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OPTN Finance Committee

This report provides an overview of the OPTN Finance Committee, including committee composition, meeting schedule, and preliminary financial results.

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OPTN Finance Committee

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  1. OPTN Finance Committee Chair Laura Murdock-Stillion November 12, 2014

  2. November 2014 Report • Committee overview • Meeting schedule and activities • Preliminary financial results • Questions

  3. OPTN Finance Cmte. Overview

  4. OPTN Finance Cmte. Overview Current Composition • Treasurer (Laura Murdock-Stillion) • Board Members • Kent Holloway • James Kiehm • Suzanne Lane-Conrad • Kenyon Murphy • Advisors • Barry Massa, ED, Life Center Organ Donor Network • Jeff Orlowski, CEO, LifeShares of OK • Olivia Thompson, CFO, Allosource

  5. OPTN Finance Committee Meetings Held • September 4, 2014 Conference Call • Review July financial statements

  6. OPTN Financial Results • Registrations of 54,836 • 1.52% above FY 2013 results

  7. OPTN Financial Results • Revenues • Registrations • 5.43% above budget, 54,836 vs 52,014 (conservative) • Registrations 1.52% above last year’s results • Funding above budget by $2,286,000 • Federal Funding of $3,994,459 • $2,500,000 base funding • $1,494,459 in contract mods. for ETTS and VCA. VCA funding was a lump-sum payment for multiple years

  8. OPTN Financial Results • Expenses • 10.6% or $4,695,000 less than Budget • Variance from Budget • Salary and benefits $5,513,000 under budget • Staff vacancies, primarily in IT, Research, and DEQ • $581,000 reduction in billable costs due to a rate change retroactive to FY 2013. • Variance partially offset by $1,405,000 in temporary help to fill open positions

  9. OPTN Financial Results • Expenses • Variance from Budget (continued) • Regional meetings and travel $283,000 under budget due to timing of meetings and reduced need for travel. • Repairs and maintenance (hardware and software support) $244,000 below budget to timing of purchases of capital equipment by UNOS.

  10. OPTN Financial Results • Revenues - Expenses • OPTN Resources (Cash and Receivables) of $17,586,000 increased $8,900,000 from FY 2013. • Higher than expected registrations • Increased Federal funding • Lower than expected expenses • Receivables are approx. $5,000,000 of the totals.

  11. OPTN FY 2015 Budget • New fiscal year and budget began October 1st. • OPTN fee declined from $810 to $793 • OPTN Fee impacted by: • Number of registrations • $500,000 increase in federal funding • FY 2015 budget flat compared to FY 2014

  12. OPTN FY 2015 Budget • OPTN operating account has met goal of at least $7M or two months of expenditures. • OPTN Reserves expected be $3.8M or 35% of reserve goal (three months of expenditures) at end of FY 2015 based on reserve fee contributions. • Finance Committee will determine if an additional contribution can be made to Reserves from registrations in FY 2014.

  13. OPTN FY 2015 Budget • Planned growth of OPTN Reserves • FY 2014 - $548,000 • 54,800 actual registrations x $10 • FY 2015 - $1,690,000 • 54,500 budget registrations x $31 • Reserve goal should be met in 5-7 years

  14. OPTN 2015 Budget

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