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Board Finance Committee (BFC) Meeting Minutes 13 March 2011

BFC Attendees: Sébastien Bachollet, Cherine Chalaby, Rajasekhar Ramaraj – Chair; and George Sadowsky

Other Board Attendees: Rod Beckstrom – President and CEO, Steve Crocker, Gonzalo Navarro, Mike Silber, and Katim Touray

Staff Members Present: Akram Atallah – Chief Operating Officer; Kurt Pritz – Senior Vice President, Services; Juan Ojeda; Diane Schroeder, Ken Shiu, Amy Stathos and Nick Tomasso

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

  1. Minutes – Reviewed and approved minutes from BFC meeting held on 15 February 2010.

  2. Current Activities – The BFC discussed the upcoming schedule of BFC tasks, including the new Form 990 requirements with respect to disclosures and review, as well as requirement to post the draft budget on 17 May 2011 for public comment.

  3. Investment Manager – Staff briefed the BFC on status of staff's evaluation of proposals received in response to the RFI with respect to management of the reserve fund. The BFC briefly discussed the evaluation methodology being employed and the preliminary assessment. Staff advised that further analysis of the proposals was still required and currently in progress. Following completion of this analysis, staff will make a recommendation to the BFC.

  4. Additional FY11 Budget items – Staff outlined additional expenditures in FY11 of $1.64M for activities recently approved by the Board (including AoC reviews, the third Board Retreat, the Board/GAC meeting in Brussels, the IDN Variant Panel and the ATRT recommendations) but not originally budgeted for in the FY11 budget. Staff recommended that the contingency line item be used to fund these FY11 activities. The BFC approved Staff's recommendation.

    • Action: Staff to submit BFC recommendation to Board for approval.

  5. Reserve Fund Performance – Staff provided an update on the performance of the reserve fund and the net investment gain to date for FY11. The BFC discussed the variation in performance of the reserve fund from the previous year and staff advised the movement was consistent with the general improvement in financial markets.

  6. Africa and North American Meeting Budgets – Staff provided a brief summary presentation on the financial hosting proposals received and estimated meeting expense budgets for the October 2011 Africa meeting (US$2.201m) and October 2012 North American meeting (US$2.012m) for approval. The BFC also discussed estimation of sponsorship dollars included in the meetings budgets. The BFC approved staff's proposed meetings budget recommendation for both meetings.

    • Action: Staff to submit BFC recommendations to Board for approval.

  7. SO/AC/Stakeholder Group Requests – Staff provided a brief presentation of the various supporting organization, advisory council and stakeholder group requested initiatives and staff's cost estimates to date for each respective activity. Staff advised that no further BFCV action is required until after the feedback from the public comment period informs the draft budget for FY12.

    • Action: Staff to present results and BFC to discuss in May before budget is posted.

  8. .NET Registry Agreement renewal – Staff provided the BFC with an update of the status of .NET registry contract renewal discussions with VeriSign.

  9. New Financial System – Staff provided a brief presentation overview of the implementation status of the new financial system.

  10. Brussels Office Space – The BFC briefly talked about having a separate brief call to discuss this topic.

    • Action: Staff to propose a short call for BFC, if the BFC determines once is needed, on this topic only.

  11. Form 990 – Staff briefly presented the timeline for the upcoming preparation of the Form 990.

    • Actions:

      • Staff to facilitate informational calls about 990.

      • Staff to distribute 990 to all Board members for review and acknowledgment.