Meeting (13 May 2016)

A scheduled meeting of the Finance Committee of the Internet Society (ISOC) was held on Wednesday, May 13, 2016 at 13:00 UTC. In attendance were Sean Turner, Treasurer and Chair of the Finance Committee, with Hiroshi Esaki, Jason Livingood and Gonzalo Camarillo as members of the Finance Committee.

Also in attendance were Greg Kapfer, Chief Financial Officer, and Sandy Spector, Director of Finance. Kathy Brown sent her regrets.

Sean called the meeting to order.

Q1 2016 Financial Results

Sandy reviewed Q1 2016 financial results including March 31 2016 year to date Statement of Operations and Balance Sheet as of March 31, 2016. Sandy noted that favorable revenue, as well as lower departmental costs resulted in a 2016 year to date operating surplus of approximately $1.676 million. Sandy discussed revenue results and expenditure variances in further detail, explaining that the majority of the surplus was due to timing of expenditures of program and travel costs.

Sandy reviewed the financial reporting segment for Board Designated funds, including the results of spending on the Board-approved projects: Three Year Technology Plan, Branding Project, Curator and Beyond the Net Funding. Sandy noted that spending for these projects would continue to ramp up during 2016.

Continuity Fund

Greg reviewed the background and purpose of the current Continuity Fund.  Greg presented a recommendation for a revised Continuity Fund and Reserve Policy including timing and source of funding. Sean asked the Committee to review the recommendation proposed. The Finance Committee will conclude on the recommendation and submit to the full Board of Trustees for approval at the next meeting.

AOB

Greg updated the Committee on the Internet Protocol Journal funding sources.

The Committee noted the next meeting would be scheduled after the new Finance Committee was seated at the AGM in June.

With no further business, the meeting was adjourned at 13:40 UTC.

All Board Finance Committee Meeting Minutes