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      IETF Administration LLC 2024 Draft Budget

      • Jay DaleyIETF Executive Director

      6 Dec 2023

      The IETF Administration LLC has prepared its draft budget for 2024 and now seeks community feedback.

      The IETF Administration LLC 2024 Draft Budget is made up of the following:

      1. Budget
      2. Meetings budget
      3. Chart of accounts

      Key assumptions

      • Internet Society contribution as per our agreement
      • All meetings will go ahead with an increased fee structure but with lower levels of onsite registration than pre-COVID.
      • Fundraising will meet the targets set out two years ago.
      • IT support structure has changed from prior years
      • Investments rate of return is 4% over the year, as confirmed with our investment advisors
      • 4% inflation reflected in some admin and contract costs

      Summary

      Summary of 2024 budget and comparison to 2023
      2024 Draft Budget 2023 Budget Variance
      Non-Meeting Revenue $ 9,271,173 $ 10,264,250 $ (993,077)
      Meeting Revenue $ 4,147,704 $ 3,685,791 $ 461,913
      TOTAL REVENUE $ 13,418,877 $ 13,950,041 $ (531,164)
      Operating Expenses $ 7,123,163 $ 6,353,650 $ (769,513)
      Meeting Expenses $ 5,076,232 $ 4,933,815 $ (142,417)
      TOTAL EXPENSES $ 12,199,395 $ 11,287,465 $ (911,930)
      NET INCOME $ 1,219,482 $ 2,662,576 $ (1,443,094)
      Capital Expenditure $ 1,015,942 $ 752,400 $ (263,542)
      NET INCOME AFTER CAPITAL $ 203,540 $ 1,910,176 $ (1,706,636)

      Key changes from 2023

      Budget changes

      • Investments
        • The budget for Investment income is lower due to using 4% vs. 10% as only income returns are being budgeted (not increase in value).  This is a decrease of ($1,213,077)
      • Meetings:
        • Sponsorship revenue budgeted increased $180,000 spread between Hosts, Running Code, and D&I 
        • Meeting Rebates & Comps budgeted includes Subvention Grants and VAT recovery, whereas 2023 did not include either of these
        • Meeting NOC Support includes the cost of in-kind circuits, whereas 2023 did not include the expense side of this contribution
        • Sponsorship Supported Services for 2024 eliminated the ASL service and the Fee Waiver expense, as this is just lost revenue
      • Administration:
        • Inflationary increase in all wages at 4%
        • Reduction of 1 FTE for fundraising
        • Adjustment for actual payroll process fees being greater
        • The cost of the annual financial audit was budgeted in Operation in 2023 and was moved to CPA services for 2024
      • RFC Production Center
        • Includes a new Citation Specialist (through AMS)
      • IETF Trust
        • Adjusted the prior year standard budget amount of $165,216 to agree with the 2024 Advice in the IETF Trust approved 2023 budget - $120,652 standard budget and $30,000 reserve amount
      • Tools:
        • Due to migrating IT Infrastructure and Mail Management to other contractors and methodology, there is an increase in Staff costs and a decrease in Secretariat-IT costs.  The migration costs are included also.
      • Depreciation was not budgeted in 2023, but has been included for 2024

      Presentation changes

      • No changes

      Community feedback

      Community feedback on the budget is welcome and should be made either directly to the IETF Executive Director at exec-director@ietf.org, who can also answer any questions, or to the administration discussion list admin-discuss@ietf.org.  Please provide any feedback before December 30th 2023.


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