Report of the epi-Finances Committee

M. Maikowski (DE), Chair, T. Powell (UK) Secretary

The 81st Meeting of the Finances Committee took place in Munich on 15 October 2018. The Treasurer and Deputy Treasurer attended as invited guests, as did Mr Kley representing the Internal Auditors.

The Committee received reports from the Treasurer on the year-to-date income and expenditure positions. The Treasurer also presented the draft Budget. The Committee queried certain aspects of the draft, most notably the decision to allocate funds to an internal communications project to improve communication with epi Members. As a result of the Treasurer's responses the Committee approved the budget as presented.

Presently the Treasurer must operate within the agreed budget, and deviations from the budget require the approval of Council. This is inefficient when considering minor deviations. The Treasurer therefore would like to see amendment of the By-Laws to remove the requirement for the approval of Council of minor departures from, or adjustments to, the budget.

The Committee supports this idea, both in the interest of procedural efficiency and also because of the increased transparency that potentially would result.

At the Treasurer's request the Committee has established a working group to explore possibilities for automating the reimbursement of expenses of participants in epi committee, working group, Council and Board meetings.

By a previous decision, Council determined that the annual dinner for EQE tutors should take place in Munich. In order to encourage participation in pre-marking and marking meetings, that may take place in locations other than Munich, the Treasurer would like the freedom to organise the Tutors' Dinner at any suitable location. This will require a further decision of Council. The Committee supports the Treasurer's request for Council to make such a decision.

The Treasurer reported that all the Committees of epi, and the Secretariat, presently are operating within budget. The Committee congratulates the Treasurer on this achievement, and supports his continuing efforts in this regard.

The Committee reviewed the Treasurer's proposals to combine Council Decisions C77 and C73, relating to investment policies and non-Euro currency investment hedging. The Committee determined that changes to these Decisions are not necessary.

Council Members are reminded that the regime under Rule 154 EPC pertaining to deletion of Members who do not pay their annual subscriptions will change with effect from 1 January 2019. As a result, existing Members of epi who do not pay in a timely fashion will become the subject of deletion proceedings one month earlier than in the past.

The Committee discussed charging of credit card and PayPal fees for those paying their subscriptions via these routes. The Treasurer proposes treating these costs in the future in the same way as bank charges, and not invoicing them to Members. After discussion the Committee indicated support for this proposal.