MAITLAND CITY BOWLS, SPORTS & RECREATION CLUB LIMITED MINUTES OF THE FINANCE COMMITTEE HELD

ON THE 23rd JANUARY 2012 AT 14.0 PRESENT: I. Mills, H. Cheetham, K. Guy, G. Solomons, R. Bullen, H. Meskauskas, D. Pilgrim APOLOGIES: IN ATTENDANCE: I Martin DISCIPLINARY HEARINGS: Gary Maher - charge “Consumption of alcohol”.

G Maher attended the meeting and was given a warning re his excessive consumption of alcohol and asked to watch this in the future.

MINUTES: The minutes of the Finance Committee meeting held on 15th December 2011 were read and confirmed.

Matters Arising: The CEO still has to advise members of their points balance.

The CEO has still to display a list of all donations made for each month.

CONFIRMATION ACCOUNTS PAID: Accounts paid for December were tabled.

Resolved that cheques numbered 28743 to 28782, 112132 to 112232 (Club) & cheques numbered 5500 to 5529 (Motel) paid for December be confirmed.

FINANCIAL: The Treasurer’s Report and Financial Accounts for December were presented to the

meeting, a copy is attached to these minutes. The unaudited accounts disclose the following results for the month: Club Surplus/(Deficit) $122,844 Motel Surplus/(Deficit) $25,127 Resolved to approve the expenditure on Corporate Credit Cards totalling $3,747.29 as presented to the meeting.

Matters Arising: The CEO was requested to ensure cakes are available from the Coffee Shop at all times.

COMPLIANCE REPORTING: Reports covering payments for: BAS Payroll Tax & Superannuation General Insurance, and Workers Compensation Certificate

were presented to the meeting. Resolved to accept all of the Reports as presented to the meeting.

Matters Arising: As from February our compliance with the Anti Money Laundering Act will be included in these reports.

GAMING REPORTS: The monthly gaming reports were presented to the meeting. December cash flow variation was $270.29 as per tabled report. Resolved to accept all of the Gaming Reports presented to the meeting.

Matters Arising: Resolved to accept the proposed changes to the Gaming Machine Policy – revised copy attached to these minutes, and include same in the By-laws.

BAR REPORT: The monthly bar reports were presented to the meeting. Resolved to approve the bar wastage of $71.13 for December as per the report presented to the meeting. Resolved to approve the December unfavourable stock variance of $296.71 as reported to the meeting.

Matters Arising: Resolved to increase bulk beer prices as from 1st April 2012 by: member prices the equivalent of $0.20 per schooner non-member prices the equivalent of $0.30 per schooner

Happy Hour prices are to be increased by the same amount. Resolved that bulk beer prices are to be increased from the first day of April each year by an amount set by the Board.

BUDGET TIMING REPORT: A spreadsheet listing all of the budget initiatives, in chronological order, was

presented to the meeting with progress against the schedule reviewed.

Matters Arising: The meeting agreed that a draft copy of the intended EBA be available for discussion at the next Board meeting.

CEO’s REPORT: See Board meeting minutes of 23/01/2012.

Matters Arising: Nil

GENERAL BUSINESS: Held over to the following Board meeting. POINTS DISCUSSED: Nil

Meeting closed at 15.05 Hours Next meeting will be held at the Club’s premises at 15.00 on Monday 27th February 2012

Maitland City Bowls, Sports & Recreation Club Ltd.

Gaming Machine Policy

1. Financial Policy

1.1. This policy will be financed by monthly depositing an amount of funds, into a designated Gaming Machine Purchases Account, which is to be set by the Board when approving the annual budget which they deem sufficient to maintain a competitive and viable gaming floor.

2. Management of Policy

2.1. The policy is to be administered by at least one (1) designated member of the Board and the CEO. The committee can second additional members from the Board when necessary

2.1.1. A majority of committee members must agree on a proposed gaming machine purchase before it can proceed.

2.1.2. The Committee must ensure all purchases will maintain a retention percent of 8.5%, over a rolling twenty-four (24) month period, from date of installation.

2.1.3. At no time can monies be committed to a gaming machine purchase which would exceed the funds allocated in the Gaming Machine Purchases Account.

2.1.4. The committee will report monthly to the Board of Directors to obtain retrospective approval for any gaming machine transactions that have been arranged or occurred.