IIP-98: Finance Nest and Talent, Ops and Change Working Group

Governance Proposal
1

IIP: 98
Title: Finance Nest and Talent, Ops and Change Working Group
Status: Proposed
Author(s): @Matthew_Graham @ElliottWatts
Created: 28.10.2021

Simple Summary

Grant the Operations Account 10,484 INDEX & 30,750 USDC (~$390k using $34.20 INDEX price) from the Index Coop Treasury to continue funding the Finance Nest and the Talent, Ops and Change Working Group.

For context, IIP-94 Funding Council Grant #5 was for 53,272 INDEX & 287,405 USDC (~$2.1 MM). This transfer has not yet occurred yet. IIP-90 Removal of Funding Council wallet and hive up into the operations account to be implemented soon as well.

Abstract

The Operations Account is requesting 10,484 INDEX & 30,750 USDC from the Index Coop Treasury in order to fund Q4-2021 operations.

Treasury Account: ‘0x9467cfADC9DE245010dF95Ec6a585A506A8ad5FC’

Operations Account: ‘0xFafd604d1CC8b6B3B6CC859cF80Fd902972371C1’

These funds will be used to:

This grant is expected to help sustain Index Coop operations until the end of Q4-2021 (December 31, 2021). A detailed breakdown can be found within the link proposals detailed above. A summary is shown below for easy reference and a linked spreadsheet can be found here.

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Notes:

  • This request is based on October 13, 2021 20-day MA: $34.20
  • It includes a 15% safety factor to account for possible INDEX depreciation

Motivation

This intent has been to allow the Index Coop to continue growing, while ensuring the Operations Account doesn’t have access to large amounts of INDEX without good reason and that the operational budgeting & funding processes can evolve as we grow & learn together.

FOR

Grant the Index Coop Operations Account 10,484 INDEX & 30,750 USDC to continue funding the Finance Nest and the Talent, Ops and Change Working Group.

AGAINST

Do not grant the Index Coop Operations Account additional funds to continue funding the Finance Nest and the Talent, Ops and Change Working Group.

Copyright

Copyright and related rights waived via CC0.

2 Likes
2

I hope I didn’t butcher this math or am missing something obvious – apologies in advance if so – but just comparing this IIP with the top-line total $ amounts from the respective proposals isn’t totaling for me:

F.Nest = $182,760 (pulled from F.Next Q4 proposal)
TOC = $163,742 (pulled from TOC WG Q4 proposal
Total = $346,502

$390,000 requested above

I considered if the difference could be explained by using different TWAP for INDEX, but the proposals mentioned $35… and $34.20 is used in this IIP. So not significant enough to explain the ~$43k difference.

I trust in our accounting wizards to point out where I went wrong or the reason for the difference.

[EDIT: I’ve realized the difference is likely due to the 15% safety adjustment. Please confirm if that is indeed the case.]

2 Likes
3

In line with the funding council’s request IIP-94: Funding Council Grant #5 a 15% safety net is applied to the calculation in case there is a significant adverse movement in $INDEX price.

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4

Hi @mel.eth and @sixtykeys,

Can we please assign an IIP number and proceed to schedule a snapshot vote for the first available opportunity ?
Either the 1st or 2nd November is fine :slight_smile:

Thank you in advance.

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5

This proposal has been assigned IIP Number 98, and has been queued for snapshot today at 1800 UTC.
Snapshot here

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6

Confirming that this IIP has passed with 227.69k INDEX (100%) voting FOR.
Snapshot here

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Hey all, this IIP has been executed.
The execution doc can be found here.

4 Likes