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)
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.
- 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.