2021-09-22 OMA Agenda - Board of Trustees

OBESITY MEDICINE ASSOCIATION Notes To Consolidated Financial Statements (Continued)

New Accounting Pronouncement During 2020, the Organizations adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which clarifies the principles for recognizing revenue and develops a common revenue standard. ASU 2014-09 requires new disclosures about contracts with customers, significant judgements in determining the satisfaction of performance obligations in contracts and assets recognized from costs to obtain or fulfill contracts. The implementation did not have a material impact on the consolidated financial In December 2019, a novel strain of coronavirus (COVID-19) emerged and subsequently spread worldwide. The World Health Organization declared COVID-19 a pandemic, resulting in federal, state and local governments and private entities mandating various restrictions, including travel restrictions, restrictions on public gatherings, stay-at-home orders and advisories and quarantining of people who may have been exposed to the virus. The spread of COVID-19 caused significant volatility in the U.S. and international markets. During 2020, the outbreak led to the unanticipated cancellation of certain programs and events as mandated by government authorities, causing an adverse impact on certain fundraisers and programs. The Organizations cannot predict the impact on operations prospectively. Subsequent Events Management evaluates subsequent events through the date the consolidated financial statements are available for issue, which is the date of the Independent Auditors’ Report. statements. COVID-19

2.

Cash And Investments Deposits

The Federal Deposit Insurance Corporation (FDIC) insurance is $250,000 per depositor. At various times during the year, the balance at the financial institution exceeded the FDIC limits. Investments Other than investments in partnerships, investments are held by a brokerage firm, with investments insured by the Securities Investor Protection Corporation to a maximum of $500,000 per eligible account.

Page 11