Board Minutes: April 5, 2017

21:12-21:55 PM (Athens time)

In attendance: Peter, Andrew, Naval

  1. Need a new fifth Board Member
  • Board discussed potential candidates but did not reach a decision
  1. Application for non profit status and ‘activities’ statement
  • Peter wrote an initial draft of activities statement
  • We discussed a conversation with our lawyers at Bryan Cave on managing Conflict of Interest involving our involvement in Zcash, and what this means for our viability as a 501(c)(3).
  1. Budget update
  • Andrew received the first disbursement of pledged donations from Zcash Co, consisting of a portion of the Founder’s Reward that has already sold and earmarked for the foundation (estimated ~$90k).
  • We discussed the need for a management team, such as an Executive Director or half-time administrative staff.
  1. Test transaction awards.
  • Andrew proposed making a “test transaction” awards, a one-time only, community award, to (partially) subsidize volunteers who have invested a lot in Zcash infrastructure. In particular, I would like to propose that we make the following three, one-time only “Test Transaction” awards, worth $2,000 each, to mineZcash, lustro, and radix42.
  • The board approved the test transaction award proposal