2021-02-22 OMA Agenda - Board of Trustees (002)

To:

Board of Trustees

From:

Katrina Crist, MBA, CAE

Date:

February 18, 2021

Re:

2020 Preliminary Financial Performance Summary

Category Revenue from Operations Expense from Operations Net Revenue from Operations IT Infrastructure Expense Total Net Revenue Before Investment Income and Gains (17,020) Investment Income and Gains TOTAL 2020 Preliminary Financial Performance Amount 2,955,129 (2,879,391) 75,738 (92,740)

Notes

Below operational line

527,606 151,016 interest and dividends 376,590 unrealized gains 510,58 Soft yearend close, subject to further reconciliations and audit

The OMA ended a complex and difficult year due to the pandemic and a leadership transition with a strong operational bottom line. Top line revenue underperformed budget by $2M and prior year actuals by approximately $800K. However, due to very strong management by the Co-Interim Executive Directors (Christin Eriksen and Joan Hablutzel ), Christian DeSousa, Senior Manager, Membership, and the 2020 staff team, managing to the bottom line, OMA ended the year with positive operational performance. This likely puts the OMA in a favorable minority compared to other professional associations.