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3rd Quarter Report of the year 2014 and 1st quarter report for the AIESEC year 14-15. Gives an overview of activities and operation related to the finance & Legal potfolio
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AIESEC in
Malta Quarter Report
Finance and Legal
Quarter 1
AIESEC in Malta
TIMELINE PROGRESS PROJECT
ACTIVITIES PLANNED
STATUS COMMENT
DONE INCOMPLETE NOT DONE
Book keeping 2014-2015
This is an ongoing thing so it is not done nor incomplete. Works in progress I had paid all our pending suppliers from last term and am also keeping track of inflows and outflows for our previous term.
Audit 2013 – 2014 X I went through each and every transaction that we had last term and I made sure that we have all the necessary evidence that will serve as proof to get the necessary audit opinion. I am liaising with Lulu, and she helped me with transactions which I did not find any proof or explanation for. I am waiting for external to reply to some of my queries such and it would be nearly done for submission.
National Budget X Budget is done we have the cash flow is place incorporating all goals per function. It is looking very good, if we manage to achieve all our goals we will nearly double the closing balance.
Analysis of Budget X Emailed Sophie for some help and also planning to contact an alumnus from BOV to help out as well since I lack knowledge on how to go about this exactly. Meeting with the FLB is also scheduled.
WeGrow Report X Report was sent to FES, however I am still chasing Matthew to get the money back we he owes us for VAT of the house and its expenses. So new documents have to be signed and we can then close it once as for all. As soon as that is done, myself and Diana have to present it to the CEO of FES.
NatCo Budget X Ideal budget for NatCo was drafted and a meeting with Tyler was scheduled to explain our financial reality as well as how to keep track of each and every expense as well as income and making sure we do not go beyond any investment threshold that was decided upon.
AIESEC in Malta
GOALS Prepare Material for PwC to do our 2013-2014 Audit
Book Keeping for 2014 – 2015
FES Budget Report
National Budget and Analysis for investments
ANALYSIS Performance Self-Assessment of the Quarter (10 is highest)
1 2 3 4 5 6 7 8 9 10
Explain main achievements
Smooth continuation after Louise’s term, got hang of the accounts quite
easily. Refund and reimbursement system trail with WeGrow trainees
worked very well. National , WeGrow and NatCo Budgets in place.
Explain main bottlenecks
Lack of knowledge when it comes to investments and proper analysis.
Unexpected pending invoices from previous term.
Issue with WeGrow Summer project especially accommodation.
Part time Jobs and resits – not enough time to bond with the rest of the
MC and dedicate enough time to AIESEC.
Main conclusions and learning
I could have done better however given the time that I had available in
my opinion I did ok. Major learning point was more on the legalities
point of view of my role. This was in relation to the VAT department
visit and all the events that happened afterwards. Huge learning points
went it comes to project implementations.
AIESEC in Malta
Quarter 1 Report
Cash Account
Current Account
Savings Account
VISA Cashlink Account
Opening Balance
Opening Balance
Opening Balance
Opening Balance
1st July 2014
€ 1,469.92
1st July 2014
€ 748.72
1st July 2014
€ 15,810.29
1st July 2014
€ 81.98
Closing Balance
Closing Balance
Closing Balance
Closing Balance
31st September 2014
€ 1,032.02
31st September 2014
€ 1,329.73
31st September 2014
€ 6,497.92
31st September 2014
€ 2,047.22
Balance to Date
Balance to Date
Balance to Date
Balance to Date
2nd October 2014
€ 572.02
3rd October 2014
€ 911.73
2nd October 2014
€ 6,497.92
2nd October 2014
€ 2,047.22
AIESEC in Malta
Analysis
Main Income
Main Expenditure
FES Grant
€ 13,000.00
Settlements from previous Term
€ 910.15
Total Opening Balance
€ 18,110.91
EP Fee _ Joanne Busutill _ 2nd Exchange
€ 190.00
MC Flat_Rent+W&E
€ 1,380.00
Total Closing Balance
€ 10,906.89
EP Fee _ Karl Azzopardi
€ 198.00
AI Fee € 420.31
IC Loan Repayment _ Niki Debono
€ 150.00
We Grow Project
€ 10,717.94
Notes :
MC Wages € 750.00
FES Money Included
Total
€ 13,538.00
Accommodation iGCDP Trainees
€ 1,568.58
Therefore around
€ 1,700.00
Has to flow out of our account soon
as residual from the grant
IC Flight Tickets
€ 2,079.43
Meaning that to date we have
€ 10,028.89
IC Delegate Fees
€ 3,001.38
However we own
€ 8,328.89
Estimated Current Balance
€ 10,821.12
Total € 20,827.79