Finance Committee Meeting Minutes

14 August 2013 – 11.00am.
Via Teleconference

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

Stuart Benjamin, Jo Lim

1. Continuous Disclosure

  • There were no matters to be disclosed.

2. Financial Statements

  • The July 2013 accounts were circulated via email for Committee review prior to the meeting.
  • July 2013 accounts summary:
  • Total cash - $7.84M
  • Net Assets - $7.774M
  • Surplus to July $161K
  • Budget vs. YTD variances were reviewed.
  • It was noted that Website redevelopment, ANZIA’s and auIGF budgets would be spent within the next 2-3 months.
  • The Committee approved the accounts for circulation to the Board for the 19 August 2013 meeting.

3. Audited Accounts

  • The FYE June 2013 Audited Accounts are due from the auditor on 22 August 2013.
  • The Committee agreed a separate meeting would be held on 9 September 2013 to review and approve the audited accounts.  Once Committee approved, they will be sent to the Board via email for Board approval prior to sending with the Notice of AGM on 17 September.

4. Investments

  • 2.34% overall return received for the first 6 months.
  • FYE June 2013 accounts have finished with interest in front of budget for the year reflecting the change of investment strategy, overall averaging just over 4%.
  • Of the final $2M investment proposal previously agreed, $1M has now been invested with Pimco however the $1M previously agreed to be invested in inflation-linked funds, has not yet been completed.  Neal Dunne has re-evaluated the recommendation due to the movement in interest rates and advised he will submit a further recommendation for the final $1M investment for Committee review and approval at the next meeting on 9 September.  Once approved by the Board, the final investment is to be put in place prior to the AGM on 15 October 2013.

5. Outstanding Action Items

  • There were no outstanding action items.

6. Any other business

  • There was no other business raised.

7. Actions

  • JH – investigate details of $34,275 Pre-payments line item and advise Committee of details.
  • CD – circulate July accounts to Board for 19 August 2013 meeting
  • CD – circulated FYE June 2013 unaudited accounts to Committee For Information.
  • JH – followup Neal Dunne for remainder $1M investment re-proposal – circulated details to Committee prior to next meeting on 9 September.

8. Next Meeting

  • Mon 9 September 2013 at 11.00am via teleconference.