Hello All, Note that ICANN has received external financial advice on the best way to preserve the funds from new gTLD application fees to cover the costs associated with the program over the next few years. The Board has approved the policy as described below: http://www.icann.org/en/about/financials/investment-policy-new-gtld Note this is not related to the use of any funds that may arise from possible auctions where there is contention. Regards, Bruce Tonkin