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Basis of presentation The financial statements of ICANN have been prepared in accordance with generally accepted accounting principles in the United States. ICANN recognizes contributions, including prices. unconditionalpromisestogive,asrevenueintheperiodreceived.Contributionsandnetassetsareclassified based on the existence or absence of donorimposed restrictions.Assuch,thenetassets ofICANNandthe AccountingStandardsCodification(ASC)820,FairValueMeasurements,establishesaframeworkfor changesthereinareclassifiedandreportedasfollows: measuringfairvalueandexpandsdisclosuresaboutfairvaluemeasurements.ASC820definesfairvalueas be expendable for any purpose in performing the objectives of ICANN. ICANNs Board adopted an UnrestrictednetassetsNetassetsthatarenotsubjecttodonorimposedstipulationsandthatmay investmentpolicyinNovember2007.ThisinvestmentpolicyestablishedaBoarddesignatedReserve Fund that limits use of the Reserve Fund based upon specific Board actions. All investments are met either by actions of ICANN and/or the passage of time. As the restrictions are satisfied, TemporarilyrestrictedassetsNetassetssubjecttodonorimposedstipulationsthatmayorwillbe temporarily restricted net assets are reclassified to unrestricted net assets and reported in the accompanyingfinancialstatementsasnetassetsreleasedfromrestrictions. bemaintainedinperpetuity,butpermitsICANNtouse,orexpend,allorpartoftheincomederived PermanentlyrestrictednetassetsNetassetsforwhichthedonorhasstipulatedthattheprincipal fromthedonatedassetsforgeneralorspecificpurposes,subjecttostatutoryregulations. AsofJune30,2011and2010,ICANNhadnopermanentlyortemporarilyrestrictednetassets. Cash and cash equivalents Cash and cash equivalents include deposits in bank, money market accountsandmarketablecommercialpaper.ICANNconsidersallcashandfinancialinstrumentswithoriginal maturitiesofthreemonthsorlesstobecashandcashequivalents. Accounts receivable, net Accounts receivable net of allowances for doubtful accounts are $15,068,000and$16,723,000asofJune30,2011and2010,respectively.Onaperiodicbasis,ICANNadjusts its allowance based on an analysis of historical collectability, current receivables aging, and assessment of specificidentifiablecustomeraccountsconsideredatriskoruncollectible. ICANNhadbaddebtexpenseofapproximately$686,000and$140,000duringtheyearsendedJune30, 38 ICANN

INTERNETCORPORATIONFORASSIGNEDNAMESANDNUMBERS INTERNETCORPORATIONFORASSIGNEDNAMESANDNUMBERS

NOTESTOFINANCIALSTATEMENTS NOTESTOFINANCIALSTATEMENTS

InternalRevenueCodeandSection23701(d)oftheCaliforniaRevenueandTaxationCode.Accordingly,no primarily of cash and cash equivalents, accounts receivable and investments. ICANN places its cash with IncometaxesICANNisexemptfromFederalandstateincometaxesunderSection501(c)(3)ofthe provision for income taxes has been made in the accompanying financial statements. However, ICANN is majorfinancialinstitutions.Cashheldatthesefinancialinstitutionsmay,attimes,exceedtheamountinsured subjecttoincometaxesonanynetincomethatisderivedfromatradeorbusiness,regularlycarriedon,and by the Federal Deposit Insurance Corporation. Concentration of credit risk with respect to receivables is not in furtherance of the purposes for which it was granted exemption. No income tax provision has been mitigatedbythediversityofregistries/registrarscomprisingICANNsregistry/registrarbase.ICANNplaces recordedasthenetincome,ifany,fromanyunrelatedtradeorbusiness,intheopinionofmanagement,isnot itsinvestmentswithamajorinvestmentbroker.Theinvestmentsheldaresubjecttovolatilityofthemarket ICANN,undertheprovisionsofASC740,IncomeTaxes,hadnouncertaintaxpositionsrequiringaccrual ICANN had two major registries/registrars totaling approximately $36,606,000 or 53% of the total Functional allocation of expenses Expenses that can be identified to a specific program or registries/registrarsatJune30,2011and2010,respectively. supporting service are charged directly to the related program or supporting service. Expenses that are associatedwithmorethanoneprogramorsupportingserviceareallocatedbasedonmethodsdeterminedby management.ICANN'sexpensesareclassifiedapproximatelyasfollowsforthefiscalyearsendedJune30: Supportservices:managementandgeneral 17,876,000 Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptionsthataffectthereportedamountsofassetsandliabilitiesatthedateofthefinancialstatements Less:allowancefordoubtfulaccounts (984,000) (550,000) andthereportedamountsofrevenuesandexpensesduringthereportingperiod.Actualresultscoulddiffer Reclassifications Certain 2010 amounts have been reclassified in the financial statements to conformtothe2011presentation.Thesereclassificationshavenoimpactonnetassets. disclosureofeventsthatoccurafterthestatement offinancialpositiondatebutbeforefinancialstatements SubsequenteventsASC855,SubsequentEvents,establishesgeneralstandardsofaccountingforand are issued. ICANN recognizes in the financial statements the effects of all subsequent events that provide additionalevidenceaboutconditionsthatexistedatthedateofthestatementoffinancialposition,including the estimates inherent in the process of preparing the financial statements. ICANN does not recognize subsequent events that provide evidence about conditions that didnotexist atthedateofthestatementof financialpositionbutaroseafterthefinancialpositiondateandbeforethefinancialstatementsareavailable to be issued. ICANN has evaluated subsequent events through September 16, 2011, which is the date the financialstatementswereavailabletobeissued. 39 ICANN

