2020-10-29 OMA Agenda - Board of Trustees

OMACHAPTERDEVELOPMENT: KEY DECISION POINTS ( Highlighted items have costs that are TBD)

Start-Up

Long-Term

Point

What are the implications of the chapters not being separate legal entities? What are the implications of the chapters not being incorporated?

Decision

Included in the Same Legal Entity, not separately incorporated. Chapters that are forming separate from OMA will be invited to be an OMA Chapter if they agree to the chapter requirements.

Same legal entity or Separate, incorporated with a group exemption

Point

What are the requirements for chapters to be formed?

# of members

12-15

30+

# of leaders

4-6

6-12

# of events

4-6

6-12

Bylaws

Yes

Yes

Charter

Yes

Yes

Annual Report

Yes

Yes

Point

Will chapters have their own bank accounts, or will OMAmanage all chapter funds?

Decision

Since they will not be separate legal entities, have national manage finances and create separate Statement of Activity and net asset line items on the Statement of Financial Position for each chapter. Will create 1 account for all chapter funds.

Same, unless they become separate legal entities

Point

Can chapter leaders sign contracts or will OMA national sign?

Decision

Do not allow chapter leaders to sign contracts, implement a contract approval policy & process

Same, unless they become separate incorporated legal entities

Point

Do chapters retain their net income at year end (i.e. maintain net assets)?

Decision

Allow chapters to keep up to 50% of their annual net revenue as net assets up to a max of $25K (use excess or lose it) with the rest going back to national to fund chapter leadership activities and/or new chapter start-up funds.

Same, unless they become separate legal entities