MQA is funded by fees and fines collected through the licensure and enforcement of health care professions. The funds collected are distributed to the 22 regulatory boards and four councils that carry out the daily tasks of licensure and enforcement. Additionally, five dollars from each practitioner’s application fee is directly allocated for ULA enforcement activity. MQA TRUST FUND Among the penalties for disciplinary actions is the collection of fines. These funds are maintained in the MQA Trust Fund and are distributed for the maintenance of practitioner and facility regulation. The revenues and expenditures of this fund are reported quarterly as measures of the effectiveness of MQA’s compliance management. MQA ended Quarter One with an overall cash balance of $40 million for licensing activities, ULA monitoring actions and ULA marketing efforts. The data reported below include the beginning cash balance at the start of FY 2023-24, the total revenues and expenditures, and the cash balance for the end of the quarter. Q1 • Quarterly Performance Report • FY 2023-24 14 FINANCIAL SUMMARY QUARTER ONE REVENUES AND EXPENDITURES FY 2023-24 Beginning Cash Balance Licensed: $35,299,236 Unlicensed: $5,175,031 Total: $40,474,267 Total Revenues Licensed: $19,303,020 Unlicensed: $682,734 Total: $19,985,754 Total Expenditures Licensed: $19,341,286 Unlicensed: $1,092,116 Total: $20,433,402 Ending Cash Balance Licensed: $35,260,970 Unlicensed: $4,765,649 Total: $40,026,619
RkJQdWJsaXNoZXIy MjA3OTMwMA==