12.18.23 OMA Board Book

Obesity Medicine Association FY2023 (through 10/31/2023) and FY2024 Budget Narrative Submitted by: Teresa Fraker

FY2023 (through 10/31/2023) Budget Overview

The entire FY2023 budget was projected as a net income (loss) of ($515, 329), however, as noted above, our net income through 10/31/2023 is favorable at $872,184. This has largely been accomplished through careful cost containment measures as well as the strong performance of our membership area, our educational offerings (in-person conferences, Fundamentals, and the Academy) and sales/business development endeavors across FY2023. Further, as reflected in the budgeted revenues above, though 10/31/2023, we’ve exceeded our entire FY2023 budgeted revenues by $377K absent any reporting of revenue performance in the months of November and December of 2023. FY2024 Budget Overview The FY2024 Budget calls for a greater revenue projection of $557K and a net income (loss) of ($587,851) which is a higher (loss) projection than that of FY2023 by $75K. The revenue projections are largely based on the data below from the performance of the Spring and Fall 2023 Conferences which we’re hopeful to exceed (in paid attendees) for the Spring 2024 Annual Conference (goal for the 2024 Spring Annual Conference is 900 paid attendees): Spring 2023 (NYC) Conference Budgeted paid attendees: 600 Actual paid attendees: 792 Fall 2023 (San Antonio) Conference Budgeted paid attendees: 400 Actual paid attendees: 549

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