Minutes of The Bitcoin Foundation Board Meeting held on December 20, 2016

Present:

Llew Claasen (Executive Director)

Brock Pierce (Chairman)

Bruce Fenton

Bobby Lee

Vinny Lingham

Elizabeth McCauley

Francis Pouliot

Apologies:

Michael Perklin

Approval of the agenda

The agenda for the meeting was approved by the Board.

November 2016 operational & financial update

Revenue from any sources, included donations of $1,577 for ED flights for Satoshi Roundtable and no new membership revenue.

The Foundation had $9,618 in USD and BTC at the end of October 2016. Operating expenses (excluding Unrealized exchange gain of $354) were $6,389 (including accruals for ED & assistant costs of $4,000 and $1,242 paid to the financial controller).

Llew advised the board that fundraising introductions had been met with silence since Thanksgiving, despite many new introductions from Bruce since the last board meeting. Llew had received approximately 40 funding introductions from Elizabeth, Brock and Bruce, with about 4 upcoming funding calls scheduled. Llew suggested that he hoped to warm many of these funding introductions up again in Jan 2017 when everyone returned to the office.

Llew confirmed that the only current Friend of the Bitcoin Foundation was Bitcoin.com, with a contribution of $7,500 in ad inventory (at Llew’s request, not a cash donation).

Llew further advised the board that the foundation sold all the remaining BTC in the foundation wallets on December 20th and will have approximately $6,500 left in the USD bank account at the end of December. Given the current precarious financial position of the foundation, Llew advised the board that the financial accounting function would be handled with by his firm’s accountant from January 2017, to cut costs.

The foundation has moved the foundation website to a new hosting environment, prepared legal terms and conditions for the new individual membership plan, and a designer was in the process of updating the UX. The foundation had engaged with Morgan Price (previously a foundation volunteer) to update the website once the UX updates had been finalized (at that point still in wireframe). Llew expected that the new website will go live during January 2017, at which time the foundation will be able to commence with individual member acquisition. The foundation had received 108 membership plan information requests in the past 2 months, without any promotion. This was at least partly because of the foundation becoming increasingly active on social media at Twitter, Facebook and LinkedIn.

Llew will be attending the Satoshi Roundtable in Cancun at the end of Jan 2017, with event tickets & accommodation sponsored by Bruce and flights sponsored by an anonymous donor. Bruce offered that he’d give Llew a 15-minute slot at Satoshi Roundtable to talk about the plans of the foundation for 2017, as well as some Q&A. Elizabeth suggested that there was a window of opportunity for the foundation to establish itself as the pre-eminent Bitcoin advocacy organization because of other organizations positioning themselves increasingly as blockchain organizations, but that this window would close if we didn’t seize upon it.

Brock let the board know that he’d been in contact with people at the Linux Foundation and that they were exploring ways that the Bitcoin Foundation could benefit from the experience of the Linux Foundation, especially around fundraising and structuring the organization to be an effective ecosystem contributor.

Any other matters

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

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