Report of the epi-Finances Committee
The 91st meeting of the Finances Committee took place in Munich on 19 October 2023. The Treasurer and Deputy Treasurer attended, as did the Internal Auditors and their substitutes. The Executive Director and the Head of Finance attended in order to provide information from the strategic management and finance functions of the Secretariat.
The Treasurer presented an extensive financial report. This included a snapshot of financial performance for 2023 to date; a 2023 year-end projection; the 2024 budget proposal; and updates on investments.
The Head of Finance and the Executive Director summarised progress in the current financial and general management projects in the Institute.
The financial report indicated that a deficit of €524000 is projected for 2023. This was explained primarily by variations in educational event income and expenditure. These are very hard to predict at the budget planning stage; and 2023 has been notably volatile in this regard. Since the financial policies of the Institute require the maintenance of an adequate reserve to permit a deficit as an isolated occurrence, the Committee is happy to accept the financial performance of the Institute in 2023 to date. The Committee also noted the projected performance to the year-end.
The Head of Finance presented an analysis and several options pertaining to possible increases in the membership subscription fee. In particular the Head of Finance showed figures in which the impact of the inflation and the increase in the number of epi members was taken into account. Based on those figures the Committee explored in depth the reasons for needing an increase, and the likely ramifications of various levels of change. After extensive debate the Committee unanimously approved an increase in the annual subscription to €240. The Committee recommended that this is presented to Council together with sufficient explanatory information as to make clear the compelling reasons justifying the proposed change.
The Committee noted the reports on progress in various projects that are in progress. The Committee questioned the Executive Director and Head of Finance on numerous aspects, in order to be confident that the projects are being prosecuted in a financially efficient manner.
The Committee commented favourably on the increased levels of reporting information available from the finance team in the Secretariat as this considerably reduces the complexity of the Committee’s meetings.
This being the last meeting of the Committee before the committee elections are complete the Chair took the chance to recognise the extensive contributions, over many years, of several members who had not stood for re-election.
