Finance Committee Meeting Minutes

3 October 2012

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

Apologies:
Nil.


1.    Financial Statements review
•    The September 2012 accounts were circulated via email for Committee review prior to the meeting.
•    September 2012 accounts – balance sheet summary:
•    $6.4M cash, increase in members funds to $6.17M
•    unrealised loss of $16.5K due to exchange rate movement to 30/9/12
•    Currently reviewing term deposit investment process
•    P&L bottom line increase of $116K for the month, most issues will be picked up in budget vs P&L comparison
•    Variances – domain names are behind budget for the YTD as growth rate is reducing.  This is being monitored and AusRegistry are conducting research on the issue, the coming months will provide a better idea of the current status.
•    Income – sponsorship income was not previously budgeted for and is due to ANZIA and auIGF sponsor funds
•    Expenses – under budget due to ANZIA/auIGF which will rectify in October
•    Director’s expenses & remuneration down – no issues, this will rectify next month due to the Canberra Board meeting and Directors payments next month
•    Education & media - down $83K due to a timing issue
•    External Consultants – down $17K due to being the first time listed as a separate line item
•    Legal – down $56K due to no current outstanding legal accounts or legal actions in progress
•    Security - down $23K, charges will be reflected next month
•    In summary, $425K total under budget for expenses YTD reflected in members funds – there are no concerns and the domain name fee reduced growth will be monitored
•    Committee approved the accounts for circulation to the Board for the 10 October 2012 meeting.

2.    Actions.
•    CD - circulation accounts with Board papers for 10 October 2012 meeting

3.    Next Meeting
•    The next Finance Committee meeting will be held on Wednesday 5 December 2012 at 2pm via teleconference