witsa finance committee meeting september 27, 2014 expo guadalajara convention center, guadalajara,...
TRANSCRIPT
WITSA FINANCE COMMITTEE MEETING
September 27, 2014
Expo Guadalajara Convention Center, Guadalajara, Mexico
Room: Joya II, Business Center I
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Call to OrderCall to Order
Dr. Amado Espinosa
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Roll CallRoll CallPresentation of Proxies, Bylaws 8.1.3; Presentation of Proxies, Bylaws 8.1.3;
Record Members, Participation by Record Members, Participation by TelephoneTelephone
Dr. Jim Poisant
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Committee Members
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City Name Organization Attendance1 Argentina Dr. Silvia Bidart CESSI
2 Chinese Taipei Yvonne Chiu CISA
3 Lebanon Nizar Zakka PCA
4 Malaysia Looi Kien Leong PIKOM
5 Mexico Dr. Amado Espinosa CANIETI
6 Mexico Santiago Gutierrez CANIETI
7 South Africa Roger Latchman ITA
City Name Organization Attendance1 Japan Junko Kawauchi JISA
2 U.S,A Dr. Jim Poisant WITSA
3 U.S.A Anders Halvorsen WITSA
4 Australia Tim Conway WITSA
5 Malaysia Jeralyn Quinsayas WITSA
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In Attendance: Non Board Members
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ASSETS
Current Assets
Cash Accounts 343,161.69 Cash in operating accounts
Accounts Receivable Net of Allowance
86,885.00 Outstanding dues and other receivables
Prepaid Expenses 15,162.08 Insurance and Mexico D&B Report
Investments - CD's 256,188.68 Certificate of Deposits
Net Fixed Assets 4,002.77
TOTAL ASSETS 705,400.22
Summary Balance Sheet (1/2)(as of Aug 31, 2014)
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Summary Balance Sheet (2/2)(as of Aug 31, 2014)
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LIABILITIES & EQUITYLiabilitiesCurrent LiabilitiesAccounts Payable 1,205.00Credit Card Payables 839.98Accrued Expenses 28,377.70 Expenses incurred such as
vacation and pension amountsDeferred Revenue 88,042.42 Amounts invoiced to customers
that have not been earned yet.Total Liabilities 118,465.10 For example: Mexico IT was
invoiced from Oct 1 2013 to Oct 1 2014. The 2014 part was deferred
Equity Out corporate advisors are also billed on a fiscal year basis, not an annual basis
Unrestricted Net Assets 818,635.65Net Income -231,700.53Total Equity 586,935.12TOTAL LIABILITIES & EQUITY 705,400.22
Summary Statement of Income(for the eight months ended Aug 31, 2014)
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Jan - Aug 2014Ordinary Income/ExpenseIncomeInvestment Income 2,048.20Program Income 82,990.92 Dues, Global Partner ProgramOther Income 54,450.00 Corporate Advisory Program, In-Kind
RevenueTotal Income 139,489.12ExpensesContract Services 50,253.89 Accounting, Legal and ConsultingOperations 10,297.73 Communications, Website, Payroll
Processing FeesSalary and Benefits 262,009.40Travel Expenses 40,117.27 All TravelOther Expenses 8,511.36 Bank Fees, Insurance, Membership
Dues, Rent, Depreciation, AwardsTotal Expense 371,189.65Net Income -231,700.53
Summary Cash of Flows (1/2)(for the eight months ended Aug 31, 2014)
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CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from members $ 180,100
Cash paid to vendors . (379,161)
Interest received . 1,603
Net Cash Provided by (Used In) Operating Activities . (197,458)
CASH FLOWS FROM INVESTING ACTIVITIES .
Cash used to purchase property and equipment . (2,205)
Cash used to purchase investments . (150,959)
Net Cash Provided by (Used In) Investing Activities . (153,164)
CASH FLOWS FROM FINANCING ACTIVITIES .
Net Cash Provided by (Used In) Financing Activities . -
NET INCREASE (DECREASE) IN CASH . (350,622)
CASH, BEGINNING OF YEAR . 693,784
CASH, August 31, 2014 $ 343,162
Summary Cash of Flows (2/2)(for the eight months ended Aug 31, 2014)
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RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:Net income $ (231,701)Adjustments to reconcile net income to net cash provided by (used in) operating activitiesDepreciation and amortization . - (Increase) decrease in accounts receivable .
(3,342)(Increase) decrease in prepaid expenses . (10,526)(Increase) decrease in accrued interest .
(445)Increase (decrease) in accounts payable & accrued expenses .
(945)Increase (decrease) in deferred revenue . 49,501
. 34,243 NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (197,458)
Progress on WCIT 2012 Payment
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Expanding Existing and Developing New Sources of Revenue Report
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Annual vs Biennial World Congresses
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Thank You
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