SAICE Financial Report for 2009 - reported at the SAICE AGM 15 march 2010
During the 2009 financial year of the South African Institution of Civil Engineering the income exceeded the expenditure by R1 030 805, while the income of SAICE’s Branches and Divisions exceeded the expenditure by R301 455.
SAICE’s retained income has increased by 14%, to just above R10, 5 million. The accumulated surpluses of the entities are as follows:
- SAICE's National Office R4 215 347
- SPF R1 835 302
- SPEBS R200 000
- Branches and Divisions R4 274 188
Surplus funds are held in investment accounts that earn market related interest rates. The finance income has increased with R65 000. Membership subscriptions comprised just over 50% of the National Office’s income. The early bird discount enable members to realize a reduction of more than 17% overall on the subscriptions payments.
PricewaterhouseCoopers left only one qualification on the 2008 financial statements, as the auditors felt that they did not have sufficient evidence to properly audit all of the Branches and Divisions. A resolution of this matter was pursued in 2009. Much progress was made, and it will be seen after the 2010 audit whether the qualification can be lifted.
During the year the Finance Department expanded with two new members. Under the guidance of the Financial Manager, the staff has been actively engaged in improving the accounting systems and procedures, contributing to the financial health of SAICE. Bad debts and unallocated deposits have been substantially reduced. Similarly the committee members have acted prudently in managing the finances of the Branches and Divisions. We owe them all special thanks for their dedication to SAICE.