FY2025-Annual-Report

40 Meeting Challenges Head On 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 a more challenging than ever fiscal, legislative, and regulatory environment, increased competition, continued member consolidations and staff transitions. Expansion of membership and a robust net asset figure of more than $2.2 million have resulted from these efforts. This is a true testament to the value as perceived by its members in the mental health, substance use, intellectual and developmental disabilities and social services communities, and NJAMHAA’s ability to remain vital and sustain its revenue sources in this ever-changing economic and technological landscape. At the end of Fiscal Year (FY) 2024, NJAMHAA’s net assets totaled $2,259,213. This represents a 6.8 percent increase over the prior year, and a 2,170 percent increase over 1995, at which time NJAMHAA’s net assets equaled $104,108. In FY2024 , NJAMHAA closed the year with strong net revenues of $144,427. In addition to the provider membership, the Integrated Healthcare, Life Sciences and Innovation, Education and Technology Councils continued to thrive. Dues revenue remained consistent at $676,436, reflecting NJAMHAA’s stable membership base. Conference revenues remained strong at $291,397, a 23 percent increase over the prior year’s figure of $236,339, reflecting the valuable training opportunities that enhance the members’ knowledge and skills related to clinical best practices, business operations, fiscal matters, information technology and an ever-changing policy and legislative environment. Additionally, revenue from information technology (IT) support contracts, approved vendors and other business partners, as well as sponsorship of NJAMHAA’s various meetings, all contributed to another successful year. NJAMHAA’s IT Project received funding for another year. Started in 1984 as the Management Information Systems (MIS) Project, it was later renamed the IT Project in 2003. The initial project aimed to help non-profit behavioral health- care providers in New Jersey adapt to the new technology of desktop computers. This joint public/private venture of NJAMHAA, the New 2,170 % INCREASE OVER 1995 Jersey Division of Mental Health and Addiction Services (DMHAS) and the IT Project participants continues to provide consultation, implementation and maintenance at a low cost. IT support contract revenue for the year totaled $212,034, an 11 percent increase over the prior year. By investigating the application of new technologies, the IT Project strives to increase efficiency, enhance revenue, and reduce costs while at the same time supporting the behavioral healthcare service providers. DMHAS again awarded NJAMHAA with activity costs for the New Jersey Governor’s Council on Mental Health Stigma, bringing the total DMHAS funding to $619,185. For FY2024, the net asset balance for the New Jersey Mental Health Institute (NJMHI) increased to $42,076, up from $31,312 one year ago. Together, NJAMHAA and NJMHI provide insights and recommendations for strengthening the behavioral healthcare system, which in turn strengthens the community in order to ensure timely access to the most appropriate, highest quality treatment and support services for all New Jersey residents. The continued financial growth of NJAMHAA and NJMHI enables this mission to be effectively carried out.