OHBM FINANCES: Where are we now? Where do we want to be?

Balancing the budget requires trade-offs

By Lilianne R. Mujica-Parodi (OHBM Treasurer 2019-20)

At OHBM 2019, Council decided that it would be beneficial to the membership to provide a window into the decision-making process regarding finances. If you’ve ever wondered why our support for Special Interest Groups (the SIGs) changes from year to year, or how we decide on the location, venue, and registration costs for a meeting—we hope to demystify some of the many thought processes that go into how Council makes its financial decisions and prioritizes requests for funding.
 
Responsible financial stewardship of OHBM has always been a priority of the Society. This includes the maintenance of adequate financial reserves that are needed for a society to function. For OHBM, this requires that our financial reserves are equal to at least 50% of the average annual costs, averaged over the previous three years. This is consistent with professional investment advice, and how many societies run their finances.

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