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IETF Administration LLC 2020 Budget Reforecast
- Jay Daley IETF Executive Director
28 Aug 2020
The IETF Administration LLC has reforecast its 2020 budget to address the significant changes in the underlying assumptions since the original budget was created.
The IETF Administration LLC published a 2020 budget back in January 2020 but since then the COVID-19 pandemic has led to significant changes in the underlying assumptions and so the budget has been reforecast. The main changes incorporated in this reforecast are:
- Actual figures for IETF 107
- Assume that IETF 108 and IETF 109 will be fully online.
- Estimating an insurance payout for our IETF 107 and IETF 108 claims.
- No permanent fundraiser appointed until next year
- No strategic retreats by any group
- Increase in tools spend
The investment income has not been reforecast due to exceptional market volatility.
Budget Reforecast Summary
The table below summarises this budget reforecast and compares it to the original 2020 budget and the 2019 budget.
| 2020 Budget F1 | 2020 Budget | Variance | 2019 Budget | |
|---|---|---|---|---|
| Non-Meeting Revenue | $ 5,457,414 | $ 5,457,414 | $ 0 | $ 5,083,560 |
| Meeting Revenue | $ 1,390,493 | $ 3,818,999 | $ (2,428,506) | $ 3,941,880 |
| TOTAL REVENUE | $ 6,847,907 | $ 9,276,413 | $ (2,428,506) | $ 9,025,440 |
| Operating Expenses | $ 5,135,618 | $ 5,105,448 | $ (15,340) | $ 4,831,867 |
| Meeting Expenses | $ 1,557,989 | $ 4,110,242 | $ (2,470,253) | $ 3,837,325 |
| TOTAL EXPENSES | $ 6,693,607 | $ 9,215,690 | $ (2,485,593) | $ 8,669,192 |
| Net Income | $ 154,301 | $ 60,723 | $ 57,088 | $ 356,248 |
| Capital Expenditure | $ 160,500 | $ 160,500 | $0 | $ 190,550 |
| Net Income after Capital | $ (6,199) | $ (99,777) | $ 57,088 | $ 165,698 |
As you will see, the net effect is a lower budget deficit.