10.25.2023 OMA Board Book

reporting parameters for the 2023 financial audit to reflect this change. Further, the Rubin Brown fiscal partners report that they have issued a clean and unmodified financial opinion of the financial audit which is favorable for the OMA. • Consolidated Statement of Financial Position: This document acts as the OMA’s balance sheet, and according to the data and Ms. Baroway shares that OMA’s assets have decreased nearly $800,000. This decrease is largely due to the investments’ performance year over year which is at the will of timing and the economy (2021’s investment return was +$635,000 vs. 2022’s -$812,562 in investment return). Further, Ms. Baroway additionally shares there was an increase in OMA’s accrued liability of about $300,000. This increase was explained as reasonable given the timing of OMA payroll and the Amex corporate card activity. o Of note, net assets at the beginning of 2021 were 5.5 million with net assets at the end of 2021 totaling 6.6 million. Net assets at the beginning of 2022 were 6.6 million with net assets at the end of 2022 totaling 5.5 million. At the end of 2022, we returned to our net assets total from the beginning of the 2021 fiscal year. • Consolidated Statement of Activities: This year OMA saw a 1.2 million decrease in overall revenue. o Decreases: In 2022, OMA experienced a cumulative decrease of 1.6 million.  Investments: Opposite to last year, OMA’s investments were at a loss in 2022 which is one of largest factors impacting the overall decrease seen.  Paycheck Protection Program (PPP): PPP is the federal government COVID financial relief program. When examining OMA’s decrease in revenue for 2022, it is important to note that PPP represented one-time funding that was disbursed in 2021. In 2021, the OMA received $205,600 in PPP funding, however, in 2022, the OMA removed PPP funding as a revenue line item. o Increases: Some increase in revenue offset some of the decreases OMA experienced. • Consolidated Statement of Functional Expenses : In 2022, OMA’s expenses increased about $950,000. o Line items that drove the increase:  Educational Symposium= + $440,000  ROC = + $166,000  The one-day work shop= + $124,000.00  Travel = + $75,000.00 o Line items that decreased:  Legal= - $45,000  Contract labor= - $51,000  Membership Services = + $247,000.00  Education and Seminars = + $203,000.00

• Consolidated Statement of Cash Flow: o Net Cash from Operating Activities

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