Meeting (13 November 2015)

A scheduled meeting of the Finance Committee of the Internet Society (ISOC) was held on Friday, November 13, 2015 at 14 :00 UTC. In attendance were Sean Turner, Treasurer and Chair of the Finance Committee, with Gonzalo Camarillo and Hiroshi Esaki as members of the Finance Committee. Jason Livingood sent his regrets.

Also in attendance were Greg Kapfer, Chief Financial Officer, and Sandy Spector, Director of Finance. Kathy Brown, ISOC’s President and Chief Executive Officer sent her regrets.

Sean called the meeting to order.

Q3 2015 Financial Results

Greg walked the Committee through the Q3 YTD financial results, highlighted by ISOC’s very strong financial position. Through the first nine months, ISOC has a positive $2.9 million net surplus (after investment results), exceeding the budgeted surplus of $1.1 million. This surplus is partially timing and partially permanent. The timing impact is largely the result of program spending, while the permanent savings are due to open positions and delays in hiring. While the delays in hiring will be a permanent variance at year-end, the program spending gap is forecasted to lessen in the Q4.

Greg then walked the Committee through reporting on Donor Restricted Funds and Board Designated Fund activity, noting that most of the Board Designated Funds are for multi-year projects for which expenditures would occur into 2016 and even 2017.

Foreign Strategy Options

Greg walked the Committee through the current foreign currency usage and informed the Committee that ISOC would be working with financial institutions to explore foreign currency purchase options to lessen the possibility of currency impact on our 2016 budget. The Committee agreed on the planned approach.

Finance Committee Meeting Calendar

The Committee agreed the next Finance Committee meeting would be on or about March 11, 2016 and would include review the 2015 year-end financial results, as well as, a presentation of investment results by Morgan Stanley.

AOB

With no further business, the meeting was adjourned at 14:40 UTC.