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