FY2024 Annual Report

39 NJAMHAA Annual Report FY 2024 the spring of 2023. Although the pandemic impacted conference exhibit revenue, NJAMHAA rebounded when it returned to holding on-site events. Conference revenues increased by 200 percent from $118,385 in FY2022 to $236,739 in FY2023. Additionally, continued revenue from the Substance Use Disorder Promoting Interoperability Program (SUD PIP), as well as approved vendor and information technology (IT) support contracts, helped to strengthen NJAMHAA’s overall financial health. The IT Project, which for 40 years, has been a joint public/private venture of NJAMHAA, the New Jersey Division of Mental Health and Addiction Services (DMHAS) and the IT Project participants, received funding from DMHAS, which included an across-the-board rate increase. Additionally, DMHAS provided NJAMHAA with activity costs for the New Jersey Governor’s Council on Mental Health Stigma. Total DMHAS funding increased to $599,002. IT support contract revenue for the year totaled $190,502. The IT Project assists providers of behavioral health care in the collection, processing, integration and interpretation of data through effective use of health information technologies. By assisting IT Project members with the application of new technologies, the IT Project strives to increase efficiency, enhance revenue, reduce costs and, in general, support the organizations that provide high-quality treatment to consumers of behavioral healthcare services. For FY2023, the net asset balance for the New Jersey Mental Health Institute (NJMHI) increased to $31,312. Together, NJAMHAA and NJMHI provide transformational leadership with insights, recommendations and strategies to strengthen the behavioral healthcare system, which in turn ensures the community can deliver timely access to the most appropriate, highest quality treatment and support services for all New Jersey residents. The continued financial growth enables NJAMHAA and NJMHI to effectively carry out this mission. 99.9% 49.5% increase increase $118,385 FY2022 $20,942 FY2022 $236,739 FY2023 $31,312 FY2023 CONFERENCE REVENUE NJMHI NET ASSETS