Finance Committee Meeting Minutes

11 October 2013 – 11.00am.
Via Teleconference

Present:
Graham McDonald (Chair), Cheryl Langdon-Orr, Chris Disspain, Jo Lim, John Higgins (Nexia Australia), Jacki O’Sullivan (Minutes)

Apologies:
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.

6.    Actions.

  • 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.