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here - API Victoria - The Australian Property Institute

AUSTRALIAN PROPERTY INSTITUTEFinance ReportAnnual Report 2012The Victorian Division produced a surplus of $34,509. This wasespecially significant in a year where many activities, primarily the CPDand Events Programme, were modified to accommodate the PanPacific Congress, held in Melbourne in October. Knowing that revenuewould be at a minimum it was crucial to closely monitor expenses.Total expenses decreased from $1,413,527 to $1,367,138 in 2012 andincluded the initial funding of a Strategic and Governance Review ofthe Victorian Division, currently underway.The National Council resolved to allocate the 2011 National Officedeficit to the Divisions and $257,972 was apportioned to Victoria. Thisin particular has seen a reduction in equity reflected by the Division’sBalance Sheet position which now sits at a total of $2,957,884.Revenue decreased overall and details are included below:• CPD income decreased by $26,609 from 2011 due mainly toa substantial reduction to the Programme, such as the AnnualConference not running, to accommodate the Pan PacificCongress.• Income from Non-CPD decreased by $39,397 due primarily tothe discounted sponsorship income received for the Excellence inProperty Awards because it was held as a cocktail function, againto accommodate the Pan Pacific Congress.• Membership subscription income reached $950,502 in 2012,effectively maintaining it at 2011 levels. Subscription feesremained unchanged.• $59,675 in fees generated from Presidential Appointmentswas achieved compared to $65,725 in 2011. Although 124appointments were made, more than 50% of appointmentswere lodged via the Small Business Commissioner, where noadministration fee is charged.• Publications & Products income reached $57,017, a $34,400reduction on 2011 because only two rather than three professionalcertificates were held in 2012.• 2012 interest income was $16,151 due to a fund reduction of$360,000 in conjunction with decreasing interest rates over thecourse of the year.• The prestige of the Victorian Division’s Professional CertificateProgrammes, including in 2012 the Specialist Retail ValuerProfessional Certificate and Professional Certificate in Giving ExpertEvidence, was reflected by the $35,186.39 revenue attained.Expenditure in 2012 decreased by $46,389. Fees for membershipand CPD remained the same as in previous years and investment wasmade in marketing and public relations expenses and the funding of aStrategic and Governance Review for the Victorian Division.• CPD costs decreased by $76,501 in line with the reducedprogramme.• Non-CPD expenditure decreased to $84,911 as a result of thereturn to the cocktail format for the Excellence in Property Awards.• Professional Products expenditure reduced to just $16,840, againbecause of the Specialist Water Valuer Professional Certificatebeing held over to 2013.• Employment expenses increase by $57,250 to $421,542 withtemporary staff and recruitment expenses being incurred.• Property expenses reduced slightly to $26,720 which primarilycovers the building upgrade programme, now in its fourth year.• Marketing & PR expenses rose by $22,916 from the previousyear due to the continuous effort of the Division to take on thenumerous opportunities for consultation, government liaison,media exposure as well as the continued partnership with theProperty Industry Foundation. In addition, APIVIC continuedthe partnership with Property Review formed in 2011 and everyMember is now subscribed to this online news provider.• The Victorian Divisional Council determined to invest into aGovernance and Strategy Review which commenced late in 2012,the benefits of which are already being realised.The Australian Property Institute (Inc.) (Victorian Division) commencedoperating out of combined cheque account and cash managementbank account with the other state divisions during 2010.Not all of the amounts which are shown above as Cash at Bank in2012 are available to be drawn on by this Division, as the allocationof National Project expenditure has not yet been determined andthere is a receivable from Australian Property Institute Values Limitedamounting to $260,000 which is expected to be repaid in full, in futureperiods. Furthermore, the allocation of the 2012 National Office deficithas yet to be determined and agreed upon.I would like to congratulate the Divisional Council, Executive, staff andBoards for their joint effort in achieving a very positive financial result forthe Victorian Division in 2012.David Corrigan FAPITreasurerAPI 6

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