20 August 2014 Finance Committee Minutes

.au Domain Administration

Finance & Audit Sub-Committee Meeting

20 August 2014, 11.00am

Via Teleconference

Present:

Graham McDonald (Chair), Chris Disspain, Cheryl Langdon-Orr, Kartic Srinivasan, Stuart Benjamin, Jo Lim, John Higgins (Nexia Australia), Jacki O’Sullivan (Minutes)

Apologies:

Nil

1.    Continuous Disclosure

  • There were no matters to be disclosed.

2.    Previous Minutes

  • The Committee noted the 11 June 2014 minutes which had been Committee and Board approved via email and published.

3.    Financial Statements

  • The June end of year accounts were finalised subject to some minor adjustments and the Auditors have commenced the audit of the accounts.
  • July 2014 accounts were circulated via email for Committee review prior to the meeting.  The accounts were summarised as follows:
    • Total cash and investments - $9.326M (includes Term Deposits and Investments)
    • Net Assets - $9.333M
    • It was noted the average return on Bond Fund investments was 7-8%.
    • Queries were raised re; Directors expenses, ISS costs and International travel costs.  These will be reviewed and accounts adjusted.
    • Budget vs. YTD variances were reviewed.
  • The Committee approved the July 2014 accounts for circulation to the Board for the 25 August 2014 meeting.

4.    Expenditure above $50K

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

5.    Outstanding Action Items

  • Cash on hand – buying office premises vs. renting:  The Committee was advised there had still been no response from the landlord to gauge their interest in selling the Cardigan street property.  Further attempts to contact the Landlord will be made and updates will be provided in due course.
  • US$ Account:  The committee was advised an additional US$500K had been purchased for the US$ account and would appear in the August accounts.

6.    Any other business

  • There was no other business.

7.    Actions

  • CD – follow-up contact with Cardigan Street landlord to gauge interest in selling the premises – update to Committee in due course.
  • CD - circulate July 2014 accounts to Board for the 25 August 2014 meeting.

8.    Next Meeting

  • Thursday 23 October 2014 – 09.00am via teleconference.