[Skip to Navigation]
Views 175
Citations 0
Comment & Response
November 28, 2017

Medical Specialty Board Finances

Author Affiliations
  • 1American Board of Psychiatry and Neurology, Buffalo Grove, Illinois
JAMA. 2017;318(20):2046. doi:10.1001/jama.2017.16841

To the Editor Drs Drolet and Tandon1 stated that “ABMS member boards have a fiduciary responsibility to match revenue and expenditures.” This demonstrates a basic misunderstanding of nonprofit organizations and the concept of fiduciary responsibility. There is no fiduciary responsibility or legal requirement for nonprofit organizations to “match revenue and expenditures.” The fiduciary responsibility that nonprofit directors do have, however, is to ensure the fiscal integrity of those organizations, including maintaining ample reserves to improve programs and to withstand the vagaries of uncertain times.