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Minutes | Board Finance Committee (BFC) 10 June 2014

BFC Attendees: Sébastien Bachollet, Cherine Chalaby (Chair), Chris Disspain, George Sadowsky, and Mike Silber

BFC Member Apologies: Bruno Lanvin

Other Board Member Attendees: Steve Crocker

ICANN Executive and Staff Member Attendees: Megan Bishop (Board Support Coordinator), Xavier Calvez (Chief Financial Officer), Yu-Chang Kuek (Vice President & Managing Director - APAC), Elizabeth Le (Senior Counsel), Karine Perset (Sr. Director of Board Support), Amy Stathos (Deputy General Counsel), and Nick Tomasso (VP, Meeting Operations & International Real Estate)

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

  1. BFC Schedule – The BFC discussed its schedule, which is on track as planned.
  2. FY14 Budget – The BFC reviewed the FY14 Budget, which is showing a total revenue of US$200 million for the year and total operating expenses of US$150M. There is a contingency of US$3.7M and a change in net assets of US$46M.
  3. Contingency Fund – The BFC reviewed the status of the FY14 Contingency Fund. The BFC was advised that US$1.5 million of the US$3.7 million that had been allocated to the contingency fund has been used, leaving a balance of US$2.2 million.
  4. Operating Fund – The BFC discussed the status of the operating fund, noting that the operating cash on hand has increased by US$6.1 million from December 2013 to March 2014 mainly as a result of: (i) reimbursement of historical development costs from the New gTLD Program; (ii) reimbursement of direct and allocated staff costs to the New gTLD Program; and other net variances.
  5. Reserve Fund – The BFC reviewed the status of the reserve fund, which is currently set for a 12-month period. The BFC was advised that the fund balance is currently $US82.3 million.
  6. New gTLD Cash/Investments – The BFC noted that the new gTLD funds cash has increased during the third quarter as a result of the transfer from the New gTLD Investments account for disbursement purposes, repayment of historical development costs to ICANN operations, repayment of direct and allocated staff costs and disbursements for the costs of evaluation (including payments to vendors and refunds). The BFC further noted that new gTLD investments have decreased as a result of the US$21M transfer to the New gTLD operating cash account partially offset by realized and unrealized gains of $0.4
  7. Recommendation to the Board for Approval to Contract for February 2015 ICANN Meeting – Staff briefed the BFC on the proposal on Marrakech, Morocco as the location for the February 2015 ICANN 52 Public Meeting. The BFC noted that the cost of the proposed venue for the February 2015 Public Meeting is comparable to the venue costs for past ICANN Public Meetings. The BFC approved a motion recommending that the Board delegate to the President and CEO or his designee the authority to take all necessary actions to hold the February 2015 ICANN 52 Meeting in Marrakech, Morocco.
    • Actions – Staff to submit proposed resolution for Board consideration at the next Board meeting in London.
  8. Memorandum of Agreement – Budget Approval Request – Staff briefed the BFC on the proposal to approve a budget request to contract for the development of a Center of Excellence for research and development in the areas of DNS and DNS security. The BFC requested additional information including documentation of the disbursement process and a cost breakdown. The BFC continued its consideration of the agenda item to its next meeting London.
    • Action – Staff to revise proposed recommendation and submit to BFC for consideration at the next BFC meeting.
  9. Suggested Agenda Items for BFC Meeting at ICANN 50 – The BFC discussed the agenda for its next meeting in London during the ICANN 50 Public Meeting.

Published on 22 June 2014