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 Minutes of Finance Committee’s First Meeting held in Holiday-Inn Down Town Hotel, Kuwait on Saturday 8/11/2008 at 10.15 AM
8/11/2008 |
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Attendance:
Mr. Mohammed Abdulla Al Ahjery Chairman
Mr. Khalid Bin Saleh Al Dakheel Member
Mr. Jassem Rajab Member
Dr. Seyed Nasrollah Sajjadi Member
Mr. Ibrahim Ali Al Haliq Member
Dr. Husain Z. Al-Mekaimi WAGF’s Director General
Meeting Proceedings
Item (1): Opening & Welcome Speech
• The meeting started with the welcome speech of Mr. Mohammed Al Ahjery, he welcomed and greeted the attendees.
• He also conveyed his special thanks and gratitude to WAGF’s President H.E Sheikh Talal Fahd Al-Ahmed Al-Sabah for his outstanding work and effort, and his continuous support to all WAGF Committees Members. He also praised his valuable contributions in achieving WAGF’s goals.
• He expressed his thanks and greetings to the General Secretariat of the West Asian Games Federation for their exerted effort for the preparation of this meeting within a short time in spite of their tough schedule.
• The Committee Chairman briefed to the attendees about WAGF, its Standing Committees, and the three Asian Games that were hold and the Hosting Countries of those games.
Item (2): Financial Planning & Regulations
The Chairman and the Committee Members after reviewing the Financial Planning & Regulations of WAGF, and after having brief introduction conducted by Dr. Husain Al-Mekaimi, and Mr. Mukhtar Ahmed, In-Charge Finance, about the particulars of the Financial Planning, the Chairman and the Committee Members realized the necessity of carrying out some improvement and changes on the present Financial Planning & Regulations.
Recommendations:
1. Upgrade the Hotel to Five Stars for all Committee Members.
2. Inclusion of "Other Expenses Item" in the Financial Planning in order to cover any other unmentioned expenditures.
3. Inclusion of “Petty Cash”.
Decision:
• The Financial Committee Members assigned Dr. Husain Al-Mekaimi, and empowered him to sign an agreement with one of the Carriers to enjoy a rebate and discount in forwarding and receiving letters for the sake of cost reduction, and forward a copy of the signed agreement to the Members for their information.
Item (3): Budget & Financial Statement
The Chairman and the Members of Financial Committee reviewed and discussed Federation’s Budget and Financial Statement, and have taken the following recommendations and decision:
Recommendation:
1. The currency used in Budget and Financial Statement should be in Kuwaiti Dinar, and its equivalent in US Dollar, with indication of currency rate exchange and discrepancies.
2. The Financial Committee assigned the following Members to prepare a study for improving the existing Financial Regulations and forward their recommendations and suggestions to the General Secretariat of West Asian Games Federation to review and take the necessary action through proper channels:
Dr. Seyed Nasrollah Sajjadi
Mr. Khaled Bin Saleh Al Dakheel
Mr. Jassem Rajab
Mr. Ibrahim Ali Al Haliq
Item (4): Any Other Subject
Under this item the following subjects were discussed and taken the appropriate recommendations:
1) Finance Committee Meeting
Recommendations:
• Finance Committee’s Meetings have to be held before General Assembly’s Meeting in January or February and after the Financial Statements are audited and checked before submittal to Board of Directors and General Assembly.
2) Responsibilities and Authorities
Recommendations
• Federation’s General Secretariat has to address the Rules Committee to include a statement clarifying names and designations of Personnel authorized to sign vouchers and cheques.
The meeting concluded at 12.45 noon.
Mohammed Abdulla Al Ahjery
Committee Chairman
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