Australian Rangeland Society

Don Burnside, Finance and Audit Officer.  Email: don.burnside@iinet.net.au

 

Profit and Loss, 1 January to 31 December 2020

The Society operates on a calendar year, and the audited accounts for 2020 were accepted at the recent AGM.  As shown in the Profit and Loss Table below, in 2020, the Society made a small loss of $845.  As 2020 was a ‘non-conference year’, this is a satisfactory result.

The major income items were membership subscriptions ($19,758), payments for special issues of the Journal ($19,985), and sponsorship for the special issue from the 2019 Canberra Conference, from the Australian Council for International Agricultural Research ($10,000), which enabled that issue to published as Open Access.

The main expenses incurred in 2020 were payments to CSIRO Publishing ($36,364) for publishing the Journal, maintenance of the Website ($4,738), and professional fees for bookkeeping and audit ($3,750).

 

ITEM GST Excl

Comments

INCOME    
Membership Income $19,758 In 2019 was $21,036, but that included some payments for 2020
Total Conference income $6,009 remnant of income from ARS 2019 in Canberra
Journal income (special issues and CSIRO dividends) $34,943 One Australian special issue ($10,000), one Chinese Special Issue ($9,985), ACIAR sponsorship ($10,000) and copyright income ($1,774), and 5% institutional subscriptions ($3,184)
Interest income $1,504
miscellaneous income $20 Donation to Crowd Funding Account
TOTAL INCOME $62,234  
EXPENSES
Bank service charges $213 includes Merchant fees
Transaction costs $559 eWay for handling membership payments
Professional fees $3,750 $1,950 for Audit, $1,800 for bookkeeping
Council costs $1,214 Communications via Zoom for PC and Council meetings
Donations $500 to ESA for bushfire rehabilitation work
Travel grants $2,000 Provided to a member in 2020, returned in early 2021, as it could not be used because of Covid-19
Corporate costs $160 ASIC annual fee
Honoraria $2,500 Honorarium paid to Chair of Publications Committee for 2019-2020
Journal expenses $40,364 Four payments to CSIRO Publishing (three normal half-yearly payments ($9,091 ea) to CSIRO-P, one payment for OA of the 2019 conference SI ($9,091), plus honorarium ($4,000)
Newsletter costs $2,500 Honorarium for Editor
Website expenses $4,738 Routine payment to Blue Platypus ($483), payments to Uncapped Creative ($1,620), Word Fence ($135), honorarium ($2,500)
Social media costs $2,854 Honorarium $2,500 plus $354 for boosting Facebook posts
Adjustments from 2019 $1,728 Adjustments from 2019 to 2020
TOTAL EXPENSES $63,079  
PROFIT/ LOSS -$845

 

Balance Sheet at 31 December 2020

The Society’s Balance Sheet at 31 December 2020 (see below) showed total equity at the end of the year to be $173,861.

Included in this amount are two term deposits totalling $150,436 that will mature during the year.  Unfortunately, in the current environment the interest from these term deposits is less than one per cent, which is still better than if the funds are retained in the day-to-day savings account (currently returning 0.01%).

This favourable financial position is a direct result of the significant profits made from the ARS Biennial Conferences held in Port Augusta in 2017 and in Canberra in 2019.  The Council is very grateful to the Organising Committees for both conferences for their efforts in delivering these profits.

Some of these funds will be used in 2021 to provide seed funding for the 2021 joint DCQ/ARS Conference in Longreach in October this year, and for the XIIth International Rangeland Congress in Adelaide in June 2025.

Having this financial reserve also enables the Society to invest in activities that promote the Society’s and members’ interests, such as Travel Grants, and improvements to the Society’s publications.  It also provides a buffer against whatever ‘ill-winds’ the Society may have to face in the future!

 

Balance of Accounts at 31 December 2020 Actual

Comments

Operating Cheque Account 8347 $559
Conference Cheque Account 8363 $336
Savings Account 8721 $19,303
Membership Account 3504 $1,237
Crowd Funding account $20 Was to be used to raise funds to support Indigenous people attending XIth IRC in Nairobi
Term Deposit $100,000 Maturity May 2021
Term Deposit $50,436 Maturity November 2021
Total cash $171,890
Accounts receivable $1,971 GST
Total equity $173,861