Meeting (18 August 2016)

A scheduled meeting of the Finance Committee of the Internet Society (ISOC) was held on Thursday, 18 August 2016 at 12:00 UTC. In attendance were Hiroshi Esaki, Hans Peter Dittler, Gihan Dias, Richard Barnes, and Kathy Brown (ex-officio) as members of the Finance Committee. Sean Turner and Gonzalo Camarillo had earlier sent their regrets.

Also in attendance was Greg Kapfer, Chief Financial Officer.

A quorum being present, Hiroshi called the meeting to order.

Q2 2016 Financial Results

Greg reviewed the Q2 2016 financial results including June 30 2016 year to date Statement of Operations and Balance Sheet as of June 30 2016.  Greg noted that revenues were below plan the revenue budget due to shortfalls in IETF meeting revenues from IETF 95 (Buenos Aires), and that expenses were lower than budget due to lower personnel costs and lower project expenses. Greg noted that personnel savings to date could help offset a portion of the IETF 95 shortfall. Kathy noted that some of these personnel savings would be put to use in other ways. Greg also noted that staff were taking action to ensure programs were on track despite the lower spending.

Greg reviewed the status of cash holdings in Continuity Funds, purpose designated funds, Board Designated funds, and permanently restricted funds (Endowment). Kathy mentioned that the Executive Team was reviewing other potential asks from Board Designated funds to be brought before the full Board. Greg mentioned that staff was planning the next steps in fundraising for the IETF Endowment. Kathy asked Greg to update the Committee on funding opportunities being pursued from the European Commission for projects in Central Asia and in Southeast Asia, noting that these would help expand ISOC activities on those areas in 2017 but would be neutral to ISOC’s bottom line.

2017 Budgeting

Greg reviewed the schedule for the 2017 Budget Process, showing a timeline for activities. The Committee discussed the timing of two interim Committee review sessions in mid-September and in mid-October. The budget is due to the full Board by October 21. Greg noted that these interim review sessions would cover the budgets only (not the full Action Plan). Hiroshi asked Greg to generate two Doodle polls for these sessions.

Next Committee Meeting

Greg noted that the next Committee meeting was planned to be held in conjunction with the Hyderabad Board meeting. The calendar shows that the Q3 financials would be shared about a week earlier. While this schedule means the Q3 financials will be produced after the Action Plan and budget is submitted, it will be important to be able to note any Q3 variances that might have an impact on the 2017 budget review in Hyderabad.

AOB

Hiroshi call for any other business. There was none.

With no further business, the meeting was adjourned at 12:41 UTC.

All Board Finance Committee Meeting Minutes