Audit Report for 2011 R10 Financial Activities 

Takatoshi MinamiChair, 2012 R10 Audit Committee

3 March, Kolkata, India

R10 Finance Auditing

Audit committee was formed to audit the 2011 R10 finance:– Chair: Takatoshi Minami

– Members: Mahinda Vilathgamuwa (Singapore Section Chair), Lawrence Wong (2011 R10 Director), Ling Chuen Michael Ong (2011 R10 Treasurer), Hang-Bong Kang (2010 R10 Treasurer), Toshio Fukuda (2011 R10 Director Elect)

The following summary files were went through by the committee:– 2011 R10 Financial Report

– 2011 R10 Daily Report

– 2011 R10 L50

Audit Process

Draft of the summary files were ready on 20 February 2012.

Review, discussions and amendments were made by emails from 20 February through 1 March.

Audit committee meeting was held on 2 March at Swissotel Kolkata, from 8:00 to 11:00.

Audit Committee Meeting

Photo

Audit Committee Meeting

The committee: – Confirmed all the income and expenses

are clearly and accurately reflected in the three summary files.

– Recommends Region 10 Committee Meeting to accept them as the true copy for the 2010 financial activities.

The committee thanks Mike, 2011 R10 Treasurer, for his excellent work done.

Findings(1): Airfare

Airfares account for a substantial portion of the total R10 expenses: – Example: 2011 R10 Meet

Total expenses: USD 160,922.31 Total airfares: USD 89,411.05 (55.6%)

It is essential to minimize the airfare by securing LOWEST discount economy class by early travel arrangement.

R10 can basically reimburse only LOWEST discount economy class equivalent airfare.

Findings(2): Remittance Fee

R10 spent about USD 5,400 in 2011 for total remittance fee:

– USD 20 for each wire transfer– 5,400/20 = 270 times in total

We need to minimize the number of wire transfers to save money for our activities.

One measure would be to consolidate annual remittances to each section and send them together with annual rebate to each section from HQ.