10.25.2023 OMA Board Book

OBESITY MEDICINE ASSOCIATION Notes To Consolidated Financial Statements (Continued)

3.

Availability And Liquidity The Organizations have a liquidity policy that states that the Organizations will maintain six months or greater of operating expenses in reserves. The following represents the Organizations’ financial assets available for general expenditures within one year at December 31, 2022: Financial assets at year end: Cash $ 572,127 Accounts receivable 124,244 Investments 6,513,444 Total Financial Assets 7,209,815

Less amounts not available to be used within one year: Restricted by donor with time or purpose restrictions

11,590

Financial assets available to meet general expenditures over the next 12 months

$ 7,198,225

As of December 31, 2022, the Organizations had $7,198,225 in financial assets available to meet operating cash needs for general expenditures within one year of the consolidated statement of financial position date.

4.

Equipment Equipment and accumulated depreciation at December 31, 2022 is as follows: Equipment $ 103,698 Software in progress 69,689 Accumulated depreciation (82,457) Net Equipment And Software $ 90,930

Depreciation expense was $14,165 for the year ended December 31, 2022 .

5.

Retirement Plan The Association has a 401(k) defined contribution plan covering substantially all employees. The Association matches a portion of the employee’s contributions to the plan. The employer expense was $47,074 in 2022.

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