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

Present:

Llew Claasen (Executive Director)

Brock Pierce (Chairman)

Bruce Fenton

Elizabeth McCauley

Bobby Lee

Apologies were received from Vinny Lingham, Francis Pouliot & Michael Purkis

Approval of the agenda

The agenda for the meeting was approved by the Board.

Resolution to approve minutes for board meeting held on July 19th

The minutes of the board meeting held on July 19th were approved by the     Board.

Resolution to approve minutes for board meeting held on August 24th

The minutes of the board meeting held on August 24th were approved by the Board.

Resolution to approve marketing plan to end 2017

The marketing plan to end 2017 was approved by the Board.

Resolution to approve financial plan to end 2017

The financial plan to end 2017 was approved by the Board.

 

August 2016 financial update

The Foundation had $26,000 in USD and BTC at the end of August 2016.

Operating expenses (excluding Unrealized exchange loss of $1,974) were $16,323. The increase was due to Llew Claasen combined July & August professional services invoice, combined with reimbursement for his travel expenses to attend DevCore in Toronto for announcement of his appointment as Executive Director.

Financial Controller has switched to an hourly billing arrangement until the Foundation requires more capacity from her and we’re able to afford the added cost.

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

Llew advised the Board that while the team was working on preparing a brand style guide and palette that didn’t previously exist, a suggestion was made to redo the logo. This would refresh the mark and make it more meaningful by taking on board the unique BTC “B” while avoiding the confusion created by many other organizations using an orange “B” to represent Bitcoin in their branding. Llew distributed a draft brand style guide incorporating the new branding. The new mark made use of a modern tile design, as well as using the correct name in the branding – “The        Bitcoin Foundation”. The brand guide also included notes on how to represent the brand in a written form. Finally, Llew showed the Board members how the branding principles were applied in the creation of the Friends of The Bitcoin Foundation pdf collateral.

The Board asked that Francis, Vinny and Michael be given an opportunity to comment on the new branding before it was finalized, but there were no objections by those Board members on the call.

Llew also suggested that a new brand may create an opportunity for new marketing programs to break with any unfortunate history of the Foundation and bring attention to a new effort at the foundation.

Status on improvements to payments internal controls

Llew had attempted to implement bank account multi-signature controls but was unable to do so with Bank of America (account too small), Chase (not prepared to open an account linked to Bitcoin) or Citibank (not prepared to open an account linked to Bitcoin).

In addition, the foundation had ordered 3 Ledger hardware wallets for 2 of 3 multi-signature BTC payments using CoPay, but Bruce had not yet received his Ledger. Bruce suggested that perhaps someone else might want to take on this responsibility due to Bruce’s frequent travels and Llew offered that they discuss it again after the call.

Any other matters

Llew suggested that he expected to distribute the Friends of the Bitcoin Foundation collateral within a week to start the fundraising process.

Llew advised the Board that he had sourced inexpensive flights and would be doing his best to get a ticket to attend Scaling Bitcoin Milan.

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

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