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Board Finance Committee (BFC) Minutes 5 February 2014

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

Other Board Members: Steve Crocker and Bruce Tonkin

ICANN Executives and Staff Members Present: Susanna Bennett (Chief Operating Officer), Michelle Bright (Board Support Manager), Xavier Calvez (Chief Financial Officer), Tom Chard (Financial Analyst), Teresa Elias (Manager, Board Support Operations), Elizabeth Le (Senior Counsel), Karine Perset (Sr. Director of Board Support), and Amy Stathos (Deputy General Counsel)

Invited Guests: Representatives of ICANN's investment advisors

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 US$1.4 million of the US$3.7 million that had been allocated to the contingency fund has been used, leaving a balance of US$2.3 million.
  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 on hand has decreased between the end of September and the end of December mainly as a result of: the fund transfer from the new gTLD funds for repayment of historical development costs, which were then transferred to the reserve fund, the advancement of direct and allocated staff costs to the New gTLD Program, and other net variances including reimbursement from the New gTLD Program for other direct and allocated costs.
  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 $US78.6 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. Reserve Fund Performance Review – The BFC reviewed the Reserve Fund performance for FY14. ICANN's Reserve Fund management firm, State Street global Advisors, joined the BFC meeting for this discussion and provided an update on the performance of the Reserve Fund portfolio.
  8. FY15 Planning – Transition Year – The BFC discussed the planning schedule for FY15 Budget and Operating Plan. Staff further reported that with the development of the new dashboard and strategic plan, the work required to integrate the operating plan with the dashboard and strategic plan will take approximately an additional month from originally anticipated deadline to validate the Operating Plan and the FY15 Budget before it can be put out for public comment. The BFC asked staff to prepare a revised schedule based upon the adjusted timeline to share with the community.
    • Action – Staff to prepare revised timeline of planning schedule for FY15 Budget and Operating Plan.

Published on 21 March 2014