NJAMHAA-FY23-Annual-Report

39 NJAMHAA Annual Report FY 2023 Fiscal Management and Oversight Over the past three decades, NJAMHAA has continued to invest in advocacy, communications and training to strengthen its membership base as it contends with ever-increasing competition and member consolidations. For the trade association, NJAMHAA’s efforts over these years have resulted in increased excess revenues and expansion of membership. This is a true testament to the value of NJAMHAA as perceived by its members in the mental health and addictions community and its ability to remain vital despite the nationwide trend of increased competition for declining resources. At the end of Fiscal Year (FY) 2022, NJAMHAA’s net assets totaled $1,952,417. This represents a 4.8 percent increase over the prior year, and a 1,875 percent increase over 1995, at which time NJAMHAA’s net assets equaled $104,108. In FY2022 , NJAMHAA had net revenues of $88,805. In addition to the regular membership, the Integrated Healthcare, Life Sciences and Innovation and Technology Councils continued to thrive. Dues revenue climbed to $671,629, meaning it has increased tenfold over the dues revenue figure of $69,968 in 1995, proving that NJAMHAA continues to have a strong and stable membership base. Conference revenues decreased over the prior year since FY2021 included FY2020 deferred revenue as a result of the pandemic. While conferences continued to be held virtually in FY2022, sponsorship remained strong. Additionally, a Behavioral Health + Economics Network (BHECON) grant from the National Council for Mental Wellbeing, revenue from the Substance Use Disorder Promoting Interoperability Program (SUD PIP), as well as approved vendor and information technology (IT) support contracts, helped to bolster NJAMHAA’s overall financial health. 4.8% 11.3% increase $1,863,612 Last year 2021-2022 $603,545 Last year 2021-2022 $1,952,417 This year 2022-2023 $671,629 This year 2022-2023 increase DUES REVENUE NJAMHAA’S NET ASSET