Meeting (28 October 2024)

Minutes from a Joint Meeting of the Internet Society and Internet Society Foundation Finance Committee Meeting

Committee Members in Attendance

Finance Committee Chair Laura Thomson and committee members Ted Hardie, Kathleen Moriarty, and Caleb Ogundele.

Committee Members Excused

Ramanou Biaou.

Internet Society Staff in Attendance

President and CEO Sally Wentworth, Chief Financial Officer Sae Park, Senior Manager Budgeting and Forecasting Judy Kellett, and Director of Governance Lauren Terrell.

Call to Order and Welcome

Ms. Thomson called the meeting to order at 14:02 UTC, welcomed attendees, and provided an overview of the topics on the committee’s agenda.

The Finance Committee meeting minutes were unanimously approved as presented.

Updates From CFO

Ms. Park reviewed the third quarter 2024 financial results for the Internet Society (ISOC), including budget to actual variances in revenue and expenses, ISOC generated revenue, temporarily restricted funds, revenue trend analysis, public support test projections, and the status of cash and investments.

Discussion ensued with committee members inquiring about fundraising and the importance of collaborative fundraising with the IETF.

Ms. Park reviewed the third quarter 2024 financial results for the ISOC Foundation, including revenue, expenses, program funding, and expenses by function.

Ms. Park reviewed the third quarter 2024 financial results for Connected Giving Foundation, including revenue, expenses, investment activities, and portfolio asset allocation.

2025 Budget Proposals

Ms. Park presented the proposed ISOC budget with forecasted revenue of approximately $38 million and corresponding expenses of approximately $38 million for a break-even budget.

Discussion ensued with committee members inquiring about excess contributions, fundraising associated with grants, board budget details, amicus funding, project costs, corporate structure review, and vendor management.

Ms. Park presented the proposed ISOC Foundation budget with forecasted revenue of approximately $28 million, unrestricted expenses of approximately $18 million, and grants and other funding commitment plans of approximately $19 million.

Discussion ensued with committee members inquiring about staffing and revenue generation.

Ms. Park presented the Connected Giving Foundation proposal with forecasted revenue of approximately $3 million and expenses of approximately $1.3 million.

Follow Up Discussion on Goldman Sachs Proposal

The committee revisited the topic of asset allocation as proposed by Goldman Sachs, discussing its merits and demerits. The Finance Committee recommended against a reallocation and requested Ms. Park convey this to Goldman Sachs. No further action is needed.

Any Other Business

No other business was raised.

Adjournment

Ms. Thomson adjourned the meeting at 15:16 UTC.

All Board Finance Committee Meeting Minutes