Healthcare Financial Management Educational Foundation
- Assets
- $36.6k
- Revenue
- $221.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Downers Grove, IL
- Founding
- 10/1965
- Data as of
- 05/2022
- EIN
- 36-3920055
Organization Overview
Healthcare Financial Management Educational Foundation is located in Downers Grove, IL. The organization was established in 1965. According to its NTEE Classification (E02) the organization is classified as: Management & Technical Assistance, 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 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 05/2022, Healthcare Financial Management Educational Foundation generated $221.4k 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 (7.6%) each year. All expenses for the organization totaled $216.5k during the year ending 05/2022. As we would expect to see with falling revenues, expenses have declined by (7.1%) 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
HFMA'S PRIMARY PURPOSE IS TO: 1.) FOSTER AND INCREASE KNOWLEDGE OF AND PROFICIENCY IN HEALTHCARE FINANCIAL MANAGEMENT; 2.) CONDUCT AND PARTICIPATE IN EDUCATIONAL PROGRAMS AND ACTIVITIES CONCERNING HEALTHCARE INDUSTRY FINANCIAL MANAGEMENT; 3.) PROVIDE MEDIA FOR THE INTERCHANGE OF IDEAS AND DISSEMINATION OF MATERIAL RELATIVE TO HEALTHCARE FINANCIAL MANAGEMENT; 4.) STRENGTHEN COOPERATION AMONG INDIVIDUALS OF VARYING DISCIPLINES IN FINANCIAL MANAGEMENT; 5.) COOPERATE WITH HEALTHCARE INSTITUTIONS AND RELATED HEALTHCARE ORGANIZATIONS AND AGENCIES AND OTHER INTERESTED GROUPS IN MATTERS PERTAINING TO FINANCIAL MANAGEMENT; AND 6.) PROMOTE AND ENCOURAGE FINANCIAL MANAGEMENT STANDARDS OF PERFORMANCE FOR INDIVIDUALS AND INSTITUTIONS IN VARIOUS AREAS OF HEALTHCARE FINANCIAL MANAGEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION AND RELATED ACTIVITIES - THE CHAPTERS PROVIDED EDUCATIONAL PROGRAMS FOR OVER 2,000 INDIVIDUALS WORKING IN THE HEALTHCARE FINANCE. IT CONDUCTED AND PARTICIPATED IN ACTIVITIES CONCERNING HEALTHCARE INDUSTRY FINANCIAL MANAGEMENT WHICH PROMOTE AND ENCOURAGE FINANCIAL MANAGEMENT STANDARDS OF PERFORMANCE FOR THE HEALTHCARE INDUSTRY AND INSTITUTIONS IN VARIOUS AREAS OF HEALTHCARE MANAGEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sean Smith President | OfficerTrustee | 5 | $0 |
Catherine Ekbom President-Elect | OfficerTrustee | 2.5 | $0 |
Alyson Belz Secretary | OfficerTrustee | 5 | $0 |
Shivam Sohan Treasurer | OfficerTrustee | 5 | $0 |
Andrew Weingartner Vice President | OfficerTrustee | 2.5 | $0 |
Donna Skura Past President (voting) | Trustee | 2.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $120,000 |
| 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 | $120,000 |
| Total Program Service Revenue | $101,386 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $221,386 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $4,018 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,235 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $199,640 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $216,493 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,123 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $31,487 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $36,610 |
| Accounts payable and accrued expenses | $370 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $370 |
| Net assets without donor restrictions | $36,240 |
| 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 | $36,610 |
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