A meeting of the Finance Committee of the Internet Society (ISOC) was held on Tuesday, August 19 at 13:00 UTC. In attendance were Jason Livingood, Treasurer and Chair of the Finance Committee, and David Farber, Hiroshi Esaki, Sean Turner as members of the Finance Committee.
Also in attendance were Kathy Brown, ISOC’s President and Chief Executive Officer, Greg Kapfer, Chief Financial Officer, and Sandra Spector, Director of Finance
Jason called the meeting to order.
Review of Q2 Financial Statements and Management Report
Greg walked through the Q2 2014 year-to-date financial results of a net surplus of $1.487 million. Greg highlighted revenue results and expenditure variances. Greg stated that ISOC would have a challenge meeting the 2014 non-PIR revenue targets. Organizational Membership is up from prior year but would still fall short of the budgeted annual amount. Greg explained that although ISOC was pursuing cost saving opportunities, Board approved but unbudgeted expenses would occur in the second half of the year. Greg then pointed out that investment results year-to-date were above the budget and that currency exchange rates were improving.
Greg also updated the Committee that the IL-LAC grant was extended and work would continue through 2017 for a three-year grant total of $762,000.
2015 Planning
Greg and Kathy used the planning timeline presented at the Annual General Meeting to discuss further planning progress. Greg summarized that Executives have been given targets for expenses and headcount, and we are progressing toward the September All Staff and Board Retreats. The Finance Committee discussed the timing of the 2015 planning and agreed upon an October 30th meeting date to review and discuss the 2015 ISOC Business Plan.
Investments
Greg highlighted to the Finance Committee the favorable 2014 year to date Continuity Fund 5% investment income. Greg noted this return was partially due to the revised Investment Policy implemented in 2013. He also showed the maturity pattern for the short-term investments of the $10 million.
AOB
Greg update the Finance Committee on the agenda of the Audit Committee including review and acceptance of the 2013 990 U.S. Tax Filing and approving appointment of new auditors.
With no further business, the meeting was adjourned at 13:45 UTC.
All Board Finance Committee Meeting Minutes