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 Wednesday, July 29, 2020 at 17:00 UTC. In attendance were Richard Barnes, Treasurer and Chair of the Finance Committee with Hans Peter Dittler, Gonzalo Camarillo, Robert Pepper, and Olga Cavalli as members of the Finance Committee.

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

Call to Order

Richard called the meeting to order.

Internet Society: Q2 2020 Financial Results and Mid-year Forecast

Sandy reviewed the results of the Q2 2020 financial reports against the budget. For the six months ended June 30, 2020, Internet Society’s net surplus before interest was $4.20 million. It exceeded the budgeted surplus of $969 thousand by $3.23 million, primarily attributable to lower than planned project expenditures and personnel costs, partially offset by lower revenue. ISOC’s investment portfolio recouped the Q1 losses during Q2, resulting in a YTD net surplus after interest of $4.36 million.

Sandy continued reviewing the details behind the financial results of revenue, action plan and mission support projects expenses, personnel & operating costs, temporarily restricted funds, and the Board designated funds. Sandy then reviewed the details on cash, investment balances, and the Statement of Financial Positions as of June 30, 2020.

Sandy explained how ISOC had undertaken the mid-year forecasting processes to project the year-end financial results and concluded her presentation with a detailed analysis of the forecasted results against the budget.

Internet Society Foundation: Q2 2020 Financial Results

Sandy reviewed the Q2 2020 financial results of the Internet Society Foundation. For the six months ended June 30, 2020, the Internet Society Foundation’s net surplus before interest was $16.05 million, which was $3.20 million higher than the budgeted surplus of $12.85 million primarily due to higher than budgeted funding from PIR.
Sandy discussed the detailed financial results of revenue, personnel and operating expenses, and the Board designated funds.
Sandy concluded the financial review details on the Statement of Financial Positions as of June 30, 2020, and reviewed a detailed analysis of forecasted financial results compared to the budget.

Adjournment

The meeting was adjourned at 18:04 UTC.