Committee Members in Attendance
Finance Committee Chair Laura Thomson, Ted Hardie, Robert Pepper, Jon Peterson, and George Sadowsky.
Internet Society Staff in Attendance
President and CEO Andrew Sullivan, Chief Financial Officer Sae Park, Senior Manager in Finance Judy Kellett, and Board Liaison Lauren Terrell. Internet Society Foundation Executive Director Sarah Armstrong.
Call to Order and Welcome
Ms. Thomson called the meeting to order at 18:00 UTC and welcomed attendees.
Third Quarter 2022 Financial Results, Internet Society
Ms. Park reviewed the Q3 2022 financial results, including revenue, expenses, associated variances, and cash and investments. For the first nine months ending September 30, 2022, the Internet Society’s net surplus before interest and investments was $3.12M higher than the budget amount of $867K.
Discussion ensued, and Ms. Park addressed committee members’ questions and comments.
Third Quarter 2022 Financial Results, Internet Society Foundation
Ms. Park reviewed the third quarter 2022 financial results, including revenue, expenses, program funding, board-designated fund balances, the balance sheet, and cash and investment forecast. For the nine months ending September 30, 2022, the Internet Society Foundation’s net surplus before investments was $26.21M, which was $8.17M higher than the year-to-date budget due to higher than the budgeted contributions from Public Interest Registry (PIR). The Internet Society Foundation reported a net interest and investment loss of $18.86M through the end of the third quarter.
2023 Budget
Ms. Park presented the 2023 financial budgets for Internet Society and Internet Society Foundation for consideration. The 2023 financial budgets reflect reallocation strategies and strategies to improve the public support percentage.
Discussion ensued, and Ms. Park addressed committee members’ questions and comments. Ms. Park noted that the budgets would be sent to the Board before the November meeting.
Any Other Business
No other business was raised.
Adjournment
Ms. Thomson adjourned the meeting at 19:19 UTC.
All Board Finance Committee Meeting Minutes