2021-09-22 OMA Agenda - Board of Trustees

OBESITY MEDICINE ASSOCIATION Notes To Consolidated Financial Statements (Continued)

Depreciation expense was $ 18,709 for the year ended December 31, 2020 .

6.

Operating Leases The Association entered into a lease for office space that commenced on August 1, 2015 and expires on October 31, 2020. The Association entered into a new lease for office space that commenced on September 1, 2020 and expires on August 31, 2021. Rent expense incurred by the Organizations in 2020 was $102,695. Future minimum lease payments for 2021 are $51,300. Retirement Plan The Association has a 401(k) defined contribution plan covering substantially all employees. The Association matches a portion of the employee’s contributions to the plan. The employer expense was $43,664 in 2020. Concentrations Of Risk The Association’s membership and the Foundation’s donation base are comprised mostly of obesity medicine physicians and members who provide services to physicians. Revenues are derived from membership dues/contributions from these groups and conferences sponsored by the Association for those individuals. As such, the Association’s revenues are dependent on the financial health of the obesity medicine industry.

7.

8.

Page 16