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, May 17, 2019, at 13:00 UTC. In attendance were Richard Barnes, Treasurer and Chair of the Finance Committee with Sean Turner and Hans Petter Dittler as members of the Finance Committee. Gonzalo Camarillo, Robert Pepper, and Olga Cavalli sent their regrets.

Also, in attendance were ISOC staff Andrew Sullivan, Chief Executive Officer, Sandy Spector, Chief Financial Officer and Sae Park, Senior Director, Finance and Corporate Reporting.

Richard called the meeting to order.

Q1 2019 Financial Results

Sandy first presented updates to the 2019 budget. While the overall budget totals did not change, due to recent organizational changes, the budgeted amounts of underlying details required updates. Sandy also noted the financial reports are now aligned with ISOC’s focus areas as outlined in the 2019 Action Plan.

Sandy proceeded to review the results of the Q1 2019 financial report. For the first quarter of 2019, ISOC’s net surplus before interest was $2.5 million which exceeded the budget of $1.1 million by $1.4 million.

Sandy reviewed revenue details next. During the first quarter, ISOC recognized $9.57 million in revenue, which was $140K lower than the budgeted amount of $9.71 million. Sandy then discussed variances in revenue totals for Organization Members, Sponsorship, Grants & Contribution, and Registration. IETF financials are no longer being reported as a part of ISOC’s financials.

Sandy reviewed spending totals of ISOC’s focus areas including Connecting the World, Improving Technical Security, Building Trust, Shaping the Internet’s Future, Fostering a Collaborative Approach, Building our Community, and Strong Voice, noting the details in the variances to budget. Sandy also discussed the results of personnel and operating costs, board governance expenses, temporarily restricted funds, and the board designated funds.

Lastly, Sandy reviewed the cash and investments balances and details.

Investment Policy Statement

Richard updated the Finance Committee on the recent changes to Internet Society and Internet Society Foundation investment policy statements. Sandy noted that the Investment Policy Statements are living documents and would be reviewed by the Committee on a periodic basis.

Due to insufficient number of voting members present at today’s meeting, Richard as the Treasurer and Chair of the Committee will follow up with the Finance Committee members via email asking members to raise any concerns or questions and to inform everyone if no questions or concerns are raised within one week, the Investment Policy Statement would be approved.

Adjournment

The meeting was adjourned at 13:32 UTC.