Changes

==History==

==History==

In November 2020, [[ICANN Board]]'s Finance Committee (BFC) mooted the possibility of allocating excess money in ICANN's operating fund to a "project fund to address activities and projects not included in the core organization expenses but are nonetheless included in the Strategic/Operating Plans thus require funding."<ref>[https://www.icann.org/resources/board-material/minutes-bfc-2020-11-06-en ICANN.org - Board Finance Committee Meeting Minutes], November 6, 2020</ref> Conversations continued throughout the winter, and in January 2021, the BFC had developed a proposal to the ICANN Board during its February workshop.<ref>[https://www.icann.org/resources/board-material/minutes-bfc-2021-01-19-en ICANN.org - Board Finance Committee Meeting Minutes], January 19, 2021</ref> In February 2021, the BFC also reviewed the proposed revisions to the Investment Policy to include a SFICR.<ref>[https://www.icann.org/resources/board-material/minutes-bfc-2021-02-18-en ICANN Board Finance Committee Minutes 02/18/21]</ref>  

In November 2020, [[ICANN Board]]'s Finance Committee (BFC) mooted the possibility of allocating excess money in ICANN's operating fund to a "project fund to address activities and projects not included in the core organization expenses but are nonetheless included in the Strategic/Operating Plans thus require funding."<ref>[https://www.icann.org/resources/board-material/minutes-bfc-2020-11-06-en ICANN.org - Board Finance Committee Meeting Minutes], November 6, 2020</ref> Conversations continued throughout the winter, and in January 2021, the BFC had developed a proposal to the ICANN Board during its February workshop.<ref>[https://www.icann.org/resources/board-material/minutes-bfc-2021-01-19-en ICANN.org - Board Finance Committee Meeting Minutes], January 19, 2021</ref> In February 2021, the BFC also reviewed the proposed revisions to the Investment Policy to include a SFICR.<ref name="feb21bfc">[https://www.icann.org/resources/board-material/minutes-bfc-2021-02-18-en ICANN.org - Board Finance Committee Minutes], February 18, 2021</ref>  

In May 2021, the ICANN Board resolved to revise the Investment Policy to permit the Creation of a Supplemental Fund for Implementation of Community Recommendations. Specifically, the board agreed that if excess funds exist in the Operating Fund after an allocation to the Reserve Fund has been considered or decided, then an allocation to the SFICR will be considered during the annual planning process based on identified project needs. The SFICR can only be used for multi-year projects. ICANN organization determined that the balance of the Operating Fund (as of 30 June 2020) contained excess funds. Thus, the Board approved the transfer of US$10,000,000 from the Operating Fund to the Reserve Fund and authorized the creation of the SFICR.<ref>[https://www.icann.org/resources/board-material/resolutions-2021-05-12-en#2.b ICANN Board Resolutions 05/12/21]</ref>

In May 2021, the ICANN Board resolved to revise the Investment Policy to permit the Creation of a Supplemental Fund for Implementation of Community Recommendations. Specifically, the board agreed that if excess funds exist in the Operating Fund after an allocation to the Reserve Fund has been considered or decided, then an allocation to the SFICR will be considered during the annual planning process based on identified project needs. The SFICR can only be used for multi-year projects. ICANN organization determined that the balance of the Operating Fund (as of 30 June 2020) contained excess funds. Thus, the Board approved the transfer of US$10,000,000 from the Operating Fund to the Reserve Fund and authorized the creation of the SFICR.<ref>[https://www.icann.org/resources/board-material/resolutions-2021-05-12-en#2.b ICANN Board Resolutions 05/12/21]</ref>