2022 Atlanta Board of Trustees Meeting

Obesity Medicine Association FY2021 End-of-the Year Budget Narrative and FY2022 1 st Quarter (1/1/20222-3/31/2022) Budget Narrative

FY 2021 (Entire Year) Budget Overview Budget

Actual

Difference

Revenues

$3,707,453

$3,756,026

$48,573

Expenses

$3,746,212

$3,477,028

($269,184)

Net Operating Income

($38,759)

$278,998

$317,757

The 2021 budget was projected at an income from operations loss ($38,759) as noted above, so to have ended the year (independent of investment income) is positive. Takeaways for the BOT (Questions/Answers gleaned from the Treasurer Source Document): 1) Discuss noteworthy revenue and expense items in the FY2021 budget that were substantially more or less than budgeted While revenue from membership services, conferences, and new projects did not reach budgeted expectations, the revenue from education products and services significantly exceeded budget expectations by $380,000, which is outstanding, and this was the primary driver pushing total revenues over budget for 2021. Additionally, conference expenses were significantly below budget, which isn’t unexpected given lower conference revenue. 2) From an operational standpoint, and independent of investment deposits and withdrawals, in the past year: o Did OMA meet its prior year projected budget? Yes--OMA exceeded its budgeted revenues and fell below its budgeted expenses. o Did OMA make or lose money? (“Net Ordinary Income”)? Net ordinary income (income from operations) amounted to $279,000 during 2021 compared to $88,000 in 2020. 3) Independent of investment deposits and withdrawals, what was the change in investment value? OMA’s investment portfolio started the year at $5,585,393, and there were additions of $1,125,000. There were no withdrawals from OMA’s investments in 2021. The growth of the portfolio was $610,469 (9.7% return), with an ending balance in 12/2021 of $7,320.862.

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