[EP 5.6] [Executable] Enable Self-Funding for the Endowment

🗳️ Meta-Governance Treasury Management
1

Abstract

This proposal outlines a strategic shift allowing the Endowment to autonomously finance its operations. Specifically, it grants the Metagov stewards the authority to withdraw up to 30 ETH monthly from the Endowment, designated for payments to karpatkey and @steakhouse for their services in managing the Endowment. This initiative provides the stewards with a direct allowance for these expenses, eliminating the need for these costs to be continually factored into their requests for DAO budget allocations.

Additionally, this proposal seeks to reimburse the Metagov Safe for the payments made to karpatkey and Steakhouse Financial during 2024, covering the service fees for January and February, which total 43.54 ETH.

Motivation

Since the initiation of the Endowment through the execution of the first tranche, payments to karpatkey and Steakhouse Financial for their services have been categorised as operational expenditures. These costs were funded through the Metagov Safe, necessitating routine funding requests from the Meta-Governance Working Group to the DAO.

To simplify and enhance the financial autonomy of the Endowment, we propose granting a monthly allowance of up to 30 ETH to the Metagov Safe by leveraging the Spending Limits feature available on Safe.

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697Ă—583 33 KB

This measure allows Metagov stewards to settle Endowment fees directly from funds within the Endowment itself, thus eliminating the regular necessity to refill the Metagov Safe. Should the allowance cap be reached, further withdrawals will be paused until the commencement of the next 30-day cycle. This adjustment eradicates the need for frequent funding operations, paving the way for the Endowment’s sustained self-sufficiency.

The monthly cap of 30 ETH has been carefully chosen to align with the Endowment’s scale and historical fee structure, ensuring it suffices to cover monthly expenses. Should there be a need to revise this limit to better suit future requirements, adjustments can be facilitated through the submission of a new proposal.

Finally, to ensure the strategic shift is applied retroactively from the outset of 2024, this proposal requests that the Endowment reimburse the Metagov Safe for expenses incurred through payments to karpatkey and Steakhouse Financial. This reimbursement, aimed at covering the service fees for January and February 2024, amounts to a total of 43.54 ETH.

Specification

The following payload will be executed by the DAO Wallet to create the mentioned allowance and refund:

Calldata:
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

Target:
0x4f2083f5fbede34c2714affb3105539775f7fe64

Value:
0

Calldata:
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

Target:
0x4f2083f5fbede34c2714affb3105539775f7fe64

Value:
0
2 Likes
3

I would vote NO to this

from the economics point of view it doesn’t really do anything to increase endowment self-sufficiency, on the other hand it diminishes control over payments to KK.

Should there be any debate around KK work, it will be more difficult to relinquish control over those payments VS situation where those payments are distributed by MetaGov group.

At present additional overhead is negligible. Fund management is a significant moving part within this DAO, I think it is only good that MetaGov is able to maintain tight control over this matter.

2 Likes
4

I think you are misunderstanding the proposal. The proposal allows the Metagov stewards to withdraw up to 30 ETH from the endowment each month, which they can then use to pay Karpatkey. Reimbursement remains fully in control of Metagov; this proposal grants them an allowance to cover fees so that they do not need to continue including this regular expenditure in their DAO budget requests.

Separately, @karpatkey the proposal needs to be amended to make it clear that the allowance comes from the endowment, not from the DAO wallet.

1 Like
5

thank you for clarification

6

So what happens in the event there is a month where there is no profit?

7

Hey @accessor.eth, in the case there is no profit, no ETH would be sent to the Endowment. The Metagov multisig wouldn’t send any transaction to transfer ETH to karpatkey.

1 Like
8

Thank you for your response.

That’s right I forgot that you don’t have withdraw permissions correct?

What about the idea of using attestations to submit formal requests for expenses when needed? Then there would be a hardline documentation trail for each line item /request.

9

This proposal is now on the ballot. Go to Tally to submit your vote: Tally | ENS Proposal.

1 Like
10

This proposal has executed.

1 Like