1.9.2023 Board Book

Obesity Medicine Association FY2023 Budget Narrative

2023 Budget Overview Operating Revenue: Operating Expense:

$4,046,075

$4,570,904 Net Revenue (Loss) from Operations: $(524,829)

FY2022 Budget Narrative Wrap-Up & FY2023 Budget Narrative

Like the FY2022 budget, the FY2023 proposed budget and operational plan serves to focus on expense management due to the revenue shortfalls experienced at OMA’s in-person meetings from FY2022. Of note, per the finalized financials of 11/30/2022, OMA’s fiscal snapshot (below) demonstrates that we should have experienced a FY2022 YTD net operating income loss of (295,434), & instead, we are favorable with revenues of $111,707 due to the aggressive expense management employed over the course of FY2022. In addition, over the course of FY2022, three of OMA’s staff members had 12-week maternity leaves & as such, aggregate salaries were less than budgeted which also assisted in salary expenses.

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