1. WITSA Finance Committee 13:45-14:14pm October 1, 2016
Royal Tulip Brasilia Alvadora, Brasilia, Brazil
Room: Room G - Convention Centre

2. Chairman’s Remarks Introduction Dr. Jim Poisant, Acting Chairman

3. Roll Call Dr. Jim Poisant

4. Cash Flow Outlook
Santiago Gutierrez

5. Treasurer’s Report Mr. Tarek Monem Taha
Financial Statements -Cash Flow Projections -Balance Sheet -Budget vs Actual (YTD) -Comparative Income Statement -Status on WCIT (750K Hosting Fee)
Members Not in Good Standing

6. Cash Flow Projections
Santiago to provide

7. Summary Balance Sheet As of August 31, 2016
ASSETS and LIABILITIES
Current Assets
Cash Accounts
530,133.69
Accounts Receivables Net of Allowance
103,075.00
Prepaid Expenses
14,683.43
Investments – CD’s
259,307.32
Net Fixed Assets
4,780.40
Total Assets
907,039.84
LIABILITIES & EQUITY
Current Liabilities
133,865.53
Accounts Payable
5,194.04
Credit Card Payables
-60.43
Accrued Expenses
17,132.81
Deferred Revenue
91,316.66
TOTAL LIABILITIES
EQUITY
Unrestricted Net Assets
886,611.88
Net Income
-113,437.57
Total Equity
773,174.31
TOTAL LIABILITIES & EQUITY

8. WITSA Budget Versus Actual Income Statement
For the Eight Months Ended August 31, 2016
Jan - Aug 16
Budget
$ Over Budget
Total Expense
387,685.93
395,502.08
-7,816.15
Net Ordinary Income
-113,437.57
-135,005.44
21,567.87
Net Income

9. Comparative Income Statement For Eight Months Ended August 31, 2016
January -August A
January - August B
Variation
(A-B)
Expense
Total · Bank Charges
1,668.05
1,188.40
479.65
62110 · Accounting Fees
9,035.00
9,045.00
-10.00
62140 · Legal Fees
12,056.97
3,015.00
9,041.97
62160 · Consulting
1,695.83
31,346.64
-29,650.81
Total · Contract Services
51,489.44
43,406.64
8,082.80
Total · Facilities and Equipment
519.57
1,470.00
Total · Operations
14,044.87
8,487.88
5,556.99
Total · Other Types of Expenses
5,577.96
2,990.88
2,587.08
Total · Salaries
225,787.27
222,615.70
3,171.57
Total · Payroll Expenses
266,666.34
261,624.82
5,041.52
Total · Travel and Meetings
47,023.25
32,313.07
14,710.18
Total Expense
387,685.93
351,481.69
36,204.24
Net Ordinary Income
-113,437.57
-226,188.23
112,750.66
Net Income

10. Status on WCIT (750K Hosting Fee), Dr. Jim Poisant
2017 Taiwan
Paid in full
2018 India
Contract signed
1st payment of 250K pending
2019 Armenia
Paid 150K (on schedule)
2020 Malaysia
Contract pending
No payment expected in 2016
2021 Bangladesh
1st payment of 50K received

11. For Member Dues Received 2016 THANK YOU!

12. Members Not in Good Standing (per region)
AFRICA
Dues Owed: 2015
Dues Owed: 2016 1
Senegal
250 2
Kenya
ASIA PACIFIC
Mongolia
Myanmar 4
Sri Lanka
500

13. Members Not in Good Standing (per region)
MENA
Dues Owed: 2015
Dues Owed: 2016 2
Algeria
500 3
Palestine 4
Lebanon
Not Billed
Non EU 1
Albania
250
Russia
1,250
Ukraine
Republic of Kosovo

14. Members Not in Good Standing (per region)
European Union Region
Dues Owed: 2015
Dues Owed: 2016 1
Cyprus
500 2
Republic of Kosovo
 250 3
Portugal 4
Republic of Macedonia
LATIN AMERICA
Chile
Columbia
Equador
Panama 5
Venezuela
NORTH AMERICA 1
USA
10,000

15. Draft 2017 Budget Presentation
Dr. Jim Poisant
Discussion

16. Any other business & adjournment