10.25.2023 OMA Board Book

OMA Finance Committee Meeting Minutes

The OMA Finance Committee met with the OMA’s Fiscal Partners on August 18 th , 2023 from 4:00 5:00 PM EDT. Attendees included the following both from the OMA’s Finance Committee (a committee of the OMA’s Board of Trustees) as well as the OMA’s Fiscal Partners and OMA Staff Members: OMA Finance Committee: Drs. Lydia Alexander, Marisa Censani, and Anthony Auriemma OMA Staff Participants : Ms. Teresa Fraker and Ms. Lydia Haile OMA Fiscal Partner Participants: • Holly Baroway, CFP, Senior Vice President, Investments, Stifel/Baroway Finance Group (OMA’s investment firm) • Justin Jaffe, CFP, CPWA, Financial Advisor, Stifel/Baroway Finance Group (OMA’s investment firm) • Laura Rozgonyi, CPA, MBA, Engagement Manager, Rubin Brown (OMA’s financial auditing firm) • Jason Fellows, CPA, Audit Partner, Rubin Brown (OMA’s financial auditing firm) • Greg Dickson, CPA, The Accounting Department for Nonprofits (OMA’s accounting firm) was not able to participate in this meeting The purpose of this meeting (pursuant to the OMA’s Bylaws) was to convene this for the purpose of reviewing the OMA’s 2022 Annual Financial Audit.

Details of the financial audit as reviewed by Rubin Brown included the following:

• Program to Overall Expense Ratio: The Program to Overall Expense ratio reflects the expenses of programs (including staff salaries), relative to the organization’s total expenses. A desired “best practice” percent is approximately 75% for this ration, because a higher ratio reflects more money being invested in programs with less costs on non program related expenses (e.g., legal fees). For the past four years, the Program to Overall Expense Ratios for the OMA were as follows:

o 2019 = 59% o 2020 = 77% o 2021 = 84% o 2022 = 85%

A conclusion might be that OMA has dramatically improved the allotment of expenses directly related to programs, relative to expenses unrelated to programs. Based on the opinion of OMA’s audit firm, the OMA has an extremely healthy program to overall expense ratio, which is a key fiscal indicator. The firm shares that the improvement from 84% to 85% is likely attributed to 2022 being more active year for program activities in comparison to 2021 which had been impacted by the pandemic. For the 2023 financial audit, Dr. Auriemma suggests that the audit compare the previous year’s results against the current year’s results for a better understanding of the year-to year performance based on the number of parameters and assessments that are done during the financial audit, so Ms. Rozgonyi has made note of this, and she will adjust the

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