Fiscal Year 2017 (July- June)
Submitted by Linda A. Hyde, RHIA, Finance Committee Chair
At the end of the fiscal year 2017, MaHIMA generated $165,044 of income, with expenses of $173,780.
Seventy-four (74) % of our income was generated from educational programs. Fifty-five (55) % of this total represents income generated from the Annual Meeting.
Nineteen (19) % of our income represents AHIMA rebates, and the remaining seven (7) % from advertising and sales of the new Medico Legal Guide.
Our expenses were primarily used for education programs, representing fifty-two (52) %. The remaining costs were used for administrative expenses, forty one (41) %, and delegate attendance at AHIMA meetings throughout the year, seven (7%).
Our expenses exceeded income this year by $8,736. This was primarily due initial printing of the Medico Legal Guides, review of the association financial procedures by our accounting firm, and a lower profit from the Annual Meeting than the previous two years.
As of the end of June, MaHIMA has $113,731 in assets with 79 % ($90,828) in the Fidelity account for our reserves.