[registrars] Accounting Update

["Michael D. Palage" <michael@palage.com>]

Some registrars have been contacting the executive committee regarding
payment information. Let me take the time to explain some of the problems.
PREVIOUSLY, checks were submitted to ICANN. Although we are an ICANN
constituency, from an accounting stand point we are an independent
organization and must maintain our own accounting functions. The Registrar
Constituency's current bank account is managed by our Treasurer Brian Evans.
Because the constituency is not a separate legal entity, Brian maintains a
personal account on behalf of the constituency. There is a legal agreement
between Brian and the Executive Committee regarding the receipt and payment
of funds, i.e. no checks can be issued until the invoice is approved by the
Executive Committee. There are other legal safeguards to prevent Brian from
running away to Vegas with our money.

Net-Net. Please follow the payment instructions (check or wire) on the
invoice carefully. Improperly addressed payments will be returned.

Mike