Finance Committee Meeting Minutes
12 February 2014 – 2.00pm.
Graham McDonald (Chair), Cheryl Langdon-Orr, Chris Disspain, Stuart Benjamin, Kartic Srinivasan, John Higgins (Nexia Australia), Jacki O’Sullivan (Minutes)
1. Continuous Disclosure
- There were no matters to be disclosed.
2. Previous Minutes
- The Committee noted the 9 December 2013 minutes which had been Committee and Board approved via email and published.
3. Financial Statements
- The January 2014 accounts were circulated via email for Committee review prior to the meeting.
- January 2014 accounts summary:
- Total cash and investments - $8.052M (includes Term Deposits and Investments)
- Net Assets - $7.989M
- Budget vs. YTD variances were reviewed.
- It was noted by the Committee that the PIMCO and UBS Investment Funds are recorded at market value and include unrealised gains and income reinvested.
- The Committee approved the January 2014 accounts for circulation to the Board for the 17 February 2014 meeting.
4. Outstanding Action Items
- There were no outstanding actions items.
5. Any other business
- Consideration of buying US currency given the possibility of a fall in the Australian dollar: Further to review of a yearly estimate of US$ spent, the Committee agreed no further US$ funds were required to be purchased and this item would now be closed off.
- Cash on hand: The Committee discussed the amount of cash on hand and suggested consideration of buying office premises versus paying rent. It was agreed a sub-committee (CD/JH/SB) would research and compile further information to provide at the next Finance Committee meeting. Items to be included for consideration are basic facts/risks/benefits/background information and a property values growth report on considered areas for purchase.
- Expenditure above $50K: The Committee agreed a standing item would be added to future Finance Committee Meeting agendas to advise the Committee of any upcoming expenditure items above $50K.
- CD/JH/SB – Sub-committee discussion/compile information on buying office premises vs. renting, for consideration at April Finance Committee meeting.
- JOS – add standing item to future Finance Committee agendas ‘Expenditure above $50K’.
- CD - circulate January 2014 accounts to Board for 17 February 2014 meeting.
7. Next Meeting
- 9 April 2014 – 11.00am via teleconference.