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AUSTRALIAN PROPERTY INSTITUTEFinancial Report For The Year Ended 31 December 2012Annual Report 2012AUSTRALIAN PROPERTY INSTITUTE (INC.)(VICTORIAN DIVISION)ABN 49 007 505 866COUNCILLOR’S REPORTYour council members submit the financial report of the Australian Property Institute (Inc.) (Victoria Division) forthe year ended 31 December 2012.COUNCIL MEMBERSThe names of council members throughout the year and at the date of this report are:- Justine Jacono - President- Aldo Galante - Senior Vice President- David McKenzie - Junior Vice President- David Corrigan - Treasurer- Stephen Simpson - Immediate Past President- Malcolm Ashby - Councillor- Graeme Balfour - Councillor- Nick Moore - Councillor- Richard Reed - Councillor- Ben Shortal - Councillor (appointed 15 March 2012)- Stephen Andrew - Councillor (appointed 19 April 2012)- Graham Brewer - Councillor (appointed 19 April 2012)- Milton Cations - Councillor (appointed 17 May 2012)- Brigitte Doupe - Councillor (resigned 18 February 2012)- Ian Flynn - Councillor (resigned 15 March 2012)- Brendan Sheales - Councillor (resigned 15 March 2012)- John Forsyth - Councillor (resigned 19 April 2012)- Tammy Gray (nee Suhan) - Councillor (resigned 23 August 2012)PRINCIPAL ACTIVITIESThe principal activities of the Institute during the financial year were:- To represent the interests of its members in Victoria;- The provision of professional education and training/development services; and- To provide social/networking facilities to members of the Institute.SIGNIFICANT CHANGESNo significant change in the nature of these activities occurred during the year.OPERATING RESULTThe profit from operations after providing for income tax amounted to $34,509 (2011: profit of $114,304).Signed in accordance with a resolution of the Members of the Council.JUSTINE JACONOPresidentDated this 4th day of March 2013.ALDO GALANTESenior Vice President2API 12