Healthcare Financial Management Association
- Assets
- $23.0m
- Revenue
- $23.3m
- Investments
- $0.0
- Employees
- 85
- Location
- Downers Grove, IL
- Founding
- 04/1969
- Data as of
- 05/2023
- EIN
- 36-2318336
Organization Overview
Healthcare Financial Management Association is located in Downers Grove, IL. The organization was established in 1969. According to its NTEE Classification (E03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Health Care and related organizations. As of 05/2023, Healthcare Financial Management Association employed 85 individuals. This organization is a parent organization of 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 $23.3m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.2%) each year. All expenses for the organization totaled $23.6m during the year ending 05/2023. As we would expect to see with falling revenues, expenses have declined by (0.9%) 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
LEADING THE FINANCIAL MANAGEMENT OF HEALTH CARE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERSHIP - HEALTHCARE FINANCIAL MANAGEMENT ASSOCIATION'S (HFMA) GOAL IS TO IMPROVE THE FINANCIAL MANAGEMENT OF US HEALTHCARE INSTITUTIONS AND RELATED HEALTHCARE ORGANIZATIONS THROUGH FOSTERING KNOWLEDGE AND PROFICIENCY, PROVIDING A FORUM FOR EXCHANGE OF IDEAS AND BEST PRACTICES, STRENGTHENING COOPERATION AMONG THOSE IN THE PROFESSION, AND ESTABLISHING AND PROMULGATING PRINCIPLES OF PRACTICE AND STANDARDS OF PERFORMANCE. THROUGH 63 CHAPTERS AND 11 REGIONS, HFMA'S 102,000 MEMBERS HAVE OPPORTUNITIES FOR EDUCATION, SHARING OF COMMON EXPERIENCES, AND KEEPING UP TO DATE ON LEGISLATIVE AND REGULATORY CHANGES. THESE VENUES ALSO PROVIDE FOR NETWORKING EXCHANGES THAT BUILD RELATIONSHIPS THAT FURTHER PROFESSIONAL CAREERS AND CREATE PERSONAL, LONG-LASTING FRIENDSHIPS THAT SPAN THE US GEOGRAPHY.
HFMA PUBLISHES MONTHLY MAGAZINES AND E-NEWSLETTERS THAT ARE SHARED NOT ONLY WITH THE 102,000-MEMBER BASE BUT WITH OTHER INDUSTRY PROFESSIONALS, CIRCULATION FOR SOME PERIODICALS REACHING 40,000. THE PUBLICATIONS CONTAIN ARTICLES AND INFORMATION RELATED TO RECENT GOVERNMENTAL RULE CHANGES AND THOSE UNDER CONSIDERATION, CURRENT EVENTS, REAL LIFE BEST PRACTICE EXAMPLES AND HOT TOPICS FACING THE INDUSTRY. E-NEWSLETTERS ARE CIRCULATED TO REGISTERED MEMBERS.
CERTIFICATION AND EDUCATION - THE HEALTHCARE FINANCIAL MANAGEMENT ASSOCIATION (HFMA) HELPS ITS MEMBERS-BOTH INDIVIDUALS AND ORGANIZATIONS-ACHIEVE OPTIMAL PERFORMANCE BY PROVIDING THE PRACTICAL TOOLS AND SOLUTIONS, EDUCATION, INDUSTRY ANALYSES, AND STRATEGIC GUIDANCE NEEDED TO ADDRESS THE MANY CHALLENGES THAT EXIST WITHIN THE US HEALTHCARE SYSTEM. HFMA ADVANCES THE PROFESSION AND INDUSTRY BY PROVIDING RELEVANT EDUCATION AND PROFESSIONAL DEVELOPMENT OPPORTUNITIES, OFFERING SPECIALIZED CERTIFICATIONS IN REVENUE CYCLE, ACCOUNTING AND FINANCE, BUSINESS INTELLIGENCE, MANAGED CARE, AND PHYSICIAN PRACTICE MANAGEMENT. HFMA ALSO PROVIDES EDUCATIONAL CONTENT VIA WEBINARS, VIRTUAL EXPERIENCES AND CUSTOM CONTENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph J Fifer President & CEO Until 5/31/23 | OfficerTrustee | 27 | $979,554 |
Aaron R Crane Chairman | OfficerTrustee | 4 | $0 |
Dennis E Dahlen Chair-Elect | OfficerTrustee | 3.6 | $0 |
Marc B Scher Secretary/treasurer | OfficerTrustee | 3 | $0 |
Carladenise Armbrister Edwards Director | Trustee | 2.3 | $0 |
Abby Birch Director | Trustee | 2.3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Xit Solutions Inc It Services | 5/30/23 | $738,585 |
Meridian Technology Solutions It Services | 5/30/23 | $672,311 |
Powercast Media Llc Advertising/sales | 5/30/23 | $544,798 |
Adcellerant Llc Digital Marketing Services | 5/30/23 | $467,930 |
Cld Associates Inc Advertising/sales | 5/30/23 | $431,930 |
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 | $18,830,520 |
| Investment income | $308,639 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $34,356 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,281,002 |
| 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. | $2,169,532 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,089,254 |
| Pension plan accruals and contributions | $691,881 |
| Other employee benefits | $820,112 |
| Payroll taxes | $691,687 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $103,785 |
| Fees for services: Accounting | $85,674 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $18,225 |
| Fees for services: Other | $2,281,011 |
| Advertising and promotion | $567,634 |
| Office expenses | $926,014 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $325,610 |
| Travel | $849,912 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $219,029 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $445,897 |
| Insurance | $232,399 |
| All other expenses | $174,126 |
| Total functional expenses | $23,648,519 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,202,077 |
| Savings and temporary cash investments | $254,207 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,658,509 |
| 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 | $1,274,135 |
| Net Land, buildings, and equipment | $1,836,960 |
| Investments—publicly traded securities | $12,827,594 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,982,107 |
| Total assets | $23,035,589 |
| Accounts payable and accrued expenses | $2,454,351 |
| Grants payable | $0 |
| Deferred revenue | $9,164,715 |
| 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 | $4,110,726 |
| Total liabilities | $15,729,792 |
| Net assets without donor restrictions | $7,305,797 |
| 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 | $23,035,589 |