[nc-budget] ICANN Management Handling of DNSO Funds

[Louis Touton <touton@icann.org>]

To the NC Budget Committee:

At its meeting on 13 March 2001, the Board formally approved the
procedures ICANN Management has been following for some time concerning
the safekeeping of DNSO funds.  The official text of the Board's
resolution is as follows:

   "Handling of DNSO Funds

   Whereas, the Audit Committee has reviewed and reported to the Board
   on the practices by which ICANN receives, handles, and disburses 
   funds contributed to the support of the Domain Name Supporting 
   Organization;

   It is therefore

   RESOLVED [01.36] that the President is authorized, until further
   action by the Board, to maintain a separate bank account for 
   holding funds contributed to the support of the Domain Name 
   Supporting Organization, to place in that account funds 
   contributed for that purpose, and to make disbursements from that 
   account upon authorization of the Names Council or its designee."

This is not intended to change the current practice or to preclude any
of the alternatives for handling of DNSO funds that the Budget Committee
is considering.  Instead, it is intended to make clear that ICANN
management is authorized to hold funds raised by the DNSO (from dues or
from voluntary contributions) and to pay them out upon Names Council
authorization.

Best regards,

Louis Touton