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, April 24, 2020 at 14:00 UTC. In attendance were Richard Barnes, Treasurer and Chair of the Finance Committee with Hans Peter Dittler, Gonzalo Camarillo, and Robert Pepper as members of the Finance Committee. Olga Cavalli sent her regrets.

Also, in attendance were ISOC staff Andrew Sullivan, ISOC’S President and Chief Executive Officer, Sandy Spector, Chief Financial Officer, Sarah Armstrong, Internet Society Foundation’s Executive Director, and Sae Park, Senior Director, Finance and Corporate Reporting.  John Hahn, Vice President, Investment Management Division from Goldman, Sachs & Co. LLC was in attendance for part of the meeting.

Call to Order

Richard called the meeting to order.

Q1 2020 Investment Performance Review and Economic Outlook

John from Goldman Sachs provided an overview of the Q1 2020 portfolio performance for the Internet Society and the Internet Society Foundation. John also reviewed the current economic climate including Goldman Sach’s recommendations for a sustained investment portofolio

Internet Society: Q1 2020 Financial Results

Sandy explained that the financial strategy in 2020 is to align the financial resources with the work focusing on the eight action plan projects and continuing to deliver on the mission. Sandy then reviewed the results of the Q1 2020 financials against the budget. For the quarter ended on March 31, 2020, Internet Society’s net surplus before interest was $2.5 million, exceeding the surplus budget of $1 million primarily attributable to lower than planned project expenditures. Due to a unfavorable investment result for the quarter, net surplus after interest was $846 thousand.

Sandy continued reviewing the details behind the financial results of revenue, focus area expenses, personnel & operating costs, temporarily restricted funds, and the Board designated funds. Sandy concluded the financial review with the details on cash, investment balances, and the Statement of Financial Positions as of March 31, 2020.

Internet Society Foundation: Q1 2020 Financial Results

Sandy reviewed the Q1 2020 financial results of the Internet Society Foundation. For the quarter ended March 31, 2020, the Internet Society Foundation’s net surplus before interest was $4.58 million, which was close to the budget.
Sandy discussed the detailed financial results of revenue, personnel and operating expenses, and the Board designated funds.

Sandy concluded the financial review with the details on the Statement of Financial Positions as of March 31, 2020.

Adjournment

The meeting was adjourned at 14:59 UTC.