Translate into Chinese: 5. Finance and Administration

A.	WCC Membership
•	Two new members were inducted to the WCC this year:  MPMA and ASEFAPI.  The WCC is cautiously optimistic that the MEPCA will also formally join as a member soon.
•	ACTION:  Colleagues were reminded to provide any suggestions for future members to the Secretariat.  In addition, Colleagues were requested to review the WCC roster in the meeting materials.  This is the most current roster of members and participants. Any changes to members and/or contact information should be communicated to the Secretariat.  


B.	December 31, 2022, Financial Report
•	The Statement of Activities reflected no unusual or unexpected expenses. Revenues were under budget by $33,500 due to less revenue from Coatings Summit, but expenses were under budget by a greater amount - $42,500. The year ended the year with a profit of $500.00.  Besides the Administrative Fee, the WCC’s biggest expense was travel. Most of these funds were directed to helping establish and recruit the new MEPCA.  The Coatings Summit did result in some revenue, although not as much as anticipated when the budget was developed.  It is anticipated that the revenue stream should normalize in 2025.  The Balance Sheet or Statement of Financial Position shows net assets of about $56,000. Overall, the organization remains in good financial health at the moment.
•	ACTION:  It was requested that a narrative for the Financial Report be developed and provided to members for future meetings in order to assist in their evaluation of the association’s financial position.  


C. Proposed 2023 Budget and New Fee Structure   
•	The proposed 2023 Budget is very similar to the 2022 budget that was adopted and implemented. The key difference is the dues increase necessary to avoid deficit spending in the next two years. This proposed budget and the dues increase for 2023 were reviewed and approved by the group in a December 2022 meeting.  Expenses will continue to trend upward in the coming years as the WCC becomes more active and addresses more issues. This is a positive trend as it shows the WCC taking on more responsibility and making greater contributions to our industry.  Note that the new 2023 dues structure went into effect earlier this year. Those members who were not present at the December meeting were contacted in order to receive their comments.  All members approved of the 2023 dues schedule.  All future dues increase will be submitted to the group for approval prior to taking effect. Although it is anticipated that dues will increase each year to keep up with inflation, this will be done only after approval is received from WCC members. 
•	ACTION:  A 2024 budget and potential dues increase will be proposed at the appropriate time.  

 

C.	WCC Staff Assignments
•	Rhett Cash, Counsel, is responsible for the following issues for the World Coatings Council – Transport, Marine Coatings, and Air Quality.  Rhett serves as the official representative to the United Nations SubCommittee of Experts on the Transport of Dangerous Goods as well as to the International Maritime Organization.
•	Riaz Zaman – Senior Counsel, is responsible for the following issues for the World Coatings Council – Chemicals Management, Supply Chain Traceability, and serves on the Board of Directors for the Responsible Mica Initiative.  He is also the liaison for the United Nations BIMG.
•	Katherine Berry – Director of Sustainability, is responsible for the following issues – Sustainability, Microplastics
•	Heidi McAuliffe – Vice President, serves as counsel to the World Coatings Council and represents the WCC on the Lead Paint Alliance


D.	Annual Meeting 2024: Proposed Future Meeting Location
•	The current Annual Meeting Calendar was included in the meeting materials.  It is anticipated that the Annual Meeting schedule will be conducted in conjunction with the Coatings Summit in 2025, if desired by membership.   The schedule indicates that ANAFAPYT will host the 2024 meeting.  However, ANAFAPYT has indicated that 2024 may not be the right timing for a meeting in Mexico.  
•	ACTION:  ANAFAPYT to determine whether 2024 is viable. If not, alternatives will be examined.  


E.	CEO Advisory Group 
•	The issue of an advisory group consisting of industry CEO’s has been discussed in previous meetings.  While there continues to be differing opinions on the utility of such an advisory group, it is useful to continue to discuss the issue of the relationship and the work of the World Coatings Council to the industry and in particular, industry leaders.  Some have expressed the opinion that participation by industry CEO’s will change the dynamic of the conversation and insert a more company-focussed approach.  Others indicate that such engagement could increase awareness and appreciation for the work of the WCC, translating into greater support and even more financial support.  One question that has emerged is related to how the work of the Council is communicated to the industry’s leaders.  
•	ACTION:  Summary of comments to be compiled and additional suggestions or alternatives to be considered.  

F.	WCC Management Agreement
•	The meeting materials contained a Management Agreement for the WCC.  This agreement is simply a formalization of the relationhship between American Coatings Association and the WCC that has existed for the past 30 years. Such an agreement is important for the protection of both ACA and WCC in terms of legal liability and good governance. 
•	ACTION:  Members are requested to review the agreement and communicate approval or any concerns within 30 days of the meeting.