Finance Committee Meeting Minutes – 4 March 2024
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.
Guests in Attendance
Present for a portion of the meeting was Goldman Sachs Vice President John Hahn and Vice President of the Investment Management Division Anne Shapiro.
Call to Order and Welcome
Ms. Thomson called the meeting to order at 14:02 UTC and welcomed attendees.
Approval of Previous Meeting Minutes
The 30 October 2023 Finance Committee meeting minutes were unanimously approved as presented.
Updates from Goldman Sachs
Ms. Shapiro provided an overview of the 2024 market outlook.
Mr. Hahn reviewed the 2023 investment portfolios and performance for the Internet Society, Internet Society Foundation, and Connected Giving Foundation. Net gains were reported for all three entities.
Following their presentation, Mr. Hahn and Ms. Shapiro left the meeting.
2023 Year-End Financial Results for Internet Society
Ms. Park reviewed the 2023 year-end, pre-audit financial results for the Internet Society, including budget-to-actual variances in revenue and expenses, ISOC-generated revenue, and public support test projections.
2023 Year-End Financial Results for Internet Society Foundation
Ms. Park then reviewed the 2023 year-end, pre-audit financial results for the Internet Society Foundation, including revenue, expenses, board-designated funding, and program funding.
Discussion ensued with Ms. Park responding to questions and comments.
Connected Giving Foundation Update
Ms. Park presented the Connected Giving Foundation’s 2023 pre-audit financial results, including a Statement of Activities and an updated summary of investment results, noting that the Connected Giving Foundation’s Board had also received associated financial updates.
Any Other Business
As previously approved by the Board, 2024 annual funding and matching contribution to IETF LLC will be disbursed before the end of March.
As part of its five-year strategic road map, the Internet Society Foundation received several financial scenarios from the finance team to inform the planning process.
Adjournment
With no other business, Ms. Thomson adjourned the meeting at 14:45 UTC.