Fwd: OMF, OOEF, viability, quick notes for our upcoming call

[privileged]  FYI on management and revenue issues at OMF.
James Bryce Clark, General Counsel, OASIS Open,  setting the standard for open collaboration

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Forwarded message

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From:  Jamie Clark
< 
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Date: Fri, Feb 17, 2023 at 9: 1 2 AM
Subject: OMF, OOEF, viability,  quick notes for our upcoming call
To: Cathie Mayo <  >, Scott McGrath < 
>
As a top priority I'd like to hear what Cathie needs.  From a blank slate, though, here are the questions in my head.  May not get to all of them today.:
How bad is it, projection-wise?  When (if at all) does the plane run out of fuel / hit the mountainside?
Are we reliably sharing financial projection and revenue data  ( including bad news and risks of deficit ) , with the entire OMF Board?  I believe we are obligated to do so.
( What we learned from some prior staff directors is that sometimes they choose to hide the ball to secure their own salaries.)
Do any specific projections or adjustments need to be booked in order to address the audit conclusions, since we're consolidated?
At OASIS as you  obviously  know we manage shortfalls by  (a)  adjusting projections every quarter if needed, and then  (b)  getting ahead of it by adjusting expenses to match.
Naive question:  are we using  (more or less) the same  process  for OMF?  Has this set of OMF leaders been given a clear warning that (a) OASIS is not a backstop for their debts, (b) OASIS will not authorize any expenditures or continued payments which in  our  reasonable judgment  are  unlikely to be funded by revenue; and (c) the direct effect of  th at on their staffing run rate?  I ' m thinking we need to send that in writing soon, if we have not , for culpability and oversight purposes ..  Have we offered a soft landing in the form of an OASIS OP?  Do we know if both of OMF's substantial outside grants (Rockefeller Fdn and Knight Fdn) have been 'honorably discharged'?
Each f  i nal required deliverable delivered or excused, etc?  OASIS put its reputation as a grant recipient on the line ,
and our officer signed it,  so we 're required to
care  about tidying that up,  even if OMF leadership does not.
Thanks  Jamie
James Bryce Clark  General Counsel & CPO
OASIS Open

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