Finance / Compensation Committee Meeting

March 16; Forum Telecom - Picoas, Lisbon, Portugal

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Call to OrderCall to OrderDr. Amado EspinosaDr. Amado Espinosa

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Roll CallRoll CallDr. Jim PoisantDr. Jim Poisant

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Committee Members

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City Name Organization Attendance1 Chinese Taipei James Liu CISA2 Japan Takashi Igarashi JISA3 Mexico Dr. Amado Espinosa CANIETI4 Mexico Santiago Gutierrez WITSA5 U.S.A Dr. Jim Poisant WITSA6 Argentina Silvia Bidart CESSI7 Lebanon Nizar Zakka PCA8 South Africa Roger Latchman ITA9 U.S.A Shawn Osborne TechAmerica

Comparative Statement of Income For the One Month Ended January 31, 2014 and 2013 (1/3) (Feb 15, 2014)

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Jan 14 Jan 13 $ ChangeOrdinary Income/ExpenseIncome45000 · Investments45030 · Interest Income 208.67 324.43 -115.76Total 45000 · Investments 208.67 324.43 -115.7646400 · Other Types of Income46436 · Corporate Advisory Committee 5,000.00 1,250.00 3,750.00Total 46400 · Other Types of Income 5,000.00 1,250.00 3,750.0046500 · In-Kind Revenue 700.00 0.00 700.0047200 · Program Income47230 · Membership Dues 6,383.33 7,062.50 -679.1747240 · Global Partner Program 4,166.66 4,166.66 0.00Total 47200 · Program Income 10,549.99 11,229.16 -679.17Total Income 16,458.66 12,803.59 3,655.07Gross Profit 16,458.66 12,803.59 3,655.07

Comparative Statement of Income For the One Month Ended January 31, 2014 and 2013 (2/3) (Feb 15, 2014)

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Jan 14 Jan 13 $ ChangeExpense60925 · Bank Charges60930 · Wire Fees -50.00 35.00 -85.0060925 · Bank Charges – Other 157.05 164.41 -7.36Total 60925 · Bank Charges 107.05 199.41 -92.3662100 · Contract Services62110 · Accounting Fees 3,850.00 1,370.00 2,480.0062140 · Legal Fees 655.00 0.00 655.0062160 · Consulting 4,608.83 3,321.00 1,287.83Total 62100 · Contract Services 9,113.83 4,691.00 4,422.8362800 · Facilities and Equipment62890 · Rent, Parking, Utilities 700.00 0.00 700.00Total 62800 · Facilities and Equipment 700.00 0.00 700.0065000 · Operations65040 · Supplies 200.61 70.34 130.2765050 · Telecommunications 460.93 587.74 -126.8165051 · Data Backup 0.00 199.90 -199.9065055 · ADP Payroll Fees 584.57 448.64 135.93Total 65000 · Operations 1,246.11 1,306.62 -60.51

Comparative Statement of Income For the One Month Ended January 31, 2014 and 2013 (3/3) (Feb 15, 2014)

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Jan 14 Jan 13 $ Change65100 · Other Types of Expenses65150 · Memberships and Dues 25.00 0.00 25.0065155 · Meals & Entertainment 25.11 0.00 25.11Total 65100 · Other Types of Expenses 50.11 0.00 50.1166000 · Payroll Expenses66005 · Salaries

Salary Anders 8,062.96 7,728.99 333.97Salary Poisant 20,671.31 20,069.25 602.06

Total 66005 · Salaries 28,734.27 27,798.24 936.0366007 · Payroll Taxes 1,911.93 2,751.01 -839.0866008 · Workmans Compensation Insurance 30.13 44.15 -14.0266015 · Life & Disability Insurance 550.85 550.85 0.0066020 · Health & Dental Insurance 1,585.24 1,109.86 475.3866025 · 401K WITSA Contribution 1,436.72 1,389.91 46.81Total 66000 · Payroll Expenses 34,249.14 33,644.02 605.1268300 · Travel and Meetings68320 · Travel-Poisant 1,828.78 988.39 840.39Total 68300 · Travel and Meetings 1,828.78 988.39 840.39

47,295.02 40,829.44 6,465.58Net Ordinary Income -30,836.36 -28,025.85 -2,810.51Net Income -30,836.36 -28,025.85 -2,810.51

Summary Balance Sheet (Feb 15, 2014)

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ASSETSCurrent AssetsCash Accounts 657,749.70 Cash in operating accountsAccounts Receivable Net of Allowance

