Meeting (30 October 2023)

Committee Members in Attendance

Finance Committee Chair Laura Thomson, Ted Hardie, Jon Peterson, and Caleb Ogundele.

Committee Members Absent

Robert Pepper and Ramanou Biaou.

Internet Society Staff in Attendance

President and CEO Andrew Sullivan, Chief Financial Officer Sae Park, Senior Manager of Budgeting and Forecasting Judy Kellett, and Board Liaison Lauren Terrell.

Call to Order and Welcome

Ms. Thomson called the meeting to order at 13:02 UTC and welcomed attendees.

Approval of Previous Meeting Minutes

The 30 August 2023 Finance Committee meeting minutes were unanimously approved as presented.

Mr. Hahn reviewed Internet Society and Internet Society Foundation’s 2023 investment performance to date, reflecting a positive return for the year through June.

Third Quarter 2023 Financial Results for Internet Society and Internet Society Foundation

Ms. Park reviewed the third quarter 2023 financial results for the Internet Society, including budget to actual variances in revenue and expenses, updated revenue projections, public support test projections, and personnel costs by department.

Ms. Park then reviewed the third quarter 2023 financial results for the Internet Society Foundation, including revenue, expenses, board designated funding, and the statement of financial position.

Update on Connected Giving Foundation

Ms. Park provided an overview of the Connected Giving Foundation, including the statement of activities with the 2023 and 2024 forecasts, investment activities, and portfolio asset allocation.

Following Mr. Park’s presentation, discussion ensued.

2024 Proposed Budgets

Ms. Park presented the Internet Society budget proposal with forecasted revenue of approximately $35.2M and corresponding expenses of $35.2M for a break-even budget.

The Internet Society Foundation’s proposed budget was presented with an anticipated revenue of $29.0M and expenses of approximately $16.6M.

Discussion ensued and Ms. Park addressed committee member questions and comments.

Any Other Business

The committee reviewed the updated Investment Policy for the Internet Society Foundation and new Investment Policy for the Connected Giving Foundation. Both policies will be presented to the board for approval.

Adjournment

With no other business, Ms. Thomson adjourned the meeting at 14:08 UTC.

All Board Finance Committee Meeting Minutes

Meeting (30 October 2023)

• Meeting (29 May 2025)
• Meeting (28 October 2024)
• Meeting (3 September 2024)
• Meeting (30 May 2024)
• Meeting (4 March 2024)
• Meeting (30 October 2023)
• Meeting (30 August 2023)
• Meeting (5 June 2023)
• Meeting (22 March 2023)
• Meeting (31 October 2022)
• Meeting (9 August 2022)
• Meeting (3 March 2022)
• Meeting (4-5 December 2021)
• Meeting (28 April 2021)
• Meeting (30 October 2020)
• Meeting (29 July 2020)
• Meeting (24 April 2020)
• Meeting (24 February 2020)
• Meeting (1 November 2019)
• Meeting (14 August 2019)
• Meeting (17 May 2019)
• Meeting (23 April 2019)
• Meeting (4 February 2019)
• Meeting (9 May 2018)
• Meeting (1 December 2017)
• Meeting (18 August 2017)
• Meeting (17 May 2017)
• Meeting (16 March 2017)
• Meeting (22 November 2016)
• Meeting (18 August 2016)
• Meeting (13 May 2016)
• Meeting (16 March 2016)
• Meeting (13 November 2015)
• Meeting (19 August 2015)
• Meeting (7 May 2015)
• Meeting (26 February 2015)
• Meeting (30 October 2014)
• Meeting (19 August 2014)
• Meeting (13 May 2014)
• Meeting (10 March 2014)
• Meeting (28 October 2013)
• Meeting (26 September 2013)
• Meeting (11 September 2013)
• Meeting (15 May 2013)
• Meeting (28 March 2013)
• Meeting (3 August 2012)
• Meeting (7 May 2012)
• Meeting (5 March 2012)
• Meeting (8 November 2011)
• Meeting (28 September 2011)