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[nc-budget] ICANN Procedures for Handling DNSO Funds

To the DNSO Budget Committee:

This document describes the arrangements under which ICANN will handle
funds received from contributors designating those funds as intended to
support the DNSO and its activities.  This document is based on ICANN 
Board resolution 01.36 
<http://www.icann.org/minutes/prelim-report-13mar01.htm#01.36> and DNSO 
Decision D2 of 9 May 2001 

1.  Funds received by ICANN that are contributed for the support of the 
DNSO and its activities will be placed in a bank account or accounts 
separate from the accounts holding other ICANN funds.

2.  ICANN will not charge administrative fees against the account(s) for 
its internal costs of handling the funds.  ICANN will use reasonable 
efforts to arrange for bank accounts that provide interest on deposited 
funds.  Bank charges and out-of-pocket costs in maintaining the 
account(s) will be deducted from the account(s).

3.  ICANN management will disburse funds from the account(s) according 
to the instructions of the Names Council, or according to the 
instructions of DNSO committees or officials designated by Names Council 
resolution, unless ICANN management determines that following a 
disbursement instruction would be illegal or jeopardize ICANN's 
tax-exempt status.  In the event of that ICANN management makes either 
of these determinations, it will so advise the Names Council.

4.  ICANN management will consult with the Names Council or its designee 
regarding questions that may arise with respect to the handling of the 
funds, including questions about the sufficiency of instructions that it 
receives.  ICANN management will provide the Names Council or its 
designee with periodic reports regarding the activity in accounts in 
which the DNSO funds are held.

5.  These arrangements will be changed only with agreement of the Names 
Council (or its designee) or with 60 days notice to the Names Council.

I hope the above arrangements are satisfactory.  Please feel free to 
discuss any additional questions you may have with me or Stuart.

Best regards,

Louis Touton

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