Finance & Audit Committee Minutes 23 October 2014
.au Domain Administration
Finance & Audit Sub-Committee Meeting
23 October 2014, 9.00am
Graham McDonald (Chair), Chris Disspain, Cheryl Langdon-Orr, Kartic Srinivasan, Stuart Benjamin, John Higgins (Nexia Australia), Jo Lim (Minutes)
1. Continuous Disclosure
- There were no matters to be disclosed.
2. Previous Minutes
- The Committee noted the 20 August 2014 minutes which had been Committee and Board approved via email and published.
3. Financial Statements
- September 2014 accounts were circulated via email for Committee review prior to the meeting. The accounts were summarised as follows:
- Total cash and investments - $9,284,211 (includes Term Deposits and Investments)
- Net Assets - $9,113,502
- Budget vs. YTD variances were reviewed with the following points noted:
- Refund of approximately $23k received from the ANZIA/auIGF event managers
- CD to check International Travel expenses – probably relates to forward purchase of tickets
- Technical Support includes $19k of software that had previously been incorrectly posted as a capital expense
- Subject to CD checking international travel expenses, the Committee approved the September 2014 accounts for circulation to the Board for the 27 October 2014 meeting.
4. Expenditure above $50K
- There was no expenditure to note above $50K.
5. Outstanding Action Items
- Still awaiting a response from the landlord regarding the potential purchase of the Cardigan St offices. The Committee agreed to carry the item over for reconsideration after the AGM.
6. Any other business
- There was no other business.
- CD - to confirm international travel overspend was regarding pre-purchase of tickets.
- CD/JH - adjust forward travel budget to better reflect spending patterns/take into account ICANN meeting travel.
- CD - circulate September 2014 accounts to Board for the 27 October 2014 meeting.
8. Next Meeting
- Wednesday 10 December 2014 – 11.00am via teleconference.