Finance Committee Meeting Minutes

9 April 2014 – 1100am.
Via Teleconference

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

Apologies:
Graham McDonald, Jo Lim


1. Continuous Disclosure

  • There were no matters to be disclosed.

2. Previous Minutes

  • The Committee noted the 12 February 2014 minutes which had been Committee and Board approved via email and published.

3. Financial Statements

  • The March 2014 accounts were circulated via email for Committee review prior to the meeting.
  • March 2014 accounts summary:
    • Total cash and investments - $8.185M (includes Term Deposits and Investments)
    • Net Assets - $8.335M
    • Budget vs. YTD variances were reviewed.
  • The Committee approved the March 2014 accounts for circulation to the Board for the 14 April 2014 meeting.

4. Expenditure above $50K

  • It was noted the Communications Plan had been agreed with expenses to commence in May 2014.  A presentation will be provided to the auDA Board at the meeting on 14 April 2014.

5. Outstanding Action Items

  • Cash on hand – buying office premises vs. renting:  The Committee was advised the sub-committee had had an initial discussion on the matter and agreed in the first instance it would approach the landlord of the current Cardigan Street premises to gauge any interest in selling the property.  It was noted the current lease expires in 2017 with a further 5 year option (fixed rent + CPI yearly increases) and therefore noted auDA has secure premises until 2022 with no risk other than a possible increase in rent.  An update will be provided at the next Finance Committee meeting.

6. Any other business

  • 2014-2015 Budget:  The Committee was advised the 2014-2015 budget process will commence shortly and an additional meeting of the Finance Committee will be scheduled for early/mid May 2014 to review and discuss the draft budget.

7. Actions

  • CD – will arrange billing for Registry Licence fees.
  • CD – will review March Staff Retreat costs allocation.
  • CD – will contact Cardigan Street landlord to gauge interest in selling the premises – update to be provided at June Finance Committee meeting.
  • JOS – arrange Finance Committee 2014-2015 Budget Review meeting (early/mid May 2014)
  • CD - circulate March 2014 accounts to Board for 17 February 2014 meeting.

8. Next Meeting

  • Wednesday 11 June 2014 – 11.00am via teleconference.