HFMA 2020–2021 AUDITED CONSOLIDATED FINANCIAL REPORT

HFMA 2020?2021 AUDITED CONSOLIDATED FINANCIAL REPORT

A Note from HFMA's President and CEO

As we wrap up one fiscal year and turn our attention to the next, I want to pause and acknowledge the challenging yet inspiring times we have just come through. HFMA's 2020-21 fiscal year will go down in the annals of Association history as one of unprecedented challenges that were met with resourcefulness and resilience.

Through your continued support and engagement, together with the hard work and dedication of our Association team, HFMA returned to profitability in FY21, as shown in the attached audited financial statements. These results are a true testament to the commitment and perseverance of our membership, volunteer leadership and staff.

HFMA's total membership base increased 25% in FY20-21, bringing total membership to a recordbreaking 72,000+ at the close of the fiscal year. I could not be prouder of the way the entire team stepped up to meet the challenges of this pandemic year. We pivoted to a virtual experience for our Annual Conference for the first time in HFMA history. Virtual channels became our new way of connecting with each other and maintaining day-to-day operations without interruption.

So, what lies ahead? The trajectory of the pandemic remains uncertain. Long-term industry challenges continue. While I cannot predict the future, I can say this with certainty: We will continue to support your efforts to serve your organizations and communities and we very much appreciate your continued engagement with HFMA.

JOSEPH J. FIFER, FHFMA, CPA President and CEO

Healthcare Financial Management Association and Affiliates

Consolidated Financial Report May 31, 2021

Healthcare Financial Management Association and Affiliates

Consolidated Statements of Financial Position May 31, 2021 and 2020

Assets

Current assets: Cash and cash equivalents Accounts receivable, less allowances for doubtful accounts of $681,543 in 2021; $790,239 in 2020 Prepaid expenses and other assets Total current assets

Investments Investments held for deferred compensation Furniture, equipment and software, net Chapter-restricted funds

Total assets

Liabilities and Net Assets

Current liabilities: Accounts payable and accrued expenses Deferred membership dues, net of related chapter rebates of $273,171 in 2021; $293,275 in 2020 Deferred registration, subscription and other revenue Total current liabilities

Deferred lease obligation Paycheck Protection Program loan payable Deferred compensation liability

Total liabilities

Net assets without donor restrictions Board designated funds

Total net assets without donor restrictions

Total liabilities and net assets

See notes to consolidated financial statements.

2021

2020

$ 4,329,737 $ 4,834,404

2,258,968 1,074,979 7,663,684

2,412,725 696,292

7,943,421

34,045,102 1,245,830 1,141,129 69,054

28,806,856 1,366,455 1,603,628 72,736

$ 44,164,799 $ 39,793,096

$ 3,044,845 $ 4,169,566

7,416,290 2,768,211 13,229,346

7,117,557 5,220,101 16,507,224

159,354 1,901,680 1,245,830 16,536,210

278,430 -

1,366,455 18,152,109

27,523,499 105,090

27,628,589

21,535,843 105,144

21,640,987

$ 44,164,799 $ 39,793,096

Healthcare Financial Management Association and Affiliates

Consolidated Statements of Activities Years Ended May 31, 2021 and 2020

Revenue: Membership dues and related revenue hfm magazine Annual conference registrations, exhibits and fees Sponsorship Benchmarking and metrics Peer review Education Miscellaneous Employee retention credit Contributions Total revenue

Expenses: Personnel and commissions Professional services Marketing Travel and entertainment Hotel and meeting costs Information technology and equipment Administrative and other Occupancy Tax expense (benefit) Depreciation and amortization Total expenses

Operating income (loss)

Net investment return

Change in net assets

Net assets without donor restrictions, beginning of year

Net assets without donor restrictions, end of year

See notes to consolidated financial statements.

2021

2020

$ 10,002,827 2,323,221 67,250 3,628,070 1,902,484 1,125,325 108,445 380,386 431,000 -

19,969,008

$ 10,529,794 2,213,572 5,208,257 3,366,881 1,915,291 1,349,602 110,760 518,016 2,945

25,215,118

13,941,843 1,916,141 924,189 65,610 43,280 555,140 761,097 663,452 218,750 462,500

19,552,002

16,133,278 3,275,732 1,837,775 1,978,242 568,692 1,520,989 1,324,470 674,587 (76,745) 466,998

27,704,018

417,006

(2,488,900)

5,570,596

1,694,497

5,987,602

(794,403)

21,640,987

22,435,390

$ 27,628,589 $ 21,640,987

Healthcare Financial Management Association and Affiliates

Consolidated Statements of Cash Flows Years Ended May 31, 2021 and 2020

Cash flows from operating activities: Change in net assets Adjustments to reconcile change in net assets to net cash used in operating activities: Depreciation and amortization Provision for doubtful accounts Decrease in deferred lease obligation Net realized and unrealized gain on investments Changes in assets and liabilities: Accounts receivable Prepaid expenses and other assets Accounts payable and accrued expenses Deferred dues and other revenue Deferred compensation liability Net cash used in operating activities

Cash flows from investing activities: Proceeds from Paycheck Protection Program loan Purchase of furniture, equipment and software Proceeds from sale of investments Purchase of investments Proceeds from sale of investments held for deferred compensation Purchase of investments held for deferred compensation Net cash provided by investing activities

Decrease in cash and cash equivalents and chapter-restricted funds

Cash and cash equivalents and chapter-restricted funds: Beginning

Ending

2021 $ 5,987,602 $

2020 (794,403)

462,500 (108,696) (119,076) (5,297,021)

262,453 (378,687) (1,124,721) (2,153,157) (120,625) (2,589,428)

466,998 331,391 (101,972) (720,791)

(225,437) 587,681 901,488 (4,603,487)

14,996 (4,143,536)

1,901,680 -

719,869 (661,095) 214,217

(93,592) 2,081,079

(54,444) 8,273,128 (6,280,856) 320,944 (335,940) 1,922,832

(508,349)

(2,220,704)

4,907,140

7,127,844

$ 4,398,791 $ 4,907,140

Reconciliation of cash and cash equivalents and chapter-restricted funds:

Cash and cash equivalents

$

Chapter-restricted funds

Cash and cash equivalents and chapter-restricted funds

$

See notes to consolidated financial statements.

4,329,737 $ 69,054

4,398,791 $

4,834,404 72,736

4,907,140

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