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

A scheduled meeting of the Finance Committee of the Internet Society (ISOC) was held on Tuesday, 22 November 2016 at 14:00 UTC. In attendance was Sean Turner as Finance Committee Chair, Gonzalo Camarillo, Hans Peter Dittler, Gihan Dias, and Richard Barnes as members of the Finance Committee. Hiroshi Esaki and Kathy Brown (ex-officio) sent their regrets.

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

A quorum being present, the meeting was called the meeting to order.

Q3 2016 Financial Results

Sandy reviewed the Q3 2016 financial results including September 30, 2016 year to date Statement of Operations and Balance Sheet as of September 30, 2016. Sandy noted that through the first nine months, ISOC has a positive $3.2 million net surplus (after investment results), with Interest Income comprising $1.0 million this surplus. Sandy highlighted that revenues were below the revenue budget by $681K due to shortfalls in IETF meeting revenues from IETF 95 (Buenos Aires), as well as lower grant fulfillment revenue. Expenses were lower than budget due to lower personnel costs and project expenses. Sandy also noted that staff were taking action to ensure programs were on track despite the lower spending.

Sandy then 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, as well as, the balance of the Permanently Restricted fund for the IETF Endowment.

Foreign Strategy Options

Sandy walked the Committee through the current foreign currency usage and informed the Committee that ISOC would be working with financial institutions to explore foreign currency purchase options to lessen the possibility of currency impact on our 2017 budget. The Committee agreed on the planned approach.

Next Committee Meeting

The Committee agreed the next Finance Committee meeting would be on or about March 15, 2017 and would include review the 2016 year-end financial results, as well as, a presentation of investment results by Morgan Stanley.

AOB

With no further business, the meeting was adjourned at 15:00 UTC.