10 December 2014 Finance Committee Minutes

.au Domain Administration

Finance & Audit Sub-Committee Meeting

10 December 2014, 11.00am

Present:  Graham McDonald (Chair), Chris Disspain, Kartic Srinivasan, Stuart Benjamin, John Higgins (Nexia Australia), Jo Lim, Jacki O'Sullivan (Minutes)

Apologies:  Nil

1.    Continuous Disclosure

  • There were no matters to be disclosed.

2.    Previous Minutes

  • The Committee noted the 23 October 2014 minutes which had been Committee and Board approved via email and published.

3.    Financial Statements

  • November 2014 accounts were circulated via email for Committee review prior to the meeting.  The accounts were summarised as follows:
    • Total cash and investments - $9.297M (includes US$ Bank accounts, Term Deposits and Investments)
    • Net Assets - $9.181M
    • Budget vs. YTD variances were reviewed with the following points noted:
      • It was noted Panel expenses would commence in 2015 and therefore do not need to be adjusted on the accounts.
      • Registrar Security Standard currently has a positive variance due to current registrars still being processed.  The CEO advised he will provide a Registrar Security Status update to the Board at the December meeting.
      • The Committee agreed the budget forecast would not be amended and would be reviewed at each meeting and updated if required with amendments minuted.
      • Technical support costs were queried and it was agreed these would be reviewed by the CEO.
      • The CEO advised the Committee he had been approached by NAB regarding possibly providing a better investment portfolio.  After review, NAB advised they could not provide any better investments than those currently in place.

4.    Expenditure above $50K

  • There was no expenditure to note above $50K. 

5.    Any other business

  • There was no other business.

6.    Actions

  • CD - Still awaiting a response from the landlord regarding the potential purchase of the Cardigan St offices.  Carried forward to February 2015.
  • JH - provide CEO with Technical Support costs ledger for review
  • JH - to amend budget/restore forecast as discussed
  • CD - circulate November 2014 accounts to Board for the 16 December 2014 meeting.
  • Committee flagged for future discussion – quarterly review of forecast/costs/variances due to timing.

7.    Next Meeting

  • Wednesday 18 February 2014 – 11.00am via teleconference.