Minutes of the Meetings of the Finance Committee of the Internet Society

A meeting of the Finance Committee of the Internet Society (ISOC) was held on Friday, December 1, 2017 at 13:00 UTC. In attendance was Sean Turner, Treasurer and Chair of the Finance Committee with Gonzallo Camarillo, Richard Barnes and Olga Cavalli as members of the Finance Committee. Hand Peter Dittler sent his regrets.

Also in attendance were Sandy Spector, Chief Financial Officer and Dana Matthews, Senior Accounting Manager.

Sean called the meeting to order.

Q3 2017 Financial Results

Sandy reviewed the Q3 2017 financial results including the Statement of Activities and the Statement of Financial Position. Sandy noted that ISOC’s net surplus before interest and foreign currency exchange of $1.8 million exceed the budget by $1.06M due to underspent expenditures and robust investment earnings. Sandy further discussed that the revenue results were under budget due to lower meeting sponsorships, organization memberships, partially offset by higher contribution revenue. Sandy then reviewed expenditure variances in further detail and noted that the variance is expected to narrow by the end of 2017.

Sandy then reviewed the Q3 activities in temporarily restricted and board designated funds and updated the Committee on the cash and investment balances.

Foundation Update

Sandy updated the Committee on the status of the Internet Society Foundation and then discussed with the Committee the temporary investment asset allocation for the Foundation investments. All Committee members agreed to use the Internet Society’s asset allocation until such time as the Foundation investment policy was finalized which is estimated for Q1 2018.

Adjournment

With no AOB, the meeting was adjourned at 13:25 UTC.