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.
• 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.