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ICANN Releases Report of Independent Auditors

10 November 2000

(10 November 2000) Marina del Rey, CA. ICANN today released the report of its independent auditors, KPMG, LLP, on its financial statements for the fiscal year ending June 30, 2000.

Commenting on the report and statements, ICANN Director Linda Wilson, Chair of the Board's Audit Committee, said, "The successful completion of its first fully audited fiscal year is an important milestone for ICANN on the path to a stable and predictable base of financial support. The recent granting of tax exempt status by the United States Internal Revenue Service and the receipt of a favorable audit opinion from KPMG demonstrate the rapid progress being made toward a sound fiscal condition.

"However, there are challenges still to be dealt with. First, there is a million dollars of debt in the form of short term loans on our balance sheet that must be repaid within the next twelve months. Second, the auditors have qualified their opinion with respect to the amounts due to ICANN from the country code Top Level Domain organizations, which totaled $1.36 million on June 30, 2000. The other members of the Board and I look forward to a mutually satisfactory adoption of registry agreements with country code Top Level Domain organizations to avoid this problem in future years."

The independent auditor's report and financial statements are available at <http://www.icann.org/financials/financial-report-fye-30jun00.htm>.