NJAMHAA-FY21-annual-report

28 Over the last quarter century, NJAMHAA has continued to invest in advocacy, communications and training to strengthen its membership base as it contends with ever increasing competition. During this period, the trade association has bolstered its financial position significantly with increased excess revenues, stability, investment in programs and expansion of staff and membership. This is a true testament 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, and most recently, the COVID-19 pandemic that has adversely affected the financial positions of many companies worldwide. At the end of Fiscal Year (FY) 2020, NJAMHAA’s net assets totaled $1,617,431. This represents a 2.6 percent increase over the prior year, and a 1,554 percent increase over 1995, at which time NJAMHAA’s net assets equaled $104,108. In FY2020, NJAMHAA had net revenues of $40,520 at year end. Its primary revenue source was its membership dues. In addition to the regular membership, the Integrated Healthcare, Life Sciences and Innovation and Technology Councils continued to thrive. In FY2020, NJMAHAA’s dues revenues totaled $613,213, an 876 percent increase over the dues revenue of $69,968 in 1995. The strong and stable membership base is evidence of NJAMHAA’s value in the mental healthcare and substance use treatment community. Its conference revenues decreased by 65% over the prior year due to the need to postpone the annual conference in the spring of 2020 to a virtual format the following fall, as a result of the pandemic. However, NJAMHAA was able to offset this downturn with additional contracts, such as the Substance Use Disorder Promoting Interoperability Program (SUD PIP) funded by the New Jersey Department of Health and Department of Human Services, as well as from new and existing approved vendors and information technology (IT) support contracts. 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 funding from DMHAS, receiving $509,861 and another $222,257 in IT support contract revenue in FY2020. 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 investigating the application of new technologies, the IT Project strives to increase efficiency, enhance revenue, reduce costs and, in general, support the providers who provide high quality treatment to consumers of behavioral healthcare services. Sustaining Members and NJAMHAA in the Future: Fiscal Management and Oversight