IETF LLC Endowment Policy

Background

Purpose of this Policy

The purpose of this policy is to set out the basis on which the “IETF Endowment” is established and to ensure that it is managed in accordance with all applicable laws and regulations.  This policy provides guidance to the IETF Administration LLC (IETF LLC) board, staff and contractors that oversee the IETF Endowment.

History

The Internet Society (ISOC) launched an “Open Internet Endowment” in 2012.  It replaced this in 2015 with the “The Endowment for Sustainability of the Internet Engineering Task Force” and in 2016 secured some significant contributions.  This endowment was transferred to the IETF LLC after formation of the IETF LLC and renamed the “IETF Endowment. 

ISOC maintained a policy for the endowment setting out what restrictions were applied to donated funds and how the endowment would be managed.  Most of the funds were donated solely subject to that policy.  In 2015 along with the rename, ISOC launched the sustainietf.org website and received a small total of donations through that website.  Those donations were subject to an additional restriction specified in the text on that website, to maintain the principal of the associated donations.  

When the endowment transferred the ISOC policy came with it and the obligations on ISOC in that policy transferred to the IETF LLC.  This policy replaces that old ISOC policy.  

Applicable Laws and Regulations

As the IETF LLC is a Delaware (US) registered company, the laws of Delaware apply.   Delaware has adopted the principles of the Uniform Prudent Management of Institutional Funds Act (UPMIFA).  In addition to complying with the law, in general the IETF Endowment is managed in accordance with the principles of UPMIFA.

Commitments to Donors

Purpose of the IETF Endowment

The purpose of the IETF Endowment is to support the IETF and its activities.

Restrictions on Principal

The IETF LLC will maintain at least $100,000 of the total principal of the endowment in perpetuity.

Investment Management

The IETF LLC will maintain an IETF LLC Investment Policy Statement detailing how the IETF Endowment will be invested, which the IETF LLC may amend in its discretion as long as it complies with the terms of this policy.  The current version of the IETF LLC Investment Policy Statement will be publicly available though elements may be redacted to preserve commercial confidentiality.

Communications and Published Statements

All communications regarding the IETF Endowment, both private and public, and all published statements, must be 100% consistent with this policy.  In particular nothing can be said that asserts or implies that different or additional restrictions apply from those in this policy.

Approved: 12 November 2020