Report of the epi-Finances Committee

M. Maikowski (DE), ChairM. Maikowski (DE), Chair

The 78th Meeting of the epi-Finances Committee took place in Munich on 3 and 4 April 2017.

The Committee reviewed and approved the 2017 budget and 2016 comparison presented and explained by the Treasurer. The budget indicates a modest surplus of about 228.000€ in 2016, arising principally from the subscription increase (from 160€ to 190€); and also certain efficiency improvements. The Committee noted that in the absence of this increase a deficit of around 128.000€ would have been recorded. The subscription increase therefore appears to have been unavoidable.

The Committee noted with approval that problems caused by members who fail to pay their subscriptions have reduced significantly, owing to the increased use of electronic communications with such members.

The Committee noted the Treasurer's report that the EPO is seeking to prevent epi members from paying their subscriptions by way of EPO deposit accounts. The numbers who pay by this route are large.

The Committee discussed at length epi's possible liabilities for VAT that may be increasing in view of epi's expanded educational activity. Mr Dörries of epi's External Auditors (Kesel & Partner) gave a presentation to the Committee on this aspect. The Committee recommends that the Treasurer keeps this aspect under review.

The Committee received presentations from RMS Risk Management Service AG, insurance brokers, on (a) epi's insurance risks and how to mitigate them; and (b) a possible professional indemnity scheme for epi members.

The latter has been the subject of investigation by a Working Party. The question of whether to progress the plans further will require a decision of Council in April. The Committee therefore recommends that the Working Party very urgently conducts further research aimed at establishing the viability of the scheme, such that the Treasurer can present a question for voting on at the April 2017 meeting of Council.