AIESEC in

Malta October Report

Finance and Legal

Monthly

AIESEC in Malta

TIMELINE PROGRESS PROJECT

ACTIVITIES PLANNED

STATUS COMMENT

DONE INCOMPLETE NOT DONE

External Audit Material was submitted on 15th October 2014 – I am now assisting PwC in replying to their queries. According to our signed agreement we should have our External audit in place by 15th December 2014.

NatCo Oct – Global Leaders Conference Budget

Actual Budget is in place and can be accessed on Google drive. We made approximately EUR 2,000 loss which we need to get back through fundraisings, extra initiatives or revision of our goals. This huge loss was due to not achieving our delegate’s goal and we still had to pay the hotel.

National Budget Pricing Matrices are being revised in order to adapt to our new financial model. BD goals are being revised too due to the shift in focus : BD iGIP

Finance Education Attended and Participated in various webinars given by FLB. Learnt more about how GIS is going to work and the new financial model.

Receipt Templates Every Function has its own receipt template. EB and SU were given full responsibility to start issue receipts themselves and keep track accordingly.

Discover University Being that our Office is at takeoff, we were approached to help them in their participation in discover University. I was present on Sunday 26th Oct, helped with the organisation of the event and logistics for the day.

SOGA and FLB Survey

Quarter Financial Report was sent to AI – FLB more specifically.

AIESEC in Malta

GOALS

Income might look misleading – the reason for that income is not because we over achieved

our goals in operations but because of the following reasons.

EUR 179 was deposited from KSU after exam party.

iGIP TN Taker transferred the full amount at once instead of in instalments.

Expenses exclude fixed costs, hence why monthly goal is EUR 0. The EUR2,000 loss was due to:

The unexpected loss from NatCo EUR 1,850

Delay in payment for Internet Bills of EUR 18 (We had to pay for 2 months

instead of one)

ANALYSIS Performance Self-Assessment of the Quarter (10 is highest)

1 2 3 4 5 6 7 8 9 10

Total Income

Total Expenses

OGX Revenue

BD Revenue

iGIP Revenue

Closing Balance

Monthly ACHIEVED 1149 2000 418 250 500 6000

Monthly GOAL 700 0 0 700 100 8300

YEAR GOAL 16,000 8,000 6,500 30,000

0

5000

10000

15000

20000

25000

30000

35000

AIESEC in Malta

Explain main achievements

Submitting 2013-2014 External Audit material on time. The deadline to do so was

PwC are now examining our work and I am managing to reply within a short

period of time so that they won’t postpone our audit.

Got a more global perspective through the FLB (Finance Legal Board) webinars

and got to ask questions directly related to our financial model and GIS.

Adapting Financial Models from AI to our reality – New Pricing Matrices in place.

Explain main bottlenecks

Still do not have a profound understanding of investments. Even though the

Skype meeting I had with the FLB was insightful, when I came to apply the

method to our reality it wasn’t giving us any positive results.

After the meeting I had with Christopher Pisani – An Alumni – who is also an

accountant – He advised us to look into past data and try to find a trend and

estimate your expenses on that. However this year we have a complete

different scenario. Starting with having 3 Internationals getting financial aid and

of course higher goals. I still need to sit down and analyse past data in more

detail. National Budget is still works in progress as I figured out that it was not highly

realistic in terms of achievements and the equivalent expenditure that has to

take place in order to arrive to the goals

Main conclusions and learning

From a functional point of view:

“Cash is King” even though we are a non-profit organisation we cannot function

without money. Where do we get our money from? OPERATIONS AND RESULTS. So unless

we are going to push harder and achieve what we promised, we have no guarantee

that AIESEC in Malta will keep on functioning to its fullest potential. We need to see

more inflows than outflows in our analysis, in order to get our entity back to its original

healthy financial position!

Apart from that I need more insights from the functions themselves to get a better idea

of the operations reality and how it would reflect on our finances. All of this would make

sure that we have a proper national budget in place and better tracking.

From a personal point of view:

Given that this month I started my last year at University and realizing how demanding it

is – I am coping quite well . Time management is the key to success. In Maltese we

have a saying “Kollox irid ikun” Pure Translation: Everything must be.. and you have to

somehow find time for it. If anyone of you know someone who would love to work in

finances, kindly contact me!

AIESEC in Malta

Analysis of AIESEC in Malta’s Financial Position

More Information and break-down of income and expenses on the following pages.

Analysis of the Month

Opening Balance 1st October € 11,000.00

Closing Balance 31st October € 6,000.00

In a nut shell this is due to....

Loss from MaNatCo Oct 2014 - Global Leaders Conference

€ 2,000.00

Residual FES Grant paid back € 3,000.00

AIESEC in Malta

Main Income - October

EP Fee _Marisabelle Grech _ SU_oGCDP € 198.00

Roberta_ Loan Repayment: 1st installment

€ 150.00

Total € 348.00

Main Cash Payments - October

Rent _ MC Flat _ 4th Month € 460.00

Rent _ MC Flat _ 5th Month € 460.00

Gabriela Marin Moron_ Int.MCP Financial Aid _ September

€ 200.00

Total € 1,120.00

Cash Account

Opening Balance 1st October € 1,220.53

Closing Balance 31st October 2014 € 448.53

Balance to Date

5th November € 198.53

AIESEC in Malta

Current Account

Opening Balance 1st October 2014 € 1,329.73

Closing Balance 31st October 2014 € 1,044.63

Balance to Date

5th November 2014 € 1,044.63

Main Income - October

Depositied KSU cheque from the After Exams Bash , Reversal VAT Cheque from the WeGrow Project

€ 1,406.00

oGCDP_ UoM Raise_ Simone Scicluna

€ 220.00

GoBeyond_iGIP TN Fees € 500.00

Transfer to Savings a/c € 2,500.00

IC Loan Repayment _ Elizabeth Pulo

€ 200.00

Total € 4,826.00

Main Expenditure - October

WeGrow Private Trasportation € 1,746.00

WENA Contribution and WENA CEE PM Delagte Fee for Gabriela Marin Moron

€ 90.00

75% on 50 Delegates for NatCo 2014 Bella Vista Hotel

€ 2,287.00

Residual from FES Grant € 2,842.00

Total € 6,965.00

AIESEC in Malta

VISA Cashlink Account

Opening Balance 1st October 2014 € 2,047.22

Closing Balance 31st October 2014 € 1,916.46

Balance to Date

5th November 2014 € 1,916.46

Savings Account

Opening Balance 1st October 2014 € 6,497.92

Closing Balance 31st October 2014 € 2,409.44

Balance to Date

5th November 2014 € 2,409.44

Main Expenditure - October

25% on 81 Delegates for NatCo 2014 Bella Vista Hotel

€ 1,235.00

Transfer to Current a/c € 2,850.00

Total

€ 4,085.00

Main Expenditure - October

WENA CEE PM Flights to Madrid

€ 120.00

Skype Credit € 10.00

Total

€ 130.00