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VotingRules.md

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One time expenses

  1. 1 Board member may spend up to $500 without consulting anybody
  2. 2 Board members may agree to spend up to $1000, as long as there are no objections raised
  3. 3 Board members may agree to spend up to $2500, as long as there are no objections raised
  4. 4 Board members may agree to spend up to $5000, as long as there are no objections raised
  5. 5 Board members may agree to spend up to $10000, as long as there are no objections raised
  6. 6 Board members may agree to spend up to $25000, as long as there are no objections raised
  7. The board must vote unanimously to spend more than $25000

One time bounties

Bounties are treated like expenses, with 1 board member “discount”:

  1. 1 board member can put a bounty of up to $500
  2. 2 board members can put a bounty of up to $1000, as long as no objections are raised
  3. 3 board members can put a bounty of up to $2000, as long as no objections are raised
  4. And so forth…

(Note that this is just a copy-paste of the normal Voting Rules tab, with 1 less board member per line).

The Executive Director has the voting power of 2 board members for the purpose of approving one time bounties.

Hire process for Role Based Bounties

  1. Any board member can nominate an RBB
  2. If 3 other board members support this nomination AND no board member formally objects AND 48 hours from the moment the RBB was nominated, the RBB is hired.
  3. If anyone objects OR we fail to reach a total of 4 supporting board members, the discussion continues until the objections are met.

Monthly Budget

At any one time, the monthly expenses that the Foundation is committed to AKA "burn rate" will not go over 75,000 USD (see our actual burn rate and proposed budget).

Recurring expenses

  1. If the total sum of the recurrences fits under a specific voting rule for one-time expenses, then this number of board members can approve it. E.g. 3 board members can approve a monthly recurring $150 expense for 6 months.
  2. It takes one more board member than usual to approve a recurring monthly expense. E.g. 6 members members can approve a monthly expense of up to $5000 (it takes 5 board members to approve a one time expense of up to $5000).

Discretionary Funds

The board may approve a member (such as the Executive Director) to have a larger pool of discretionary funds by unanimous vote

Executive Director Spending

  1. The Executive Director is allowed to make any single expense of up to $10,000. This includes actual expenses, one time bounties, limited hourly bounties and time-limited role-based bounties or recurring expenses (e.g. $3,000 per month for 3 months).
  2. The Executive Director is entitled to approve any number of unrelated expenses, each up to $10,000.
  3. Direct expenses made by the Executive Director will be reported via the Executive Director ledger. Expenses will be reported to expenses@mastercoin.org.
  4. Bounties and other delayed expenses may be paid by the Executive Director directly, or by the treasurers. Normal reporting rules apply (each person reports his direct expenses).
  5. For large expenses, the Executive Director is expected to consult with the board and give some time for consideration. This is not a strict requirement, depending on the expense size, urgency, and availability of board members.

Objections

If an objection is raised, time must be allowed for discussion, and all members must vote if there is still disagreement after discussion. Under no conditions will more than $20k be spent over the objection of any board member.

Change of these rules and composition of the board

  1. A unanimous vote is required to change these rules, or to change the composition of the board

Quorum

  1. A Quorum is defined as 2/3 of the board members, rounded up. E.g. with 7 board members, a Quorum is any 5 board members.
  2. During a board meeting that has been announced with ample notification of at least 10 days, a Quorum of board members with no objections is sufficient to make any decisions, including ones that normally require all board members. If there are any objections, they must be resolved for the Quorum to be in effect.

Documentation of expenses

ALL expenditures must be itemized in our public-facing budget spreadsheet (or equivalent)