WITSA FINANCE COMMITTEE MEETING

September 27, 2014

Expo Guadalajara Convention Center, Guadalajara, Mexico

Room: Joya II, Business Center I

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Call to OrderCall to Order

Dr. Amado Espinosa

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Roll CallRoll CallPresentation of Proxies, Bylaws 8.1.3; Presentation of Proxies, Bylaws 8.1.3;

Record Members, Participation by Record Members, Participation by TelephoneTelephone

Dr. Jim Poisant

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Committee Members

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City Name Organization Attendance1 Argentina Dr. Silvia Bidart CESSI

2 Chinese Taipei Yvonne Chiu CISA

3 Lebanon Nizar Zakka PCA

4 Malaysia Looi Kien Leong PIKOM

5 Mexico Dr. Amado Espinosa CANIETI

6 Mexico Santiago Gutierrez CANIETI

7 South Africa Roger Latchman ITA

City Name Organization Attendance1 Japan Junko Kawauchi JISA

2 U.S,A Dr. Jim Poisant WITSA

3 U.S.A Anders Halvorsen WITSA

4 Australia Tim Conway WITSA

5 Malaysia Jeralyn Quinsayas WITSA

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7

8

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10

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In Attendance: Non Board Members

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ASSETS

Current Assets

Cash Accounts 343,161.69 Cash in operating accounts

Accounts Receivable Net of Allowance

86,885.00 Outstanding dues and other receivables

Prepaid Expenses 15,162.08 Insurance and Mexico D&B Report

Investments - CD's 256,188.68 Certificate of Deposits

Net Fixed Assets 4,002.77

TOTAL ASSETS 705,400.22

Summary Balance Sheet (1/2)(as of Aug 31, 2014)

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Summary Balance Sheet (2/2)(as of Aug 31, 2014)

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LIABILITIES & EQUITYLiabilitiesCurrent LiabilitiesAccounts Payable 1,205.00Credit Card Payables 839.98Accrued Expenses 28,377.70 Expenses incurred such as

vacation and pension amountsDeferred Revenue 88,042.42 Amounts invoiced to customers

that have not been earned yet.Total Liabilities 118,465.10 For example: Mexico IT was

invoiced from Oct 1 2013 to Oct 1 2014. The 2014 part was deferred

Equity Out corporate advisors are also billed on a fiscal year basis, not an annual basis

Unrestricted Net Assets 818,635.65Net Income -231,700.53Total Equity 586,935.12TOTAL LIABILITIES & EQUITY 705,400.22

Summary Statement of Income(for the eight months ended Aug 31, 2014)

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Jan - Aug 2014Ordinary Income/ExpenseIncomeInvestment Income 2,048.20Program Income 82,990.92 Dues, Global Partner ProgramOther Income 54,450.00 Corporate Advisory Program, In-Kind

RevenueTotal Income 139,489.12ExpensesContract Services 50,253.89 Accounting, Legal and ConsultingOperations 10,297.73 Communications, Website, Payroll

Processing FeesSalary and Benefits 262,009.40Travel Expenses 40,117.27 All TravelOther Expenses 8,511.36 Bank Fees, Insurance, Membership

Dues, Rent, Depreciation, AwardsTotal Expense 371,189.65Net Income -231,700.53

Summary Cash of Flows (1/2)(for the eight months ended Aug 31, 2014)

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CASH FLOWS FROM OPERATING ACTIVITIES

Cash received from members $ 180,100

Cash paid to vendors . (379,161)

Interest received . 1,603

Net Cash Provided by (Used In) Operating Activities . (197,458)

CASH FLOWS FROM INVESTING ACTIVITIES .

Cash used to purchase property and equipment . (2,205)

Cash used to purchase investments . (150,959)

Net Cash Provided by (Used In) Investing Activities . (153,164)

CASH FLOWS FROM FINANCING ACTIVITIES .

Net Cash Provided by (Used In) Financing Activities . -

NET INCREASE (DECREASE) IN CASH . (350,622)

CASH, BEGINNING OF YEAR . 693,784

CASH, August 31, 2014 $ 343,162

Summary Cash of Flows (2/2)(for the eight months ended Aug 31, 2014)

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RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:Net income $ (231,701)Adjustments to reconcile net income to net cash provided by (used in) operating activitiesDepreciation and amortization . - (Increase) decrease in accounts receivable .

(3,342)(Increase) decrease in prepaid expenses . (10,526)(Increase) decrease in accrued interest .

(445)Increase (decrease) in accounts payable & accrued expenses .

(945)Increase (decrease) in deferred revenue . 49,501

. 34,243 NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (197,458)

Progress on WCIT 2012 Payment

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Expanding Existing  and Developing New Sources of Revenue Report

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Annual vs Biennial World Congresses

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Thank You

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