Meeting (5 June 2023)

Committee Members in Attendance

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

Committee Members Absent

Robert Pepper and George Sadowsky.

Internet Society Staff in Attendance

President and CEO Andrew Sullivan, Chief Financial Officer Sae Park, and Board Liaison Lauren Terrell.

Call to Order and Welcome

Ms. Thomson called the meeting to order at 15:03 UTC, welcomed attendees, and provided an overview of the topics on the committee’s agenda.

Update from CFO

Ms. Park reviewed the first quarter of 2023 financial results for the Internet Society, including budget to actual variances in revenue and expenses, donor-designated and board-designated funds, public support test projections, and status of cash and investments.

Ms. Park then reviewed the first quarter of 2023 financial results for the Internet Society Foundation, including revenue, expenses, program funding, statement of financial position, and the status of cash and investments.

Following Ms. Park’s presentations, discussions ensued.

Finance Committee Charter Review

Following nonprofit sector best practices, the committee considered amendments to the charter, which was last updated in 2019. Minor amendments reflected clarity in language and terminology, as well as specific language around the committee’s role in the oversight of investments and investment performance.

With no objections from the committee, the amended charter will be presented to the Board of Trustees for approval in accordance with the Internet Society and Internet Society Foundation’s Amended and Restated Bylaws, Article II, Section 12.

Connected Giving Foundation Proposal

In 2019, the Connected Giving Foundation was formed as a supporting organization of the Internet Society to provide supporting activities, including investment management of reserves. It has been dormant since its inception. A proposal before the committee, and ultimately the board, seeks approval to operationalize the Connected Giving Foundation to manage and ensure continuous growth of long-term reserves. Ms. Park addressed the benefits and areas of consideration, such as operational setup and governance.

The committee discussed the proposal in detail, providing various insights and recommendations.

The Finance Committee will present a further revised proposal to the board for consideration.

Any Other Business

No other business was raised.

Adjournment

Ms. Thomson adjourned the meeting at 15:56 UTC.

All Board Finance Committee Meeting Minutes

Meeting (5 June 2023)

• Meeting (29 May 2025)
• Meeting (28 October 2024)
• Meeting (3 September 2024)
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