Finance Committee Meeting Minutes

13 February 2012

Present:
Kim Heitman, Chris Disspain, Cheryl Langdon-Orr, Kartic Srinivasan, John Higgins (NexiaASR), Jacki O’Sullivan (Minutes)

Apologies:
Graham McDonald (Chair), Dwayne Varey


Financial Statements review

  1. The January 2012 accounts were circulated via email for review prior to the meeting.
  2. John Higgins & Chris Disspain summarised the accounts and clarified questions as follows:
    Balance Sheet at 31 January 2012:
    Net assets noted at appx $4.75M which include $4.3M cash in accounts.
    Noted nothing unusual with the balance sheet, all progressing as normal.

    Kartic Srinivasan queried the balance of the NAB account.
    Chris Disspain advised the NAB bank balance is reducing as bills are no longer paid from this account and no additional funds are being deposited, fluctuations in the US$ account were due to the exchange rate.

  3. Trade Creditors noted as ICANN.

Profit & Loss Statement - month ending 31 January 2012:

 Education & Media  Negative due to costs for Deloitte report which will be charged to AusRegistry.
 Registrar fees  Variance due to timing.
 Domain name fees  Noted ahead of budget.
 Bank interest  Down as some accounts are paid quarterly, budgeted for 4% on $4M and no interest payable on US$ account. .au Governance Review under budget as some paid in the last financial year.
 Committee panel expenditure  Over budget due to last panel, figure is reducing monthly going forward, new panel costs will be part of the current year’s budget.
 Director’s expenses  Down, upcoming ICANN travel will bring this back in line.
 Education and Media  Over budget; expected to come in on budget for the year.
 Noted legal  Under budget.
 Staff other  Will remain under budget until Bonus’ paid.
 Technical support  Under budget, reason unknown, Chris Disspain will review this.
 Travel expense  Under budget (Domestic & International) - timing issue. Upcoming ICANN travel will bring this back in line.
 Staff Development  Under budget, however February staff retreat costs should bring this back in line.


Kartic Srinivasan suggested future accounts should note month to month for previous 12 months. Advised this has been done before however details become unreadable.
Chris Disspain happy to send Kartic Srinivasan previous financial statements if Kartic Srinivasan requires them.

Actions

  1. Regaring Technical Support - PP to send ledger to Chris Disspain, who will check and advise reason for under budget to all.
  2. Chris Disspain meet with GMcD to brief on accounts/future Finance & Audit meetings (Jacki O’Sullivan to block time 20/2/12).
  3. Chris Disspain/ John Higgins arrange meeting to put together 2012/2013 budget, for submission to Board in April 2012.
  4. Finance Committee meeting early April (before Easter break) to review the 2012/2013 budget.

Next Meetings

The next Finance Committee meetings will be held approximately:

 Budget:  Early April – re; 2012/2013.
 Accounts:  13 April – re; April 2012.


Jacki O’Sullivan to send meeting notifications in due course.