Finance Committee Meeting Minutes

12 February 2014 – 2.00pm.
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 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.

6. Actions

  • 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.