Finance Committee Meeting Minutes

9 December 2013 – 11.00am.
Via Teleconference

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

Apologies:
Jo Lim


1.    Continuous Disclosure

  • There were no matters to be disclosed.

2.    Previous Minutes

  • The Committee noted the 11 October 2013 minutes which had been Committee and Board approved via email and published.

3.    Financial Statements

  • The November 2013 accounts were circulated via email for Committee review prior to the meeting.
  • November 2013 accounts summary:
    • Total cash and investments - $7.814M (includes $2M invested into Pimco/UBS)
    • Net Assets - $7.912M
    • Budget vs. YTD variances were reviewed.
  • The Committee approved the November accounts for circulation to the Board for the 11 December 2013 meeting.

4.    Outstanding Action Items

  • The following action items were carried forward:
    • JH – Sundry debtors: Prepare invoice to transfer $48,800 from Foundation. C/F
    • JH – consolidate staff salaries into 1 line item for accounts going forward. C/F

5.    Any other business:

  • Consideration of buying US currency given the possibility of a fall in the Australian dollar:  It was agreed a yearly estimate of US$ spent/required would be compiled.  A decision would then be made if further funds were required to be purchased.

6.    Actions

  • JH – Sundry debtors: Prepare invoice to transfer $48,800 from Foundation. C/F
  • JH – consolidate staff salaries into 1 line item for accounts going forward. C/F
  • JH – compile yearly estimate (2012/2013) of US$ spent/required.
  • CD – circulate November accounts to Board for 11 December 2013 meeting

7.    Next Meeting

  • 2014 meetings to be scheduled and advised.