2021-09-22 OMA Agenda - Board of Trustees

OBESITY MEDICINE ASSOCIATION Notes To Consolidated Financial Statements (Continued)

3.

Availability And Liquidity The Organizations have a liquidity policy that states that the Organizations will maintain six months or greater of operating expenses in reserves. The following represents the Organizations’ financial assets available for general expenditures within one year at December 31, 2020: Financial assets at year end: Cash 973,101 $ Accounts receivable 29,042 Investments 5,567,979 Total Financial Assets 6,570,122

Less amounts not available to be used within one year: Restricted by donor with time or purpose restrictions

11,590

Financial assets available to meet general expenditures over the next 12 months

6,558,532 $

As of December 31, 2020, the Organizations had $6,558,532 in financial assets available to meet operating cash needs for general expenditures within one year of the consolidated statement of financial position date.

4.

Related Party Transactions In 2013, the Association received IRS approval for the creation of a 501(c)(3) organization, the Foundation. Historically, the Association provided certain financial support to the Foundation. In 2020, the Association did not reimburse any expenses of the Foundation. At December 31, 2020, the Foundation owed the Association $2,859. Equipment Equipment and accumulated depreciation at December 31, 2020 is as follows: Equipment 120,131 $ Accumulated depreciation (96,007) Net Equipment 24,124 $

5.

Page 15