Finance Committee Meeting Minutes

5 December 2012, 2.00pm - Via Teleconference

Graham McDonald (Chair), Cheryl Langdon-Orr, Kartic Srinivasan, Chris Disspain, John Higgins (Nexia Australia), Jacki O’Sullivan (Minutes)


1.    Financial Statements review
•    The November 2012 accounts were circulated via email for Committee review prior to the meeting.
•    It was noted the term deposit investments previously agreed have not yet been finalised as banking requirements were still being processed.  These will be completed and finalised asap.
•    November 2012 accounts – balance sheet summary:
•    $6.2M cash in bank
•    Just over $6M in net assets
•    P&L bottom line increase of $116K for the month, $220K YTD
•    Main variance is with domain name fees, down $107K YTD.  This has been tracked and has been below budget since August 2012.  This is now a developing trend which is being monitored. 
•    Sponsorship of $27.5K is re IGF. Income has not been set against this item which will reduce the negative variance – a line adjustment will be made. Further reduction in IGF variance likely as some items posted there are for ANZIA costs.
•    The Committee agreed technical support budget would be left at $140K
•    Website redevelopment – has just commenced with a completion timeframe of April 2013. The redevelopment cost will be at an agreed fee payable in milestone payments.
•    Overall a positive variance of $420K – some due to timing issues which will adjust over the remainder of the financial year.
•    The Committee approved the accounts with edits/adjusted forecasts as agreed for circulation to the Board for the 10 December 2012 meeting.

2.    Actions.
•    JH – adjustments to accounts/forecasts as agreed by committee, forward to CD by 6/12/12
•    CD – circulate adjusted accounts with Board papers for 10 December 2012 meeting
•    CD – finalise term deposits

3.    Next Meeting
•    The next Finance Committee meeting is tentatively scheduled to be held on Wednesday 13 February 2013 at 2pm via teleconference – TBC.