FY2024 Annual Report

38 Transformational Leadership with Powerful Results Fiscal Management and Oversight For more than three decades, NJAMHAA has strengthened its financial position significantly while continuing to invest in media and advocacy campaigns, communications and training to strengthen its membership base as it contends with increased competition, continued member consolidations and the workforce crisis. Expansion of membership and a robust net asset figure of more than $2 million has resulted from these efforts. This is a true testament to the value as perceived by its members in the mental health, substance use and intellectual/developmental disabilities community and its ability to remain vital and sustain its revenue sources in this ever-changing economic and technological landscape. At the end of Fiscal Year (FY) 2023, NJAMHAA’s net assets totaled $2,114,786. This represents an 8.3 percent increase over the prior year, and a 2,031 percent increase over 1995, at which time NJAMHAA’s net assets equaled $104,108. In FY2023, NJAMHAA closed the year with a strong net revenue figure of $162,369. In addition to the regular membership, the Integrated Healthcare, Life Sciences and Innovation and Technology Councils continued to thrive. Dues revenue remained consistent, reflecting NJAMHAA’s stable membership base. NJAMHAA proudly returned to on-site conferences in 82% increase 8.3% increase $1,952,417 FY2022 $88,805 FY2022 $2,114,786 FY2023 $162,369 FY2023 NJAMHAA’S NET ASSETS NJAMHAA NET REVENUE $202,628 $476,518 $883,794 $1,103,418 $1,361,521 $1,636,167 $1,881,721 $1,973,359 $2,146,098 Combined NJAMHAA/NJMHI Net Assets Fiscal Year Net Assets 1995 2000 2005 2010 2015 2020 2021 2022 2023 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0