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NOTESTOFINANCIALSTATEMENTS NOTESTOFINANCIALSTATEMENTS

Fixedincomedomestic 27,820,000 InvestmentsconsistofthefollowingasofJune30,2010: Preferredsecurities 17,000 17, 40 ICANN

INTERNETCORPORATIONFORASSIGNEDNAMESANDNUMBERS INTERNETCORPORATIONFORASSIGNEDNAMESANDNUMBERS

NOTESTOFINANCIALSTATEMENTS NOTESTOFINANCIALSTATEMENTS

DuringtheyearendedJune30,2010,Dr.PaulTwomey,ICANN'sformerPresidentandChiefExecutive ICANN leases its offices and certain other facilities under operating lease agreements. The lease Officer, provided services to ICANN through a professional services agreement with Argo Pacific Party Limited agreements have various termination clauses requiring three to thirtyfour months rent for early termination. (ArgoPacific),anAustralianProprietaryCompany.Dr.Twomeyistheowner/founderofArgoPacific. MinimumfuturepaymentsunderoperatingleasesforthefutureyearsendingJune30areapproximately: associated with Dr. Twomeys employee benefits, $296,000 in base compensation, and $218,000 in bonus payments.AportionofthesebonuspaymentsweremadeforservicesrenderedduringtheyearendedJune 30,2009.ArgoPacificsagreementwithICANNisdenominatedinAustralianDollars.Reimbursementsmade to Argo Pacific for related expenses such as travel, telecommunications, and office supplies amounted to $3,000 for the year ended June 30, 2010. Total payments made to Argo Pacific for the year ended June 30, 2010wereapproximately$611,000.TherewerenooutstandingamountsduetoArgoPacificasofJune30, AportionofICANN'sPresidentandChiefExecutiveOfficerRodBeckstromsserviceswereprovidedto ICANN through a professional services agreement with The Rod Beckstrom Group. Rod Beckstrom is the owner/founderofTheBeckstromGroup.Pursuanttotheagreement,duringtheyearendedJune30,2010,The BeckstromGroupwaspaid$27,000forservicesrenderedduringtheperiodofJune1830,2009. Dr. Bruce Tonkin is a voting member of the Board of Directors. Dr. Tonkin is also Chief Strategy Officer of Melbourne IT, an ICANN accredited registrar. Revenue from Melbourne IT amounted to $767,000 and $833,000 for the years ended June 30, 2011 and 2010, respectively, under the fee structure of the standardRegistrarAccreditationAgreement.ToavoidanyconflictofinterestbetweenICANNandMelbourne IT, Dr. Tonkin abstains from voting on all matters he identifies as potential conflicts of interest that come Additionally, during years ended June 30, 2011 and 2010, the following voting Board members identifiedthattheymayhaveconflictsinaccordancewithICANNsConflictsofInterestPolicy:HaraldTveit Alvestrand,SebastienBachollet,SteveCrocker,ChrisDisspain,BillGraham,RitaRodinJohnston,MikeSilber 41 ICANN 4676 Admiralty Way, Suite 330 325 Lytton Avenue, Suite 300 1101 New York Avenue, NW, Suite 930 6 Rond Point Schuman, Bt. 5 Level 2, 48 Hunter Street



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