FY 2020 annual report

A Y E A R L I K E N O O T H E R 26 During the past 25 years, NJAMHAA has strength- ened its financial position significantly and simul- taneously continued to invest in advocacy, com- munications and training to help keep its members strong while they contend with increased compe- tition and an ever-changing payment landscape. For the trade association, NJAMHAA’s efforts over these years have resulted in increased excess rev- enues, stability, investment in programs and expan- sion of staff and membership. This is a true testa- ment to the value of NJAMHAA as perceived by its members and its ability to creatively develop new sources of revenue. NJAMHAA has achieved this growth and stability despite the nationwide trend of increased competition for declining resources. At the end of Fiscal Year (FY) 2019, NJAMHAA’s net assets totaled $1,576,911. This represents a 4.7 per- cent increase over the prior year, and a 1,515 per- cent increase over 1995, at which time NJAMHAA’s net assets equaled $104,108. In FY2019, NJAMHAA had net revenues of $70,257 at year end. Its primary revenue sources continued to be membership dues and conferences. In ad- dition to the regular membership dues, there had been increased activity since 1995 in the Integrat- ed Healthcare, Life Sciences and Innovation, and Information Technology (IT) Councils, as well as from new and existing approved vendors and IT support contracts. In FY2019, NJMAHAA’s dues revenues totaled $571,239, an 816 percent increase over the dues revenue of $69,968 in 1995. The strong and stable membership base continues to be a testa- ment to NJAMHAA’s value in the mental healthcare and substance use treatment community. The IT Project, which is a joint public/private venture of NJAMHAA, the New Jersey Division of Mental Health and Addiction Services (DMHAS) and the IT Project participants, remained stable in its fund- ing from DMHAS, receiving $499,924 and another $236,156 in IT support contract revenue in FY2019. For FY2019, the unrestricted net asset balance for the New Jersey Mental Health Institute (NJMHI) was $11,392. Temporarily restricted net assets equaled $10,653. During FY2019, the majority of the funds remaining in NJMHI’s Tsunami Mental Health Relief Fund were spent on phase three of the Sri Lanka training program, leaving the Fund with a balance of $653 at the end of June 2019. The remaining tem- porarily restricted net assets of $10,000 represent- ed a donation by Debra Wentz to be restricted for a reserve fund for NJMHI. This amount was received in 2009 from Eli Lilly and Company, and she chose NJMHI as the charitable organization for her dona- tion. Sustaining Members and NJAMHAA in the Future: Fiscal Management and Oversight