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Minutes | Board Finance Committee (BFC) Meeting 13 October 2021

BFC Attendees: Becky Burr, Danko Jevtović (Chair), Mandla Msimang, and Tripti Sinha

BFC Member Apologies: Harald Alvestrand, Ron da Silva, and Ihab Osman

Other Board Member Attendees: Avri Doria and Lito Ibarra

ICANN org Attendees: Xavier Calvez (SVP, Planning and Chief Financial Officer), Franco Carrasco (Board Operations Specialist), Elizabeth Le (Associate General Counsel), Becky Nash (VP, Planning), Shani Quidwai (Sr. Director, Finance), and Amy Stathos (Deputy General Counsel)

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

  1. BFC Workplan – The BFC discussed its Workplan, which is on target. The next BFC meeting is scheduled for the end of November 2021. The primary focus of that meeting will be to review the draft Operating Plan and Budget before it is posted for Public Comment in early December 2021. There is also a BFC meeting currently anticipated for December 2021.
  2. Operating Fund Excess Allocation – The BFC continued its discussion from the last meeting on the allocation of the FY21 net excess. ICANN org summarized for the BFC the process for determining net excess that the org undertakes annually. The total FY21 net excess is US$26 million. ICANN org recommended that US$10 million of the total net excess be allocated to the Reserve Fund to further strengthen the long-term financial stability of the org. This would bring the Reserve Fund level to approximately 15 months of expense budget. ICANN org also recommended that US$5 million of the total FY21 net excess be allocated to the Supplemental Fund for Implementation of Community Recommendations (SFICR) for the upcoming work multi-year projects the org is facing. ICANN org recommended that the Operating Fund retain the remaining US$11 million of the total FY21 net excess, which would allow for flexibility to allocate to the Reserve Fund or to the SFICR, as appropriate, to cover future work that is on the horizon this fiscal year. Following discussion, the BFC recommended that the Board approve the transfer of US$10 million to the Reserve Fund and US$5 million to the SFICR from the net access in the Operating Fund.
    • Actions - ICANN org to prepare relevant materials for Board consideration.
  3. AOB ICANN org reported to the BFC that it is working on bringing a decision to the Committee on the ICANN Managed Root Server (IMRS) clusters of servers at the next meeting. ICANN org also reported that it is continuing to work on possible options of increasing investment returns on the New gTLD Program and Auction Proceeds Funds.

Published on 26 October 2021