Finance Committee Meeting Minutes
11 October 2013 – 11.00am.
Graham McDonald (Chair), Cheryl Langdon-Orr, Chris Disspain, Jo Lim, John Higgins (Nexia Australia), Jacki O’Sullivan (Minutes)
Stuart Benjamin, Kartic Srinivasan
1. Continuous Disclosure
- There were no matters to be disclosed.
2. Previous Minutes
- The Committee noted the 13 September 2013 minutes which had been Committee and Board approved via email and published.
3. Financial Statements
- The September 2013 accounts were circulated via email for Committee review prior to the meeting.
- September 2013 accounts summary:
- Total cash - $7.7M
- Net Assets - $7.8M
- Budget vs. YTD variances were reviewed.
- Of the $67K in Sundry debtors, $48,800 is due from the Foundation re; upgrade of website. It was agreed an invoice would be done for the transfer of funds.
- The Committee agreed staff salaries no longer required separate line items and would be consolidated as 1 line item going forward. Staff Other would continue to be listed as a separate line item.
- The CEO advised he would recheck International/ANZIA travel and website costs allocations and provide an update to the Committee.
- The Committee was advised the final $1M investment proposal would be circulated shortly and presented to the auDA Board at the meeting on 15/10 by Neal Dunne.
- The Committee approved the accounts for circulation to the Board for the 15 October 2013 meeting.
4. Outstanding Action Items
- There were no outstanding action items.
5. Any other business:
- There was no other business raised.
- JH - Sundry debtors: PP to prepare invoice to transfer $48,800 from Foundation.
- JH - consolidate staff salaries into 1 line item for accounts going forward.
- JH - PP to email International travel & ANZIA ledgers to CD for checking
- JH - circulate final $1M investment re-proposal – confirm Neal Dunn attendance at 15 October Board meeting.
- CD - recheck International/ANZIA travel and website costs allocations and provide update to Committee.
- CD - circulate September accounts to Board for 15 October 2013 meeting
7. Next Meeting
- Wednesday 4 December 2013 at 11.00am via teleconference.