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, August 18, 2017 at 13:00 UTC. In attendance was Sean Turner, Treasurer and Chair of the Finance Committee with Hans Peter Dittler and Richard Barnes as members of the Finance Committee. Gonzalo Camarillo and Olga Cavalli sent their regrets.

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

Sean called the meeting to order.

Q2 2017 Financial Results

Sandy reviewed the Q2 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 of $1.58 million exceed the budget by $125K. Sandy explained that the variance was due to lower than planned expenditures plus a robust interest income. Sandy further discussed revenue results including the positive effect of the Online Trust Alliance (OTA) contribution. Sandy then noted that by year end the revenue will be lower than budget due certain grants not coming to fruition. Sandy reviewed expenditure variances in further detail and noted that the variance is expected to narrow down as the year progresses.

Sandy then reviewed the Q2 activities in temporarily restricted and board designated funds, highlighting that there was a significant change in board designated funds in Q2 due to 2017 designations for ISOC 25th indicating the funds would be spent by September 2017. Sandy then updated the Committee on the cash and investment balances.

Finance Objectives

Sandy updated the Committee on the status of the Risk Assessment, Revised Investment Policy, Corporate Structure Review and Compliance Program. Sandy noted that all objectives would be worked on in 2017.

AOB

Sandy reminded the Committee of the timing of the ISOC Board’s review of the PIR 2018 Budget and Long Term Plan. Sandy also stated that the operational part of the budget process is in full swing for ISOC, and that the campaigns should be solidified in the next few weeks which would all cumulate to the 2018 ISOC Budget.

Adjournment

The meeting was adjourned at 13:45 UTC.