Meeting (4 March 2024)

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.

Guests in Attendance

Present for a portion of the meeting was Goldman Sachs Vice President John Hahn and Vice President of the Investment Management Division Anne Shapiro.

Call to Order and Welcome

Ms. Thomson called the meeting to order at 14:02 UTC and welcomed attendees.

Approval of Previous Meeting Minutes

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

Updates from Goldman Sachs

Ms. Shapiro provided an overview of the 2024 market outlook.

Mr. Hahn reviewed the 2023 investment portfolios and performance for the Internet Society, Internet Society Foundation, and Connected Giving Foundation. Net gains were reported for all three entities.

Following their presentation, Mr. Hahn and Ms. Shapiro left the meeting.

2023 Year-End Financial Results for Internet Society

Ms. Park reviewed the 2023 year-end, pre-audit financial results for the Internet Society, including budget-to-actual variances in revenue and expenses, ISOC-generated revenue, and public support test projections.

2023 Year-End Financial Results for Internet Society Foundation

Ms. Park then reviewed the 2023 year-end, pre-audit financial results for the Internet Society Foundation, including revenue, expenses, board-designated funding, and program funding.

Discussion ensued with Ms. Park responding to questions and comments.

Connected Giving Foundation Update

Ms. Park presented the Connected Giving Foundation’s 2023 pre-audit financial results, including a Statement of Activities and an updated summary of investment results, noting that the Connected Giving Foundation’s Board had also received associated financial updates.

Any Other Business

As previously approved by the Board, 2024 annual funding and matching contribution to IETF LLC will be disbursed before the end of March.

As part of its five-year strategic road map, the Internet Society Foundation received several financial scenarios from the finance team to inform the planning process.

Adjournment

With no other business, Ms. Thomson adjourned the meeting at 14:45 UTC.

All Board Finance Committee Meeting Minutes

Meeting (4 March 2024)

• 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)