Healthcare Financial Management Association
- Assets
- $15.0m
- Revenue
- $9.5m
- Investments
- $0.0
- Employees
- 1
- Location
- Downers Grove, IL
- Founding
- 04/1969
- Data as of
- 05/2023
- EIN
- 23-7037143
Organization Overview
Healthcare Financial Management Association is located in Downers Grove, IL. The organization was established in 1969. According to its NTEE Classification (E21) the organization is classified as: Community Health Systems, under the broad grouping of Health Care and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Healthcare Financial Management Association is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 05/2023, Healthcare Financial Management Association generated $9.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.8%) each year. All expenses for the organization totaled $10.1m during the year ending 05/2023. As we would expect to see with falling revenues, expenses have declined by (2.8%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO FOSTER AND INCREASE KNOWLEDGE OF AND PROFICIENCY IN FINANCIAL MANAGEMENT IN THE HEALTHCARE INDUSTRY; CONDUCT AND PARTICIPATE IN EDUCATION PROGRAMS; PROVIDE MEDIA FOR INTERCHANGE OF IDEAS AND DISSEMINATION OF MATERIALS RELATIVE TO FINANCIAL MANAGEMENT AND STRENGTHEN COOPERATION AMONG INDIVIDUALS OF VARYING DISCIPLINES IN FINANCIAL MANAGEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION - HFMA'S 63 CHAPTERS CONDUCT PERIODIC EDUCATIONAL SESSIONS THAT UTILIZE DISCUSSION GROUPS, FORUMS, PANELS, LECTURES OR SIMILAR PROGRAMS FOR THE PURPOSE OF IMPROVING OR DEVELOPING CAPABILITIES IN THE FIELD OF HEALTHCARE FINANCIAL MANAGEMENT. THESE SESSIONS PROVIDE MEMBERS AN OPPORTUNITY FOR FACE TO FACE EDUCATION, LECTURE, PANEL DISCUSSION, SHARING OF BEST PRACTICE PROCESSES AND NETWORKING.
PUBLICATIONS - NEWSLETTERS & MEMBERSHIP DIRECTORIES - HFMA'S 63 CHAPTERS PRODUCE PERIODIC NEWSLETTERS THAT ARE SHARED NOT ONLY WITH CHAPTER MEMBERS BASE BUT WITH OTHER INDUSTRY PROFESSIONALS. THE NEWSLETTERS CONTAIN ARTICLES AND INFORMATION RELATED TO RECENT GOVERNMENTAL RULE CHANGES, CURRENT EVENTS, JOB OPPORTUNITIES AND HOT TOPICS FACING THE INDUSTRY. EACH CHAPTER PUBLISHES A MEMBERSHIP DIRECTORY ANNUALLY ALLOWING MEMBERS TO NETWORK AND COMMUNICATE AMONGST ONE ANOTHER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Albert Deana President | OfficerTrustee | 5 | $0 |
Amber Langner President | OfficerTrustee | 5 | $0 |
Andrew Gentzkow President | OfficerTrustee | 5 | $0 |
Andrew Hastings President | OfficerTrustee | 5 | $0 |
Barbara Piascik President | OfficerTrustee | 5 | $0 |
Bart Shea President | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Paris Las Vegas Hotel Services | 5/30/23 | $421,225 |
Loews Atlanta Hotel Food And Beverage, Audio Visual, Rooms | 5/30/23 | $340,915 |
Omni Grove Park Inn Meetings And Event Services | 5/30/23 | $317,283 |
Vinoy Renaissance St Petersburg Hotel Services | 5/30/23 | $195,258 |
Borgata Hotel And Casino Conference Services | 5/30/23 | $170,445 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $9,252,640 |
| Investment income | $74,697 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$6,347 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,466,563 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,825 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,211 |
| Fees for services: Management | $374,110 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $89,351 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $8,732 |
| Fees for services: Other | $137,095 |
| Advertising and promotion | $0 |
| Office expenses | $415,065 |
| Information technology | $51,132 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,134,781 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,310,775 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $437 |
| Insurance | $1,215 |
| All other expenses | $458,770 |
| Total functional expenses | $10,080,700 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,249,121 |
| Savings and temporary cash investments | $4,262,662 |
| Pledges and grants receivable | $689,453 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $340,472 |
| Net Land, buildings, and equipment | $1,310 |
| Investments—publicly traded securities | $2,292,865 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $124,400 |
| Total assets | $14,960,283 |
| Accounts payable and accrued expenses | $1,014,808 |
| Grants payable | $0 |
| Deferred revenue | $1,355,380 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $119,577 |
| Total liabilities | $2,489,765 |
| Net assets without donor restrictions | $12,470,518 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $14,960,283 |