139,210.00 Outstanding dues and other receivables

Prepaid Expenses 4,215.82 Expenses paid in cash but not usedInvestments - CD's 104,944.70 Middleburg BankNet Fixed Assets 1,798.00TOTAL ASSETS 907,918.22LIABILITIES & EQUITYLiabilitiesCurrent LiabilitiesAccounts Payable 4,460.33Credit Card Payables 1,468.46Accrued Expenses 34,778.97 Expenses incurred such as vacation and pension

amountsDeferred Revenue 78,858.35 Amounts invoiced to customers that have not been

earned yet.Total Liabilities 119,566.11 For example: Mexico IT was invoiced from Oct 1

2013 to Oct 1 2014. The 2014 part was deferredEquity Our corporate advisors are also billed on a fiscal year

basis, not an annual basisUnrestricted Net Assets 818,635.65Net Income -30,283.54Total Equity 788,352.11TOTAL LIABILITIES & EQUITY 907,918.22

Summary Income Statement (Feb 15, 2014)

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Ordinary Income/ExpenseIncomeInvestment Income 208.67Program Income 10,549.99 Dues, Global Partner ProgramOther Income 5,700.00 Corporate Advisory Program, In-Kind Revenue

and Digital Planet SalesTotal Income 16,458.66ExpensesContract Services 9,113.83 Accounting, Legal and ConsultingOperations 2,151.47 Communications, Website, Payroll Processing

FeesSalary and Benefits 32,249.14Travel Expenses 1,070.60 All TravelOther Expenses 2,157.16 Bank Fees, Insurance, Membership Dues, Rent,

Depreciation, AwardsTotal Expense 46,742.20Net Income -30,283.54

Cash Flow Board (Feb 15, 2014)

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CASH FLOWS FROM OPERATING ACTIVITIESCash received from members 250 Cash paid to vendors (36,332)

Interest received 210 Net Cash Provided by (Used In) Operating Activities (35,872)CASH FLOWS FROM INVESTING ACTIVITIESCash used to purchase property and equipment - Cash used to purchase investments -

Net Cash Provided by (Used In) Investing Activities - CASH FLOWS FROM FINANCING ACTIVITIESNet Cash Provided by (Used In) Financing Activities -

NET INCREASE (DECREASE) IN CASH (35,872)CASH, BEGINNING OF YEAR 693,784 CASH, January 31, 2014 657,912

Cash Flow Board (Feb 15, 2014)

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RECONCILIATION OF NET INCOME TO NET CASH

PROVIDED BY (USED IN) OPERATING ACTIVITIES:

Net income (30,284)Adjustments to reconcile net income to net cashProvided by (used in) operating activities:

Depreciation and amortization -

(Increase) decrease in accounts receivable (55,667)

(Increase) decrease in prepaid expenses 420

Increase (decrease) in accounts payable & accrued expenses 9,340

Increase (decrease) in deferred revenue 40,317

(5,590)NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (35,874)

Accounts Receivable (1/2) (Feb 15, 2014)

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Dues - 2013

Dues - 2012

Special Events

TOTAL

Barbados 525.00 525.00Brazil - Assespro 37,525.00 37,525.00Canada 5,025.00 400,035.00 405,060.00Cisco 15,025.00 15,025.00EPAM 15,025.00 15,025.00Fairfax County PAID 1,600.00 1,600.00Gambia 275.00 275.00Haitian Association for the ICTs 275.00 275.00Hungarian Association of IT Companies

525.00 525.00

ICT Norway 1,275.00 1,275.00ITRI 25,025.00 25,025.00Jordan PAID 525.00 525.00Kazakhstan Association of IT Companies

525.00 525.00

Accounts Receivable (2/2) (Feb 15, 2014)

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Dues - 2013

Dues - 2012

Special Events

TOTAL

Lebanon (2012 Gala) 0.00 5,025.00 5,025.00Mexico IT PAID 25,025.00 25,025.00Morocco 525.00 525.00Pakistan 525.00 525.00Polish 1,275.00 1,275.00Portugal - Bus. Assoc. 525.00 525.00Republic of Moldova 525.00 525.00Serbia 525.00 525.00Trinidad and Tobago 525.00 525.00Turkish Informatics Industry Association

1,275.00 1,275.00

Zimbabwe 275.00 275.0016,525.00 0.00 522,685.00 539,210.00

PROGRESS OF MILLENNIUM PROGRESS OF MILLENNIUM EDUCATION PROJECTEDUCATION PROJECT

Dr. Jim Poisant

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OPEN DISCUSSIONOPEN DISCUSSION

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THANK YOUTHANK YOU

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