23 March 2011
Finance Report
Summary of Branch Finances 1/01/10 – 31/12/10
Due to the illness of the auditor assisting the Branch in finalizing the yearly
audit we do not have a final audit completed. We will organize a special
meeting to confirm the audit in the near future. Below is a summary of
financial situation for 2010.
For the reporting period 1/1/10 – 31/12/10, the Branch recorded a negative operating
result of $712.68 compared with a positive operating result for the last reporting
period 1/01/09–31/12/09 of $1227.30. This follows a deliberate decision by the
Committee to continue to support more programs and events for members and the
museum community and a decrease in income in membership fees and function
income.
Factors affecting a decrease in the operating result compared to 2009 include
 Continued program and event expenditure for members
 Continued Branch sponsorship of events like the Imagine Awards and the
NMA coordinated workshop in August 2010
 Travel support for representation at Museums Australia Council meetings.
 A decrease of income from membership funds of $1941.60
In 2010, the Branch’s major areas of expenditure were functions/catering and
speakers fees totaling $5447.09. This is a decrease of $2,523.71
When compared to the 2009 period. It should be noted that there was some in-kind
support for catering of events by institutions and Branch Committee members and
this reduced the cost of catering and associated costs for some events.
Overall the branch is in a good financial position and forward looking revenue and
expenditure commitments make the branch viable into the foreseeable future. It
should be noted though that income from membership fees has decreased and that
all members should encourage colleagues to either join or renew outstanding
memberships.
As Museums Australia ACT Branch has committed to hosting the 2013 National
Conference with the support of the National Office the Committee is ensuring
seeding funds are available to support the Conference.
Glenda Smith, Treasurer, Museums Australia, ACT Branch
2010
MEMBERS FUNDS
-
Operating results
CURRENT ASSETS
Cash at Bank – Freedom Business Account
$11,852.57
1
$6,222.02
2
$7,472.91
$10,695.55
Cash in Term Deposit - St George, 000348751260
Cash in Term Deposit - St George, 000348753193
3
Cash in Term Deposit - St George, 000350435080
$36,243.05
TOTAL ASSETS
Museums Australia Inc (ACT Branch)
Year Ended 31 December 2010
INCOME
4
Membership Fees Museum’s Australia Inc
$7332.58
Interest received- Business account, Term Deposits
$1,525.07
Function Income
$365.00
GST
$ 410.00
TOTAL INCOME
$9,632.65
EXPENDITURE
Bank Charges
Function Catering
$37.50
$3351.21
$887.42
Function- Other costs
Function Speaker Expenses
$1,208.46
$0
Fees (including PO Box)
Travel
$1,018.44
$542.30
Membership gift
$3,300
Sponsorships
TOTAL EXPENDITURE
$10,345.33
RECONCILIATION
Assets at 31/12/2009
Cash at Bank
$13,767.62
Cash in Term Deposit- St George, 348751260
$5,965.50
Cash in Term Deposit- St George, 348753193
$7,472.91
Cash in Term Deposit-St George, 349321860
$10,174.00
TOTAL ASSETS
$37,380.03
1
Term Deposit due 29/02/12- interest paid into Term Deposit @ 6.05% pa
2
Term Deposit due 31/07/11- interest earned paid into Term Deposit @ 6% pa
3
Term Deposit due 23/05/11 interest paid into Term Deposit @ 6% pa
4
Membership Fees 1/02/10 $513.04.12/04/10 $1,720.46, 6/07/10 $2,946.30 and 1/11/10 $2,152.78
Assets at 31/12/08
$36,153.39