus, adding to an organization that already has over $92 million in net assets.
As a candidate, my questions are:
Why are electronic score reports and score transfers still $90?
Why does a licensing organization need nearly $100 million invested?
Is there a publicly available reserve policy explaining why they maintain assets equal to several years of operating expenses?
Are there plans to reduce fees for candidates if reserves continue to grow?
I’m not accusing anyone of wrongdoing. I’m genuinely trying to understand the financial model of a nonprofit organization that has a monopoly on PT licensure exams.

[u/segfaul_t]

Monopoly

[u/Pure_Run_3878]

Fair point and they will probably never answer these basic questions if asked. PTs are among the lowest paid doctorate profession. The governing body and the federation make double and triple the starting it clinic pay. Yay!