10.25.2023 OMA Board Book

OBESITY MEDICINE ASSOCIATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2022

1. Nature Of Operations And Summary Of Significant Accounting Policies Organizations The Obesity Medicine Association (the Association) is a Colorado nonprofit corporation. The Association was organized primarily to advance and improve the standards of practice and quality of professional service in the field of obesity medicine. The Obesity Treatment Foundation (the Foundation) was incorporated in 2012 under the laws of the State of Colorado. The Foundation is a Colorado nonprofit corporation that was organized primarily to foster, fund and enable research in the field of obesity and to educate the public, professionals and government in the nature of obesity, including its etiologies, prevention, diagnosis, consequences and treatment. In prior years, the Association historically provided a portion of funding for the Foundation. In 2022, the Association did not provide direct support to the Foundation. Basis Of Consolidation The accompanying consolidated financial statements include both the Association and the Foundation (collectively, the Organizations). The Association has a controlling financial interest in the Foundation; thus, the Foundation is required by accounting principles generally accepted in the United States of America (U.S. GAAP) to be consolidated with the Association for reporting purposes. All significant intraorganizational accounts and transactions have been eliminated. Basis Of Accounting The consolidated financial statements have been prepared under U.S. GAAP using the accrual basis of accounting.

Page 8