Finance & Audit Committee Minutes 23 October 2014

.au Domain Administration

Finance & Audit Sub-Committee Meeting

23 October 2014, 9.00am

Via Teleconference


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.

7.    Actions

  • 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.