Finance & Legal Q3 Report

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