Minutes of The Bitcoin Foundation Board Meeting  held on November 15, 2016

Present:

Llew Claasen (Executive Director)

Brock Pierce (Chairman)

Bruce Fenton

Bobby Lee

Vinny Lingham 

Elizabeth McCauley

Francis Pouliot 

Michael Purkis

 

Approval of the agenda

The agenda for the meeting was approved by the Board.

October 2016 operational & financial update

Revenue from any sources, including membership dues was $58. 

The Foundation had $9,830 in USD and BTC at the end of October 2016.

Operating expenses (excluding Unrealized exchange gain of $1,141) were $9,581, largely due to $3,726 paid to contractor for marketing & brand strategy assistance and execution so far & an accrual of $4,000 for the time of the ED & his assistant.

Update on progress made with operationalizing plans, esp. Friends of the Bitcoin Foundation

The new foundation manifesto was distributed to individual members via email & published on Reddit, LinkedIn, Twitter, Facebook on October 26 & 27 and picked up in an article on CoinTelegraph on November 4. Responses were mostly supportive with limited opposition to the foundation appearing to take an “anti-banking” position.

Bitcoin.com had agreed on 11/14 to become Friend of foundation with $5,000 donation.

41 new individuals have expressed an interest in becoming members since outreach with the new manifesto.

Llew advised the board that the foundation & ED participation at the Botswana Blockchain Summit was cancelled due to poor timing and a lack of new foundation funding.

Llew advised the board that the relaunch of the reskinned website & individual membership plans was now scheduled for November 30th and that at least some of the delays were caused by a lack of funding.

The board discussed the fact that only Llew, Brock and Elizabeth had made funding introductions or outreach for the Friends of the Bitcoin Foundation program. So far responses from email introductions to potential funders were mostly positive, but Brock reminded everyone that many more introductions were needed from all board members for the program to be successful. 

Llew agreed to redistribute the Friends marketing collateral again to board members, along with email copy that they could use to simplify the process of making the introductions as painless as possible. Board members were also encouraged to review the funding opportunity tracking file on Google docs, to ensure that multiple board members did not make funding introductions to the same people.

Approval of foundation funding by Executive Director

Llew asked the board to pass the following resolution considering the limited number of funding introductions so far from board members and the inability for the foundation to execute on its plans without capital:

  • Llew Claasen and/or xxxxxx and/or xxxxxxx will not call on payment for either remuneration for work performed as ED or direct costs incurred on behalf of the foundation or direct loans advanced to the foundation, until the foundation can do so in the opinion of either Llew or the board.
  • The Board and foundation cannot appoint a new ED to replace Llew, except for reasons of fraud or misconduct, for as long as there are amounts outstanding by the foundation to either Llew Claasen, xxxxxxx or xxxxxxx
  • If Llew is dismissed by the foundation for reasons of fraud or misconduct, then any amounts then due to Llew Claasen and/or xxxxxx and/or xxxxxxx will become immediately payable by the foundation.

The resolution was passed by the board.

Any other matters

There being no further matters to discuss, the meeting was adjourned.

xxxxxxxxxxx

11.15.16 Minutes of Regular Meeting of the Board of Directors of The Bitcoin Foundation