Board Finance Committee (BFC) Minutes 15 May 2009

Board Finance Committee (BFC) members present: Raimundo Beca, Steve Crocker, Dennis Jennings, Rajasekhar Ramaraj - (Chair) and Bruce Tonkin (Observer)

Staff members present: Doug Brent, Samantha Eisner, John Jeffrey, Kurt Pritz, Amy Stathos, and Kevin Wilson.

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The following is a summary of discussion, actions taken and actions identified:

• Unanimously approved previous BFC meeting minutes
• Received update on the FY10 Operating Plan and Budget status; discussed efforts taken to cap growth while increasing travel support funding; discussed Registrar fee reductions if proposed RAA signed. Actions: CFO will provide additional information to BFC on revenue estimates as well as information on the timing of renewal due dates for registrar agreements . CFO to provide a market size estimate for the total g and cc Tld market . CFO to provide a study on asking the Registrars who are not signing the new agreement to pay 25cents instead of 20cents.
• Received and discussed update on Cost/Expenditure Analysis; discussed need for more explanatory labeling. Action: CFO will continue to modify the Cost/Expenditure Analysis to address the BFC’s concerns.
• COO/CFO to circulate paper regarding ccIDN finance issues prior to posting.
• Received status report on external review of Investment Policy; report expected prior to Sydney meeting. CFO reported that investments are performing well and exceeding the composite index. Discussed need to review expenditures on and procurement of professional services. Action: Staff to review procurement issues and report to BFC. CFO to report to BFC at June meeting. Reviewed proposed budget for 2010 meeting in Africa; discussed impact of travel costs and efforts and ideas to reduce costs for meetings. In the past, BFC has suggested that the each meeting have a cap of $2million. Action: BFC unanimously recommended that the budget be presented to the Board for approval if the Board wants to have the meeting in Africa.
• Received update on Form 990 submitted to the IRS, and discussed timeline for preparation of future tax filings. Discussed the public availability of information from the organization.