Meeting (30 October 2025)

Minutes from a Joint Meeting of the Internet Society and Internet Society Foundation Finance Committees

Committee Members in Attendance

Finance Committee Chair Victor Kuarsingh and committee members Ted Hardie, Kathleen Moriarty, Laura Thomson, and President and CEO Sally Wentworth (ex officio).

Committee Members Absent

Ramanou Biaou.

Internet Society Staff in Attendance

Chief Financial Officer Sae Park, Senior Manager Budgeting and Forecasting Judy Kellett, and Director of Governance Lauren Terrell.

Guests Present for Certain Portions of the Meeting

Goldman Sachs Vice President John Hahn and Managing Director Harm Zebregs.

Call to Order and Welcome

Mr. Kuarsingh called the meeting to order at 13:01 UTC, welcomed attendees, and provided an overview of the topics on the committee’s agenda.

The Finance Committee meeting minutes from 26 August 2025 were approved as presented.

Q3 2025 Financial Results for Internet Society and Internet Society Foundation

Ms. Park reviewed the third quarter 2025 financial results for the Internet Society (ISOC) highlighting financial performance indicators, ISOC generated revenue, public support test projections, unrestricted expenses trend analysis, expense analysis by function, the cash and investment forecast, and board designated funding. Discussion ensued.

Ms. Park reviewed the third quarter 2025 financial results for ISOC Foundation, including revenue, expenses, financial performance indicators, program funding, and expenses by function.

Ms. Park reviewed the third quarter 2025 financial results for the Connected Giving Foundation.

2026 Budget Proposals for Internet Society and Internet Society Foundation

Ms. Park presented the proposed break-even budget for ISOC, with forecasted revenue of approximately $41 million and corresponding expenses of approximately $41 million, including outgoing grants and funding commitments by the ISOC Foundation.

Ms. Park presented the proposed ISOC Foundation budget with forecasted revenue of approximately $28 million and expenses of approximately $19 million. The budgeted net surplus is reserved to offset ISOC Foundation’s future outgoing grants and funding commitments.

Discussion ensued. Committee members requested an increase to the board-designated funds “Opportunity Fund” of $50,000. For both ISOC and ISOC Foundation, the fund would go from $250,000 to $300,000.

Update from Goldman Sachs

Mr. Hahn and Mr. Zebregs joined the meeting at 14:00 UTC and provided an overview of ISOC’s 2025 investment portfolio performance to date and economic outlook for the remainder of the year. Discussion ensued.

Following their presentation, Mr. Hahn and Mr. Zebregs left the meeting. 

Any Other Business – Investment Policy

Mr. Kuarsingh reminded committee members that the ISOC and ISOC Foundation Investment Policies will be amended to reflect Goldman Sachs’ recommended asset reallocations. The amended policies will be presented to the ISOC Board of Trustees for approval.

Adjournment

Mr. Kuarsingh adjourned the meeting at 14:31 UTC.