Nov, 2000 : ICANN Releases Report of Independent Auditors

(10 November 2000) Marina del Rey, CA.ICANN today released the report of its independent auditors,KPMG, LLP, on its financial statements for the fiscal year endingJune 30, 2000.

Commenting on the report and statements,ICANN Director Linda Wilson, Chair of the Board's Audit Committee,said, "The successful completion of its first fully auditedfiscal year is an important milestone for ICANN on the path toa stable and predictable base of financial support. The recentgranting of tax exempt status by the United States Internal RevenueService and the receipt of a favorable audit opinion from KPMGdemonstrate the rapid progress being made toward a sound fiscalcondition.

"However, there are challenges stillto be dealt with. First, there is a million dollars of debt inthe form of short term loans on our balance sheet that must berepaid within the next twelve months. Second, the auditors havequalified their opinion with respect to the amounts due to ICANNfrom the country code Top Level Domain organizations, which totaled$1.36 million on June 30, 2000. The other members of the Boardand I look forward to a mutually satisfactory adoption of registryagreements with country code Top Level Domain organizations toavoid this problem in future years."

The independent auditor's report and financialstatements are available at <https://www.icann.org/financials/financial-report-fye-30jun00.htm>.