Finance Committee Meeting Minutes

13 February 2013 – 2.00pm.
Via Teleconference

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

Apologies:
Nil.


1. Financial Statements review

  • The January 2013 accounts were circulated via email for Committee review prior to the meeting.
  • January 2013 accounts summary:
    • $6.195M total cash in bank
    • $3M now in Term Deposits
    • $5.9M in assets
  • Previous issues with P&L domain name fee variances are now back in line after a dip in late 2012.
  • Budget vs. YTD variances were reviewed.
  • CD noted that IGF costs and ANZIA costs combined are within budget.
  • Positive variances including Education & Media, External Consultants, Internet Traffic Costs, and Website Development are expected to track to budget over the full year.
  • The negative variance on Registrar Security Standard arises because work is being done by the consultants earlier in the year than originally intended.
  • Stuart Benjamin suggested he would like to see a dashboard of monthly trend analysis tracking in future reports.  He will send suggested formats to the committee via email for discussion.
  • CD believes that the accounts used to include a year to date budget and variance on a month by month basis.
  • Following implementation of the $3M term deposit investments, the Committee agreed other investment options should now be reviewed (ie; Corporate Bonds).  John Higgins will prepare a proposal and circulate to the Committee for discussion before the next scheduled Finance Committee Meeting.
  • The Committee approved the accounts for circulation to the Board for the 18 February 2013 meeting.

2. Actions

  • SB – send dashboard of monthly trend analysis tracking suggestions to Finance Committee.
  • JH – review previous year accounts for month-by-month comparison.
  • CD – circulate January accounts and Term Deposit details with Board papers for 18 February 2013 meeting.
  • JH – prepare proposal for other investment options and circulate to the Committee by 8 March 2013.
  • JOS – schedule additional Finance Committee Meeting prior to 30 March 2013 to review investment options proposal.

3. Next Meeting

  • Wednesday 17 April 2013 at 2pm via teleconference.