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, October 30, 2020 at 15:00 UTC. In attendance were Richard Barnes, Treasurer and Chair of the Finance Committee with Gonzalo Camarillo, Olga Cavalli, Ted Hardie, Robert Pepper, George Sadowsky, and Laura Thompson as members of the Finance Committee.

Also, in attendance were ISOC staff Andrew Sullivan, ISOC’S President and Chief Executive Officer, Sandy Spector, Chief Financial Officer, Sae Park, Senior Director, Finance and Corporate Reporting, and Sarah Armstrong, Executive Director of the Foundation.

Call to Order

Richard called the meeting to order.

Meeting Agenda

Sandy briefly reviewed the meeting agenda:

  1. Internet Society’s Q3 Financial Results
  2. Foundation’s Q3 Financial Results
  3. Foundation’s 2021 Budget Proposal
  4. Internet Society’s 2021 Budget Proposal

Internet Society: Q3 2020 Financial Results

Sandy reviewed the results of the Q3 2020 financials compared to the budget. For the first nine months of 2020, Internet Society’s net surplus before interest was $5.91 million, which exceeded the budget of $839 thousand by $5.07 million. Due to investment gains, the net surplus after interest was $6.62 million. September 30, 2020 financial results exceeding the 2020 budgeted amounts were attributable to lower than planned project expenditures and personnel costs, partially offset by lower revenue. Sandy then discussed the detailed financial results of revenue, action plan projects expenses, mission support projects 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 September 30, 2020.

Internet Society Foundation: Q3 2020 Financial Results

Sandy reviewed the results of the Q3 2020 financial report of the Internet Society Foundation. The net surplus of $20.62 million as of September 30, 2020 exceeded the 2020 budgeted amounts of $17.36 million by $3.25 million, which were attributable to lower than planned expenditures.  Sandy discussed the detailed financial results of revenue, expenses, and the board designated funds.

Sandy concluded the financial review with the details on the Statement of Financial Positions as of September 30, 2020.

Internet Society Foundation: FY2021 Budget proposal review

Sandy and Sarah presented the Foundation’s 2021 budget proposals to obtain the Committee’s consensus prior to presenting them to the full Board of Trustees.  The Committee asked specific questions which were addressed by Sandy or Sarah.  The budget would next be sent to the full Board before the November Board meeting.

Internet Society: FY2021 Budget proposal review

Sandy presented the organization’s 2021 financial budget to obtain the Committee’s consensus prior to presenting them to the full Board of Trustees. Sandy reviewed the overall budgeting process and the management’s strategic decisions that were reflected in the 2021 budget.

The Committee asked specific questions which were addressed by Sandy or Andrew.  The 2021 budget would be sent next to the full Board before the November Board meeting.

Adjournment 

The meeting was adjourned at 16:03 UTC.