this year's tax records of the ABIM Foundation (which is affiliated with and shares the same address as the American Board of Internal Medicine (ABIM) in Philadelphia, PA) show the Foundation has total assets of $81,831,953 and moved some of its assets offshore to the Cayman Islands and Dublin, Ireland in the form of non-publicly traded investments.
Recall that the ABIM Foundation was created by secretly funneling $55 million in physician testing fees from the ABIM to their undisclosed "American Board of Internal Medicine Foundation" (later renamed the "ABIM Foundation" in 2009) from 1989 through 2008. Only after the name change with the IRS in 2009 was the ABIM Foundation revealed publicly.
According to this most Form 990, not only does the ABIM Foundation continue to hold their $2,356,267 Philadelphia condominium bought with practicing physician testing fees, we now find they have systematically transferred $6,516,936 of our fees offshore to ten different funds (nine in the Cayman Islands totaling $6,042, 336 and one in Dublin, Ireland totaling $474,600).
Meanwhile, younger physicians can't afford the fees for certification and re-certification mandated by the ABIM. We should also note that the President and CEO of the ABIM and ABIM Foundation, Richard Baron, MD, pocketed a cool $812,006 last year without night call or having to subject himself to any of the tough discussions with patients.
The Internal Revenue Service (IRS) needs to immediately revoke the non-profit status of the ABIM and its Foundation. Practicing physicians now realize these organizations are more about protecting and growing their assets than benefiting physicians, their patients, or the public.