Hi Angela, Seleta,
Let me shed some light on Cathie's comment " we need to determine if OMF is an ongoing entity for auditing purposes"
While our independent financial audit is primarily a backward looking document (it reports on 2021 activities) there is a requirement that the auditors clearly identify in the auditor's report if OASIS Open or any of its series entities (like OMF) are not likely to survive financially for 12 months following the report.
While you folks have done commendable work in recruiting new members and enabling the voluntary contributions, we all know the challenges. Because so much of your revenue comes at once, after the audit is complete, it makes the auditor's evaluation challenging in that predicting future renewal decisions is hard for you and I - but harder for the auditor.
If the audit has to report that it is unclear if OMF is financially viable for the forward 12 months, that notation will appear in the audit document we make public. We do not widely publicize the audit, but it is posted on our public website. We might imagine this is not of great interest broadly to most folks, but for those that take due diligence most seriously, they do read it (and most frequently, in my casual observation, when making their first decision to join/fund the organization)
I hope this helps to explain the context of Cathie's question and illustrates the importance of getting the most current and accurate answer to the auditor.
Scott...
On Wed, Mar 9, 2022 at 11:57 AM Cathie Mayo <
> wrote:
Hi Angela,
Just wondering if you have an update from Waymo (March)? They renew this month and I wanted to update the forecast.
Also, we discussed earlier this year, we need to determine if OMF is an ongoing entity for auditing purposes.
Ride Report has confirmed and paid, but I really need an update on Waymo, Populus and those that are due in June.
I've created another tab in the Budget A spreadsheet in google.docs to show the monthly revenue budgets, separated by
New, Renewals, and Totals.
I also added a tab for Cities to show you who has already opted in for Voluntary dues. I hope this format is easier for you to navigate. Let me know if you have any questions and let's schedule a meeting
for early next week? Thanks.
Best, Cathie
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Cathie Mayo Controller OASIS Open
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--
Scott McGrath Chief Operating Officer OASIS Open
+1 781- 569-5115 Desk +1 781-929-7308 Mobile
www.oasis-open.org
