Healthcare Financial Management Educational Foundation
- Assets
- $32.5m
- Revenue
- $9.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Downers Grove, IL
- Founding
- 10/1965
- Data as of
- 05/2023
- EIN
- 36-2544491
Organization Overview
Healthcare Financial Management Educational Foundation is located in Downers Grove, IL. The organization was established in 1965. This organization is a parent organization of an affiliated group for tax-exemption purposes. Healthcare Financial Management Educational Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 05/2023, Healthcare Financial Management Educational Foundation generated $9.0m 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 (4.6%) each year. All expenses for the organization totaled $7.7m during the year ending 05/2023. As we would expect to see with falling revenues, expenses have declined by (8.0%) 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 DEFINE, REALIZE AND ADVANCE THE FINANCIAL MANAGEMENT OF HEALTH CARE BY HELPING MEMBERS AND OTHERS IMPROVE THE BUSINESS PERFORMANCE OF ORGANIZATIONS OPERATING IN OR SERVING THE HEALTHCARE FIELD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF HEALTHCARE FINANCIAL MANAGEMENT ASSOCIATION EDUCATIONAL FOUNDATION (EF) IS TO RECEIVE AND ADMINISTER FUNDS AND PROPERTY FOR EDUCATIONAL PURPOSES, INCLUDING THE INSTRUCTION OR TRAINING OF INDIVIDUALS AND GROUPS, UTILIZING DISCUSSION GROUPS, FORUMS, PANELS, LECTURES OR SIMILAR PROGRAMS AND THROUGH VARIOUS COURSES OF INSTRUCTION FOR THE PURPOSE OF IMPROVING OR DEVELOPING CAPABILITIES IN THE FIELD OF HEALTHCARE FINANCIAL MANAGEMENT. THE LARGEST REVENUE GENERATING EVENT FOR EF IS THE ANNUAL CONFERENCE WHICH PROVIDES MEMBERS AN OPPORTUNITY FOR FACE TO FACE EDUCATION, LECTURE, PANEL DISCUSSION, SHARING OF BEST PRACTICE PROCESSES AND NETWORKING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph J Fifer President & CEO Until 5/31/23 | OfficerTrustee | 13 | $419,809 |
Aaron R Crane Chairman | OfficerTrustee | 0.4 | $0 |
Dennis E Dahlen Chair-Elect | OfficerTrustee | 0.4 | $0 |
Marc B Scher Secretary/treasurer | OfficerTrustee | 0.3 | $0 |
Abby Birch Director | Trustee | 0.3 | $0 |
Colleen M Blye Director | Trustee | 0.3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Production Resource Group Llc Event Services | 5/30/23 | $651,832 |
Shepard Exposition Services Exposition Services | 5/30/23 | $204,686 |
Service America Corporation Dba Centerpl Catering Services | 5/30/23 | $585,162 |
Smg Dba Asm Global Colorado Convention C Facility Rental | 5/30/23 | $124,619 |
Hilton New Orleans Riverside Catering/room Services | 5/30/23 | $160,194 |
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 | $12,351 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,351 |
| Total Program Service Revenue | $8,470,722 |
| Investment income | $484,714 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $52,514 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,020,301 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $4,107,487 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $35,880 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $29,572 |
| Fees for services: Other | $758,058 |
| Advertising and promotion | $177,185 |
| Office expenses | $131,758 |
| Information technology | $876,952 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,032,576 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $509,937 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $7,659,405 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,009,415 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,158,422 |
| 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 | $753,949 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $19,540,872 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,023,093 |
| Total assets | $32,485,751 |
| Accounts payable and accrued expenses | $213,948 |
| Grants payable | $0 |
| Deferred revenue | $8,806,033 |
| 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 | $0 |
| Total liabilities | $9,019,981 |
| Net assets without donor restrictions | $23,465,770 |
| 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 | $32,485,751 |