The Glen Waverley Uniting Church PSALTERLink to FinanceCommittee
Report of Finance Committee
Meeting on 12 Feb 2019, at 7.30pm.
1. Attendees:
Ashley Irvine, Ben Krieger, Rev Neil Peters, Andrew Adams, Warren Greenwood and Ken Coutts
2. Absent:
Matt Graham.
3. Meeting was Opened at 7.30pm
Ken Coutts, recently appointed Treasurer, opened the meeting at 7.30pm welcomed all to the meeting and again thanked Ashley for the work undertaken during his now completed term as Treasurer. Although Ashley has volunteered to assist with finalising the accounts, audit and support the transition with gratitude.
4. Prior Matters updated.
Given Matt was not in attendance we again deferred discussion re the GST issues outstanding and the work being undertaken. We will carry this forward.
Minutes of 12 December confirmed
Ken Coutts Introduced himself in terms of Background and CV. Ken talked as to his background in career terms, qualifications and family. Background here at GWUC. Association with Synod and prior work with Wesley Mission.
5. Review of end of Year 2018 P & L and Balance Sheet.
Ashley and Ken tabled the draft Profit and Loss Accounts in both long and short form together with the Balance Sheet.
Discussion around several items including adjustments as to Welfare accounts with action taken to take up the Cop Reserve from prior years as income in 2018 and transferring 2018 Cop Funds to Reserves and bringing forward to 2019 Welfare Income ensuring it is spent in 2019.
Creating a separate Welfare line account for Welfare – Wesley was agreed and actioned.
Discussed the transfer to deferred Maintenance as an adjustment in late 2018.
Members of Finance are requested to review these Accounts over next week before we determine presentation of the accounts for Congregation Meeting (3 March 2019). Requested that they respond as to any issues or queries where changes may be warranted.
Ken to confirm our presentation to John Snare.
Ken and Ashley to discuss the presentation format accepting we will receive Finance Committee members input over next week.
Andrew was instructive in asking a range of questions as to the P & L Accounts, the Balance Sheet and the Bank Accounts.
We need to follow up the inclusion of another bequest / endowment account held by Synod, but not included within our accounts. Andrew advised and Warren and Ben confirmed it is timely to bring this matter forward. Ashley to write to Synod and copy Trustees to gain access to the funds.
We all felt that this set of accounts is a good result.
6. Discussion re split of Treasurer Functions.
Ken and Ashley talked briefly as to the role and changes, but Ken requested that we delay until he has settled into the role and we also establish appointment and skills of the replacement Office Manager. Warren expressed some views but think this is a worthwhile discussion in the months ahead after Ken has settled. Some discussion from Ashley and Warren as to the skills of Heather and Wendy.
Ken acknowledged that Ashley has also volunteered to assist for a time. We again thanked him. Ken said he hopes to only need to call infrequently.
7. Discussion re Office Staffing qualities and skills and our expectations.
Warren commented generally. That the current capabilities re MYOB and associated processing of Expenditure and Income items, Banking, Bank Reconciliation are the minimum skills required from Finance. Ashley observed that the Office can do nearly all transactions and journal entries apart from those where Sal and Benefits and privacy are important.
Andrew said we need these skills in the Office and not to be reliant on the Finance Committee.
8. Process re Audit and Approvals from Church Council (end of Feb 2019).
- A worthwhile discussion re the completion of the accounts. Presentation to Church Council as at end of February 2019 meeting, then Ken will deliver the accounts and documents to the Auditors. He wants to meet the people involved in doing the audit in first week of March 2019. Aim to have completed late April / early May 2019. Ashley said it becomes important to follow up on a regular basis.
- We need to follow up the accounts and Bank reconciliations re the Investment and Endowment Accounts.
- We have work to be completed re the Endowment Accounts. Ken to follow up with Heather Hon re receipt of both UCA Accounts and Endowment Accounts statements. Matt, Ashley and Ken to work re the Audit.
- Need to follow up with Synod funds bequeathed to GWUC. Ashley will write to Synod and copy in the Trustees of the Estate.
- We will review prior correspondence.
9. Update re The Bank Account Signatories.
- Heather is working to coordinate a visit of Ken to Westpac, the Glen to register his signature. Warren Greenwood and Faye wagon will also attend that time and this will hopefully allow changes to be recorded without all signatories attending.
Some discussion as to ongoing Banking relationships. No action at this stage.
10. Property
- Advices re Quote re Carpeting Fellowship Area, ramp and area around to Toilets. Warren alerted us to the Property Committee being engaged in obtaining quotes as to recarpeting the Fellowship area, ramp and area around to Toilets.
- First quote is around A$10,000.
- Will be funded from Deferred Maintenance account.
11. Update re Finance Committee Members (Email group).
- David Morgan has update Finance Committee members and Names.
- No further actions.
12. Discussion re Welfare Expenditure and Accounting.
- There was lengthy and detailed discussion re our treatment of all elements of welfare. We adjusted Accounts with the following lines added to more accurately reflect expenditure in relation to specific items and sources of funds.:
- New Welfare – COP
- Welfare – Welfare.
13. Next Meeting – Agreed no Meeting in March.
Ken to arrange a meeting for early Mid -April upon his return from overseas.
14. Payment / authorisation Procedure.
- Heather and Ken are coordinating times for sign off re payments and reimbursement.
- Currently Ken is signing on Thursday morning at 11.00am.
- We are coordinating signing arrangements for Ken’s absence.
15. Thanks to Ashley Irvine.
- Whilst the committee has previously acknowledged and thanked Ashley, Ken again reflected on the important role of Treasurer in what is a large complex small business.
- We reflected on the well managed financial function and contribution.
- Thanked Ashley for his diligence and committed approach.
Meeting closed at 8.54pm. Ken to follow through re the next meeting.
Actions as above.
Ken Coutts , Treasurer