NJAMHAA FY2022 Annual Report

34 D uring the past 26 years, NJAMHAA has strengthened its financial position significant - ly and simultaneously continued to invest in advocacy, communications and training to help keep its members strong while they contend with increased competition, workforce challenges and an ever-chang - ing payment landscape. NJAMHAA’s efforts over these years have resulted in increased excess reve - nues, stability, investment in programs and expansion of membership. This is a true testament to the value of NJAMHAA as perceived by its members and those external to the trade association, especially through - out the COVID -19 pandemic, and to its ability to cre- atively develop new sources of revenue. NJAMHAA has achieved growth and stability despite the nation- wide trend of other trade associations losing members and resources. At the end of Fiscal Year (FY) 2021, NJAMHAA’s net assets totaled $1,863,612. This represents a 15.2 per - cent increase over the prior year, and a 1,790 percent increase over 1995, at which time NJAMHAA’s net assets equaled $104,108. In FY2021, NJAMHAA had net revenues of $246,181 at year end. As is consistent with past years, its pri- mary revenue source was its membership dues. In addition to the regular membership, the Inte - grated Healthcare, Life Sciences and Innovation and Technology Councils continued to flourish. In FY2021, NJMAHAA’s dues revenues totaled $603,545, an 863 percent increase over the dues revenue of $69,968 in 1995, proving that NJAMHAA continues to have a strong and stable membership base. Although virtual conferences (held since the pandemic began) yielded less net revenue, its conference revenues increased significantly (more than 232 percent) over the prior year since the annual conference in FY2020 was moved to FY2021 due to the pandemic. Additionally, the Substance Use Disorder Promoting Interoperabili - ty Program (SUD PIP) funding continued into FY2021. Existing approved vendor and information technology (IT) support contracts rounded out NJAMHAA’s reve - nue for the fiscal year. 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, received additional DMHAS funding. A total of $533,626 was received in FY2021 including COVID Relief dollars for NJAMHAA’s IT Staff to assist providers for pandemic related expens - es and a one-time increase to retain the necessary IT staff in the competitive environment since the Great Fiscal Operations: NJAMHAA’s Fund Balance Continues to Grow