On this page you will find HUTAC’s 2020 annual financial report, as well as the Board’s proposed plans for the organisation in 2021 and – should the global pandemic not subside – part of 2022.
During the 2019-2020 term, due to social distancing measures, it was impossible for the Board to organise a General Assembly (GA) meeting and to perform the end-of-year duties outlined in the HUTAC Articles of Association (AoA). And, given that the AoA do not allow for online voting on the organisation’s finances and the Board’s performance, the Board was compelled to cancel the GA this year and to digitally communicate the association’s annual reporting.
The 2019-2020 fiscal overview, a fiscal review by an independent financial advisor, and an outline of expected costs for 2021 are included in this presentation and outlined below.
During last year’s GA on 1 February 2020, the Board indicated a commitment to hiring an official financial auditor for conducting the annual fiscal review going forward. However, another side effect of the COVID-19 pandemic has been a comparatively low expenditure of HUTAC equity in 2020. More specifically, in 2020 we spent only 35% of the costs of 2019 (see minutes of 2019 GA). To avoid a large expenditure on auditing a relatively small amount, the HUTAC Board worked with the same financial advisor who provided last year’s fiscal review.