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AAHA FINANCIAL RECORD · FORM 990 HISTORY

Financial History

Fifteen years of revenue architecture, functional expense, inventory contribution, balance-sheet resilience, and industry context turn the filings into a decision-ready baseline for portfolio transformation.

FY2011-25

Auditable source period across fifteen filings.
Values are presented in millions of nominal dollars unless noted.

Executive readout

A stable topline, a faster cost base, and a widening transformation gap

0.25%

Revenue CAGR

FY2011 to FY2025. Revenue rose only 3.6% in total.

1.50%

Expense CAGR

Functional expense grew about six times faster than revenue.

-$2.36M

FY2025 deficit

The third consecutive annual deficit in the source series.

$5.90M

FY2025 net assets

Down from the $10.52M peak reported in FY2022.

Revenue and expense have separated

Hover or focus any annual point for the filing value. The crossing pattern shows why a portfolio-growth plan must manage both topline and delivery economics.

Use the chart keyboard controls or the accessible source table to inspect every year.

Chart
Line chart with 2 lines.
Hover or focus any annual point for the filing value. The crossing pattern shows why a portfolio-growth plan must manage both topline and delivery economics.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying Form 990 amount ($M). Data ranges from 9.665241 to 14.515307.
End of interactive chart.
RevenueFunctional expense
Revenue finished FY2025 only modestly above FY2011 while functional expense increased faster.AAHA Form 990 history, FY2011–FY2025. Revenue: Part VIII; functional expense: Part IX.
View accessible source table
Revenue and expense have separated source values
PeriodRevenueFunctional expense
2011$11.699M$11.765M
2012$10.831M$12.253M
2013$11.656M$11.624M
2014$11.921M$12.446M
2015$12.309M$12.136M
2016$12.294M$12.570M
2017$14.303M$13.633M
2018$10.818M$10.575M
2019$11.233M$12.098M
2020$10.927M$11.082M
2021$11.625M$9.665M
2022$14.515M$12.771M
2023$12.507M$13.938M
2024$12.051M$14.172M
2025$12.126M$14.485M

Annual operating result is increasingly negative

Bars show reported revenue less total functional expense. Investment gains can materially affect individual years, especially FY2022.

Use the chart keyboard controls or the accessible source table to inspect every year.

Chart
Bar chart with 15 bars.
Bars show reported revenue less total functional expense. Investment gains can materially affect individual years, especially FY2022.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying Form 990 amount ($M). Data ranges from -2.359694 to 1.960172.
End of interactive chart.
Surplus / (deficit)
The source series ends with three consecutive annual deficits.AAHA Form 990 history, FY2011–FY2025. Calculated as reported revenue less functional expense.
View accessible source table
Annual operating result is increasingly negative source values
PeriodSurplus / (deficit)
2011-$0.066M
2012-$1.422M
2013$0.032M
2014-$0.525M
2015$0.172M
2016-$0.277M
2017$0.670M
2018$0.243M
2019-$0.865M
2020-$0.154M
2021$1.960M
2022$1.744M
2023-$1.431M
2024-$2.121M
2025-$2.360M

What leaders should carry into the portfolio model

Growth quality matters. A one-time gain can create a strong reported year without changing recurring operating economics.

Concentration is visible in the filing history. Membership strengthened while education and communications finished below their FY2011 levels.

Cost modeling needs a clean definition. Form 990 inventory COGS is not total organizational COGS, and SG&A is not reported as one filing line.

The balance sheet is still a strategic asset. It also shows less cushion than at the FY2022 peak, increasing the value of staged investment gates.