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Minutes | Board Finance Committee (BFC) 28 April 2014

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

Other Board Member Attendees: Fadi Chehade, Steve Crocker, Olga Madruga-Forti, Gonzalo Navarro, and Bruce Tonkin

ICANN Executives and Staff Members Attendees:  Akram Atallah (President, Global Domains Division), Susanna Bennett (Chief Operating Officer), Megan Bishop (Board Support Coordinator), Michelle Bright (Board Support Manager), Xavier Calvez (Chief Financial Officer), John Jeffrey (General Counsel and Secretary), Jamie Hedlund (Advisor to the President/CEO), Elizabeth Le (Senior Counsel), Lynn Lipinski (Executive Communications Manager), Cassia Oliveira (Manager, Office of the CEO), Karine Perset (Sr. Director of Board Support), and Amy Stathos (Deputy General Counsel)

Board Member Elect: Rinalia Abdul Rahim (observing)

Invited Guests: Linda Ruiz-Zaiko, Bridgebay Investment Consultant Services.

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$146 million.
  3. Contingency Fund - The BFC reviewed the status of the FY14 Contingency Fund. The BFC was advised that there is a balance of US$2.2 million of the US$3.7 million that had been allocated as contingency.
  4. Operating Fund – The BFC discussed the status of the operating fund, noting several fluctuations during the first half of the year. Staff reported that the Operating cash increased 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 costs for the New gTLD Program; and (iii) other new 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 US$82.3 million.
  6. New gTLD Cash/Investments – The BFC noted that the new gTLD funds cash has decreased during the quarter as a result of the repayment of historical development costs to ICANN operations and disbursements for the costs of evaluation (including payments to vendors and refunds). The BFC further noted that new gTLD investments have increased as a result of realized and unrealized gains.
  7. Approval of Minutes – The BFC approved the minutes from the 21 March 2014 meeting.
  8. Approval of Posting of Draft Budget – The BFC discussed and approved the posting of draft FY2015 Budget for public comment from 8 May 2014. The BFC noted that the costs associated with the ARTR2 Recommendations are included in the FY15 Budget.
  9. Recommendation to Board approval of SO/AC Additional Budget Requests – The BFC discussed the funding of SO/AC additional budget requests. The BFC approved a recommendation that the Board approve the funding of additional SO/AC additional budget requests.
    • Action – Staff to revise the proposed resolution for consideration by the Board.
  10. FY15 Budget Approval Timing – The BFC discussed and approved a recommendation to the Board to continue the timing of the public comment period to run from 8 May 2014 through 1 July 2014. The BFC also approved a recommendation to the Board to continue the timing for the Board to consider and approve the FY15 Budget to after the ICANN London meeting, but by no later than the end of the first quarter of FY15. The BFC noted that the revised schedule of the budget process is needed in order to, among other things, prioritize the work associated with the transition of NTIA's stewardship of the IANA Functions and to ensure that sufficient time is allocated for the Board to take into account all input before approving the budget in accordance with the ARTR2 Recommendations 12.1 and 12.5.
  11. Review of the Investment Policy (except for New gTLD Fund) – The BFC reviewed the Investment Policy (except for the New gTLD Fund). ICANN's investment advisor firm joined the BFC meeting for this discussion regarding the ICANN Investment Policy and recommended changes to the Policy.

Published on 22 June 2014