ICANN now has half a billion bucks in the bank after huge pandemic profits | Domain Incite
ICANN, the non-profit organization with the limited technical mandate, now has over half a billion dollars in the bank, after the affects of the coronavirus pandemic boosted funding and slashed costs.
The Org ended June 2021 with cash and investments of $521 million, up $40 million over the preceding 12 months.
While some of this gain can be attributed to investment gains, the majority chunk comes from ICANN largely misjudging the length and impact of pandemic-related restrictions.
Expenses were $10 million lower than budget, because all three ICANN meetings during the year were held online, where they cost about half a million bucks a pop, about $3 million lower than in-person gatherings.
ICANN had budgeted for its 2021 meetings to take place face-to-face in venues around the world, but governmental travel restrictions made this impossible.
The Org saved well over half a million dollars in director expenses alone.
On the top half of the financial statement, the numbers also show a failure to predict how much the pandemic would be generally a boon, rather than a burden, to the domain name industry.
ICANN received $142 million in funding during the year, which was $12 million ahead of budget and $1 million more than it received in fiscal 2020.