2022 Atlanta Board of Trustees Meeting

OBESITY MEDICINE ASSOCIATION (OMA) TREASURER PRIMER AND FREQUENTLY ASKED QUESTIONS

By: Harold Bays MD (OMA Treasurer 2022)

Edits provided by: T. Fraker, H. Baroway of Stifel, & G. Dickson of The Accounting Department for Non-Profits

Last Update: 04/12/2022

WHAT IS THE PURPOSE OF THIS DOCUMENT?

This FAQ document is to provide new OMA Treasurers practical experiences and perspectives of past OMA Treasurers.

WHAT IS THE ROLE OF OMA TREASURER?

According to the OMA By-Laws, the Secretary/Treasurer works with the Executive Director to review and present OMA financial statements and OMA annual budget to the OMA Board of Trustees. Other duties include working with the Executive Director to: • Serve as the recording Secretary of the Association for business transacted at the Member, Board and Executive Committee meetings • Take roll call at the beginning of Board of Trustee Meetings • Approve and present Board and Executive Committee meeting minutes to the Board • Provide oversight of the financial affairs of the Association and make periodic financial statements available to the OMA Board of Trustees and to the Executive Committee.

HOW MIGHT THE OMA TREASURER PREPARE FOR THE FINANCIAL DISCUSSION AT OMA BOARD OF TRUSTEE MEETINGS?

• Become adept at reading financial and investment reports • Meet with the OMA Executive Director to review the OMA financial and investment reports, and discuss potential issues • Meet or correspond with the OMA accounting and investment firms as questions arise

WHAT ARE SOME ACCOUNTING BASICS?

• OMA uses accrual-based accounting, required by most audits, and reflects revenue or expenses when a transaction occurs, rather than cash-based accounting, which reflects when income is deposited or when payments are cashed

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