============================================================================== ISOC Document 94-308 Title: Report and recommendations of the Treasurer Author(s): Frode Greisen Date: 1994.12.09 Body: Board of Trustees Document: 94-308 Revision: basic Supersedes: - Status: Maintainer: Frode Greisen Access: unrestricted ---------------------------------------------------------------------------- This report highlights the major financial matters for ISOC for 1993, 1994 and 1995. Further detail is given in the briefing papers for the board meeting on 15-16 Dec 1994. 1993 ----- The accounts for 1993 have been audited by Gelman, Rosenberg and Freedman and a reconciliation with CNRI accounts as far as ISOC is concerned has taken place. As the board had decided on a financial review by Coopers & Lybrand (action 94-22) the board should now formally modify that resolution unless we wish to do a review supplementary to the audit. The 1993 accounts show an increase in revenue to 1005 KUSD, up from 496 in 1992. The fund balance increased from 180 kUSD at the beginning of the year to 257 k at the end. In addition to the ordinary expenses ISOC also contributed 225 kUSD to the IETF secretariat in accordance with a board resolution. 1994 ----- During 1994 the recommendations of the audit committee and a set of recommendations from the auditors have gradually been implemented in the rules for operating the secretariat. In particular, monthly financial updates with unaudited income statements and balance sheets are becoming available. A new financial package is being installed which will hopefully allow the inclusion of figures from last year and distribution over the network of these statements. Based on the first 10 months, the 1994 income is expected to be around 897 kUSD, down from 1005 last year. A surplus of 262 k is expected, before any contribution to the IETF. A preliminary decision in February was to contribute 100 k in 1993. The individual membership now stands at 3741, including 669 new members from the Prague conference, up from around 2000 in February. Organizational membership has been growing slowly. While not solely of financial interest, the auditors have also recommended that all staff use timesheets to reflect hours worked on various projects each day. This would both serve as a basis for accounting of possible project work and as a general management tool to deploy ISOC resources towards the goals decided. I support this recommendation. The audit committee may further comment at the meeting and in particular the board needs to understand what level of reserves is needed for operating the society. 1995 ------ A budget for 1995 is proposed by the President in accordance with the by-laws. This budget has a target income of 1200 kUSD, a major expansion of the publication efforts and an addition of four new staff to the secretariat. If the board decides to move quickly into including parts of the standards development and infrastructure support as recommended in the strategic plan the the budget will have to be increased accordingly, of course. ==============================================================================