Meeting (13 May 2014)

A meeting of the Finance Committee of the Internet Society (ISOC) was held on Tuesday, May 13 at 15:00 UTC. In attendance were Jason Livingood, Treasurer and Chair of the Finance Committee, and David Farber, Rudi Vansnick, Bert Wijnen as members of the Finance Committee.

Also in attendance were Kathy Brown, ISOC’s President and Chief Executive Officer, Greg Kapfer, Chief Financial Officer, and Sandra Spector, Director of Finance.

Jason called the meeting to order.

Review of Q1 Financial Statements and Management Report

Greg explained updates to 2014 statements including restructuring statements for corporate realignment, addition of Office of the President and Finance Administration & Partnership Development departments and separation of major grant fulfillment costs.

Greg walked through the Q1 2014 financial results of a net surplus of $1.2 million. Greg then highlighted revenue results and expenditure variances. Greg stated that ISOC would have a challenge meeting the 2014 non-PIR revenue targets but was taking measures to maintain a surplus by pursuing cost saving opportunities. Greg also pointed out that investment results year-to-date were above the budget.

Reinvestment of $10 million

The Committee discussed reinvestment of the $10 million in short- term vehicles and concluded maintaining the same investment strategy for those investments that were maturing was the best course of action at this time.

Status Update of 2013 Financial Statement Audit

Greg stated that at the next Audit Committee meeting on May 27th, Grant Thornton would present the 2013 ISOC consolidated financial statements and audit results. At that time the Audit Committee would review the audit and send it to the Board of Trustee for acceptance at the June 16 meeting.

AOB

Jason called for other business.

Adjournment

With no further business, the meeting was adjourned at 15:30 UTC.

All Board Finance Committee Meeting Minutes