Download MEETING MINUTES - 3 Purpose: Finance Committee Date: 5th May

MEETING MINUTES - 3
Purpose:
Date:
Time:
Venue”
Finance Committee
5th May 2016
9.30am
Lutheran Schools Association, 137 Archer Street, North Adelaide 5006
Present:
David Wilksch -Chair (DW)
Good Shepherd, Para Vista
Daryl Trigg (DT)
Immanuel Gawler
Craig Fielke (CF)
Cornerstone College
Graeme Kluske (GK)
Redeemer Lutheran School
Darren Cossens (DC)
Endeavour College
Neil Leek (NL)
Good Shepherd Lutheran College
Stephen Kroker (SK)
LSA
Jeff Harman (JH)
LSA
Steve Sanders (SS)
LSA
John Proeve (JP)
LSA
Heather Waring (minutes)
Jamie Dreckow , Edwards Marshall, attended for Item 3.3
Primary Principal
Primary Principal & LSA Council member
Secondary Principal
Primary Business Manager
Secondary Business Manager
Combined School Business Manager
Finance Analyst
Finance Consultant
Business Performance Director
Executive Director
Apologies: Nil
Item
Description
3.1
Devotion: GK read a devotion entitled ‘A Good Yarn’ based on Psalm 2:10-11. God
invites all to his ‘campfire’ and invites us to welcome others as we are welcomed.
3. 2
Minutes
Minutes of previous meeting (2) 10 March 2016 were accepted
3.3
Priority Business
Jamie Dreckow, Audit Partner from Edwards Marshall was welcomed to the meeting and
briefly spoke on the 2015 audited report.
DW thanked and acknowledged the work of the LSA finance team for the clarity and
organisation that produced a positive audit report.
3.4
Outstanding action items from previous meetings
2.2
It was agreed that SK apply to Canberra to run a trial, in order to assess whether
to undertake a business case to initiate an SES review.
Progress: The request was acknowledged and agreed to by Canberra
yesterday. We await further communication from them.
2.4
JP will prepare and present a delegation of authority policy.
Responsible: JP
Due Date: 2 June meeting
Progress: A draft policy has been prepared and following further consultation will
be presented to the June meeting.
2.5
Fraud minimization policy. The new LEA Fraud Minimisation policy was
distributed. It was agreed that a distinctive LSA version be created from it and
distributed to schools, in the form of split policy and procedures documents.
Responsible: LSA finance team
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Due Date:
Progress:
3.5.
Business Arising from previous minutes & new items
Investments of funds outside LLL
3.5.1
Background information was provided on this topic for new committee members.
Action 3.1
A draft LSA policy on funds investment be written for consultation with schools
before presenting to Finance Committee
Responsible: JH
Due Date: 2 June meeting
Progress:
3.5.2
Roseworthy CC Centre update
DT reported that local paper advertising has not produced any expressions of
interest at this stage.
JH to follow up with the university on their intentions regarding facility
improvements.
Responsible: JH
Due Date: 2 June meeting
Progress:
3.5.3
Confidentiality Policy
CF enquired about confidentiality policies and protocols in place for the Finance
Committee.
Statements on confidentiality and conflict of interest are in place, but it was
agreed that policies would be good protocol for Council and Committees.
A draft policy on confidentiality expectations of committee members be drawn up
for presentation to the committee.
Responsible: SS
Due Date: 2 June meeting
Progress:
Action 3.2
Action 3.3
3.6
Items for Decision
6.1
LLL Loans
6.1.1
Good Shepherd Lutheran College – request for an increase in
approved loan of $912,000, by an additional $154k needed for road
construction.
Discussion included the following:
 Ownership of land / road.
 Recent NT capital works grant of $1.03m will allow capital
improvements at all three campuses
 Possible causes of middle school drop in student enrolments.
160301
3.7
The Committee approved Good Shepherd Lutheran College’s submission of
a variation to the existing loan of an increase of $154,000.
Items for Information
Finance Team Report
7.1
Highlights from the submitted report:
(3) All loans are currently covered by matching deposits.
(4) Following authorisation from LSA Council, the LLL loan arears policy and
follow up by the finance team has produced excellent outcomes.
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(11) SK explained the financial analysis of the St John’s/Concordia merger, and
hypothetical examples that could apply to other schools. It was noted that not all
school would benefit, due largely to LSA small school funding benefits. The
figures are based on the 2013 transition model. Future outcomes may depend on
the coming election.
(12) LLL Watchlist - 5 LSA schools are identified as high risk.
It was noted that the SBCCC loan restructure hasn’t taken place as yet. There will
be some organisational changes at St Jakobi and Southern Barossa Childcare
during this year which will allow this to occur.
7.2
LLL Loans
7.2.1
Loans approved by LMC since last meeting  Maitland $400,000 (re BGA application)
7.2.2
Loans awaiting LMC approval – Nil
7.2.3
Loans awaiting DCC approval
 Spring Head Lutheran School $300,000
3.8
Next Meeting: Thursday 2nd June 2016 – LSA Office.
Opening Devotion: David Wilksch
3.9
DW closed the meeting in prayer at 10.52am
Planned meetings remaining for 2016
30 June
28 July
1 September
29 September
4 November (Friday)
24 November
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