Call It .uk Charity

UK net registry Nominet uses its financial surplus to form a charitable foundation and is ready to hand out $10 million to educate people about the Net.

Net registry Nominet, which looks after the .uk domain, has a surplus of cash – around $10 million of it. However, since it’s a non-profit, it’s notallowed to put that money in the bank or disburse it as a bonus to its directors. So what do you do with all that cash?   According to the BBC, you form acharity to help educate people about the Net and finance their research into how it’s used.   So, following discussions with members and talks with companies involved in Internet businessin the UK, the Nominet Foundation was born.   In a statement, Nominet said,   “The Foundation will aim to launch in summer 2008 with a first year donation of $10 million. The Boardhas begun the process of setting up the organization and creating the governance structure for the Foundation. Projects will be invited to seek funding at a later date.”