Annual Report 2016

I am a volunteer at the Austrian Lung Association, and I was elected to the EFA Board in May 2016, and became the Treasurer. It was a good timing to start in this function after the brilliant job by my predecessor, Sharon Cosgrove, who helped guide EFA to financial management systems and reporting comparable to any company or charity with higher budget. I have further driven the embedment of clear and transparent financial management. After moving to truly accrual accounts in 2015, EFA now implements a reserve’s policy, approved by the AGM where I was elected and has earmarked social and organisational reserve.

Our financial year ended with a deficit of 17,905, meaning that we did not have to spend the 35,000 euros from our reserves planned in the budget approved by members. For the management accounting, we can therefore show a positive result of 17,905. Despite loss of some planned income, I am very happy to present a good result and thank the EFA office staff who worked proactively towards staying in tight budget.

For the budget 2017, we are in a balanced situation and do not plan to use reserves despite the budget remains tight. The Board approved a new expenses and reimbursement policy, which clearly outlines prudent spending to everyone involved in our activities and makes us even more accountable to those who support us financially and thereby place their trust in us.

Thanks to my fellow Board colleagues for their support and the ‘EFA feeling’ which welcomed me instantly, and to all our sustainable funding partners who make our work possible.

29 March 2017

Hubert Nettel
EFA Treasurer