finance_operations_policies

1. Website Linking Policy

A. The foundation only links to websites on Mastercoin Foundation WWW.MASTERCOIN.ORG and WWW.MASTERCOINFOUNDATION.ORG web assets when the administrator of the URL is a foundation staff or board member or service provider, when the owner of the website is a member of the Mastercoin Foundation, or when the link refers to to media and press pertaining to Mastercoin Foundation.  In the case of online communities and forums, the community or forum has at least one administrative member who is also a staff member, board member or service provider to the Mastercoin Foundation.

B. On blogs, forums, wikis and other sites owned by the foundation which have user generated content Section 1 paragraph A does not apply.  However, foundation staff and moderators are encouraged to remove obvious spam links and links to sites which are intended to defraud users.


2. Policies for Spending Mastercoin Foundation Funds

A. All bounties should have something like an estimate of man hours required, cost established based upon this metric, the metric we are trying to effect and to what degree we predict prior to issuing a bounty. This clearly won't be a perfect process but we probably should be doing this level of work so we can judge the results after the fact to create some accountability.

B. Spending Authorization Levels and Details:
1 Board member may spend up to $100 without consulting anybody
2 Board members may agree to spend up to $500, as long as there are no objections raised
3 Board members may agree to spend up to $1000, as long as there are no objections raised
4 Board members may agree to spend up to $2000, as long as there are no objections raised
5 Board members may agree to spend up to $5000, as long as there are no objections raised
6 Board members may agree to spend up to $20000, as long as there are no objections raised
The board must vote unanimously to spend more than $20000
The board may approve a member (such as the Executive Director) to have a larger pool of discretionary funds by unanimous vote
If an objection is raised, time must be allowed for discussion, and all members must vote if there is still disagreement after discussion. Under no conditions will more than $20k be spent over the objection of any board member.
A unanimous vote is required to change these rules, or to change the composition of the board
ALL expenditures must be itemized in our public-facing budget spreadsheet (or equivalent)

C. The Executive Director has been authorized to spend $10,000 USD in project funds on a rolling basis without needing board approval (as always all expenses much be public and recorded on the expenditure sheet and paid our by J.R. our Treasurer).

D. Role Based Bounties
1. Anyone can apply openly to a new role based bounty as done with Smart Property Lead.
2. Pay below market for "role based bounties" as these folks are getting a lot of additional compensation from Dev MSC.
3. Keep the amount of funds going to "role based" positions to 20% of the total budget, so 80% is going to big coding competitions and the real "meat" of the application's implementation.
4. Allow developers to take MSC / BTC / USD based on their preferences. They are interchangeable after all.  

E. Payments
1. During the day of payment the Mastercoin Foundation staff or board member responcible for making payment shall take the prior day's 3-day daily moving average from a well known Bitcoin exchange (i.e., as of 2013 Mtgox, Bitstamp) to calculate payment when a bounty, award or contract has been denominated in a non-virtual currency (USD, EUR, etc).
2. If payment cannot be made due to lack of a Bitcoin address from a payee, then calculation shall be made pursuant to Section E paragraph 1, and the funds in BTC shall be set aside until payee has provided a Bitcoin address.