If ICANN turned a profit on the investments instead of a loss, where would the money go?
-------- Original Message -------- Subject: Re: [NA-Discuss] ICANN loses $4.6 mil From: Evan Leibovitch <evan@telly.org> Date: Tue, February 03, 2009 9:46 am To: "John R. Levine" <johnl@iecc.com> Cc: "Thompson, Darlene" <DThompson@GOV.NU.CA>, NA Discuss <na-discuss@atlarge-lists.icann.org> For what it's worth, I have requested "ICANN financial transparency" to be added to the Agenda of the NARALO General Assembly, to be held during the ICANN At-Large Summit in Mexico City. Those of you who will not be able to attend in person will be able to connect by teleconference. As advance preparation for the meeting I have asked staff to have ready for us as much of a detailed accounting as exists, for the amount and the breakdown of money spent on At-Large over the past two years (just one year would not have been sufficient as the Summit has no doubt ballooned this year's figures). At that point I would like NARALO to examine the documents and determine their level of completeness, and determine any necessary specific action to be taken to increase ICANN's financial transparency. - Evan ------ NA-Discuss mailing list NA-Discuss@atlarge-lists.icann.org http://atlarge-lists.icann.org/mailman/listinfo/na-discuss_atlarge-lists.ica... Visit the NARALO online at http://www.naralo.org ------
Re: If ICANN turned a profit on the investments instead of a loss, where would the money go? The board passed a resolution regarding the Board Finance Committee’s Recommendation on ICANN Investment Policy: Resolved (07.101), the Board Finance Committee requests that the ICANN staff engage in dialogue with the ICANN community regarding the development of a plan that establishes annual targets, with the goal of fully funding the 12-month reserve. As for me, I haven't noticed any dialogue led by ICANN Staff regarding investment policy planning, targets, or ultimate disposition of profits. One has to wonder if anyone on the board is holding Staff accountable for their inaction. As I recall, Staff was also directed to produce an economic study and that never happened either. Neither did we get the comprehensive review of registrar accreditation processes that was promised by Paul Twomey. These are all management issues, and we doubtless need to be asking whether a change in management personnel is warranted in light of the poor track record on everything from compliance to the contract revision process.
If ICANN turned a profit on the investments instead of a loss, where would the money go?
Into the same pot as the rest of the revenue. They've got upwards of $25 million that should be in the bank or equivalent, on which it would be reasonable to expect a modest amount of interest income. Regards, John Levine, johnl@iecc.com, Primary Perpetrator of "The Internet for Dummies", Information Superhighwayman wanna-be, http://www.johnlevine.com, ex-Mayor "More Wiener schnitzel, please", said Tom, revealingly.
Which is why I thought that they must have some invested in the stock market to show those kinds of losses. Stupid me. Now I would like to know what happened to the money, too! Darlene A. Thompson Community Access Program Administrator Nunavut Dept. of Education / N-CAP P.O. Box 1000, Station 910 Iqaluit, NU X0A 0H0 Phone: (867) 975-5631 Fax: (867) 975-5610 E-mail: dthompson@gov.nu.ca -----Original Message----- From: na-discuss-bounces@atlarge-lists.icann.org [mailto:na-discuss-bounces@atlarge-lists.icann.org] On Behalf Of John R. Levine Sent: Tuesday, February 03, 2009 1:56 PM To: Garth Bruen at KnujOn Cc: NA Discuss Subject: Re: [NA-Discuss] ICANN loses $4.6 mil
If ICANN turned a profit on the investments instead of a loss, where would the money go?
Into the same pot as the rest of the revenue. They've got upwards of $25 million that should be in the bank or equivalent, on which it would be reasonable to expect a modest amount of interest income. Regards, John Levine, johnl@iecc.com, Primary Perpetrator of "The Internet for Dummies", Information Superhighwayman wanna-be, http://www.johnlevine.com, ex-Mayor "More Wiener schnitzel, please", said Tom, revealingly. ------ NA-Discuss mailing list NA-Discuss@atlarge-lists.icann.org http://atlarge-lists.icann.org/mailman/listinfo/na-discuss_atlarge-lists .icann.org Visit the NARALO online at http://www.naralo.org ------
From the Annual Report:
Investments consist of the following as of the year ended June 30, 2008: Stocks $ 8,190,000 Bonds $16,583,000 Total $24,773,000 http://www.icann.org/en/annualreport/annual-report-2008-en.pdf
So, they ARE invested in the stock market. $4.6M is a little over a 1/3 reduction in their total stock portfolio. Sounds EXACTLY like what has happened to me and a pile of other people that I know. I feel a little less stupid now! :) D Darlene A. Thompson Community Access Program Administrator Nunavut Dept. of Education / N-CAP P.O. Box 1000, Station 910 Iqaluit, NU X0A 0H0 Phone: (867) 975-5631 Fax: (867) 975-5610 E-mail: dthompson@gov.nu.ca -----Original Message----- From: Danny Younger [mailto:dannyyounger@yahoo.com] Sent: Tuesday, February 03, 2009 3:15 PM To: John R. Levine; Garth Bruen at KnujOn; Thompson, Darlene Cc: NA Discuss Subject: Re: [NA-Discuss] ICANN loses $4.6 mil
From the Annual Report:
Investments consist of the following as of the year ended June 30, 2008: Stocks $ 8,190,000 Bonds $16,583,000 Total $24,773,000 http://www.icann.org/en/annualreport/annual-report-2008-en.pdf
So, they ARE invested in the stock market. $4.6M is a little over a 1/3 reduction in their total stock portfolio. Sounds EXACTLY like what has happened to me and a pile of other people that I know.
I have to say, putting corporate reserves (as opposed to an endowment, which this does not appear to be) in the stock market strikes me as an impressively irresponsible thing to do. No company I've ever been associated with ever did that. Regards, John Levine, johnl@iecc.com, Primary Perpetrator of "The Internet for Dummies", Information Superhighwayman wanna-be, http://www.johnlevine.com, ex-Mayor "More Wiener schnitzel, please", said Tom, revealingly.
participants (4)
-
Danny Younger -
Garth Bruen at KnujOn -
John R. Levine -
Thompson, Darlene