The Hidden Profit Engine: How NBCE Built a For-Profit Disciplinary Toll Booth and Why Atlanta Delegates Are About to Entrench a Monopoly

A forensic investigation into Ethics and Boundaries Assessment Services, LLC, the for-profit subsidiary no one told you about, the $4.9 million debt buried in a footnote, and the merger of the century

Most chiropractors have never heard of Ethics and Boundaries Assessment Services, LLC.

That is, in all probability, by design.

EBAS, as it is known to the state chiropractic boards that have quietly embedded it into their disciplinary machinery, is not listed on the National Board of Chiropractic Examiners’ website. It did not appear in any NBCE annual report given to state boards until investigators began asking questions. It has never been mentioned in any of the three town halls NBCE and FCLB held to explain the proposed merger to the people being asked to vote on it. And it has been completely absent from every Form 990 filing, audited financial statement, and public communication ever issued by the Federation of Chiropractic Licensing Boards, the organization whose delegates are casting the deciding vote in Atlanta on April 30, 2026.

Yet EBAS is, by NBCE’s own sworn admission to the Internal Revenue Service, the only source of revenue NBCE derives from activities unrelated to its exempt purpose. It is a for-profit LLC. It operates out of NBCE’s own headquarters at 901 54th Avenue, Greeley, Colorado. It uses the same telephone exchange. And it has accumulated $4,912,318 in debt to NBCE, money advanced to keep a perpetually money-losing enterprise afloat for over a decade, a figure that did not appear in any merger communication delivered to delegates.

This is the story of EBAS: what it is, how it operates, who profits, why no one told you about it, and what delegates in Atlanta are actually voting to entrench.