2021-04-21 OMA Agenda - Board of Trustees

To:

Board of Trustees

From:

Katrina Crist, MBA, CAE

Date:

April 15, 2021

Re:

Statement of Activity Summary as of February 28, 2021

Category Revenue from Operations Expense from Operations Net Revenue from Operations IT Infrastructure Expense Total Net Revenue Before Investment Income and Gains Investment Income and Gains

635,932 (445,144) 190,787 141,859

Amount

Notes

(48,928) Below operational line 39,194 interest and dividends unrealized gains

Total Net 181,053 February is early in the year to glean much by way of financial performance compared to annual budget. We are implementing monthly in addition to year to date expectations but this needs further analysis and refinement to be firmly relied on. However, it does help staff and departments better understand how revenue and expense ebb and flow specific to their areas. Through February revenue is up by $215, 307 compared to what we budgeted for January and February due to revenue from membership dues, products, and publications performing above budgeted expectations at this timepoint. Additionally, Spring Conference accounts for roughly 50% of the variance because we did not include a monthly budget against this line item. On the expense side there is a favorable variance of $101,528 to budgeted expectations at this timepoint (end of February). Favorable variances to year to date revenue and expense are likely to smooth out as the year progresses reducing the bottom line net income. Quarterly analyses of overall performance are useful and provide for enough data and information to adjust yearend expectations if needed. The staff leadership team will look more closely at Q1 (Jan-Mar) activity and financial performance and to better analyze variances to date.