Minutes from a Joint Meeting of the Internet Society and Internet Society Foundation Finance Committee Meeting – 30 May 2024
Committee Members in Attendance
Finance Committee Chair Laura Thomson and committee members Ramanou Biaou, Ted Hardie, Caleb Ogundele, Robert Pepper, and Jon Peterson.
Internet Society Staff in Attendance
Chief Financial Officer Sae Park and Director of Governance and Board Operations Lauren Terrell.
Call to Order and Welcome
Ms. Thomson called the meeting to order at 14:04 UTC and welcomed attendees.
Approval of Previous Meeting Minutes
The 4 March 2024 Finance Committee meeting minutes were unanimously approved as presented.
First Quarter 2024 Financial Results for Internet Society and Internet Society Foundation
Ms. Park reviewed the first quarter 2024 financial results for the Internet Society, including statement of activities, budget to actual variances in revenue and expenses, updated revenue projections, public support test projections, expenses by function, restricted funds, and statement of financial position.
Ms. Park then reviewed the first quarter of 2024 financial results for the Internet Society Foundation, including the statement of activities, revenue, expenses, board designated funding, expenses by function, and the statement of financial position.
Discussion ensued.
Ms. Park also reviewed the Connected Giving Foundation’s financials, including the statement of activities and investment activities.
Financial Disclosure on Internet Society’s Website
The committee reviewed the Internet Society’s current practice regarding financial disclosures on the website, which include standalone financial reports and Form 990s. A revised format was proposed to the committee for the standalone financial reports, consisting of details on revenue streams and expenses for major programmatic and operations areas.
Discussion ensued and the committee directed Ms. Park to move forward with implementation of the proposed revised format.
CEO Transition Costs Update
Ms. Park provided an update on the costs and projections associated with the CEO transition.
Discussion ensued.
Any Other Business
Ms. Thomson thanked Mr. Pepper and Mr. Peterson, who are transitioning off the Internet Society board, for their service to the Finance Committee.
Adjournment
With no other business, Ms. Thomson adjourned the meeting at 14:53 UTC.