The “unqualified audit opinion” presented to the board indicates that the IETF LLC financial statements were fairly and appropriately presented, without any identified exceptions, and in compliance with the generally accepted accounting principles (GAAP). The 2019 annual budget represented the first full year of operation for the IETF LLC and this excellent result is due to work by the IETF Secretariat team, IETF LLC Executive Director Jay Daley, as well as the IETF LLC Board Treasurer Sean Turner to ensure a solid financial foundation for the work of the IETF. I share my thanks to all of them for their diligent efforts.
The final IETF LLC 2019 audited financial statement is available on the IETF website. Looking ahead, with the significant changes in IETF operations imposed by the global pandemic, work is already underway to review and reforecast the 2020 IETF LLC budget. We are also beginning the 2021 budget process as part of our preparation for discussion with the Internet Society over our long-term funding.