gmdao

Summary:

To extend Defi Beat’s role as Treasurer for the rest of 2022 (July - December 2022) with some key changes that will be more beneficial for the DAO.

Old Proposal For Context

What’s Changing**:**

It’s clear that the DAO needs a “CFO” as much as it needs an “investment Advisor” - and so this proposal attempts to modify the position to be more in-line with the DAOs needs

• Eliminating The 5% Profit Sharing Bonus - While it would help motivate out-of-the-box thinking, it is in the DAOs best interest that all profits stay in the treasury. If we’d like to reward high performance, a proposal can be made to issue bonuses to any member of the DAO.

What’s Staying The Same?:

• De-Fi Beats to receive $2,000 USD a month
• De-Fi to have a $2,000 a month stipend to spend on other contributors (from within the DAO) that DOES NOT roll over if unused.

Goals:

Opperations: To assist the DAOs day-to-day operations as it relates to inflows, outflows, and accounting. To work with professionals (Lawyers and Accountants) to ensure we are doing everything by the book.

Treasury Management: The long term goal is to one day have all of gmDAOs monthly expenses be paid for by the conservative yield on our growing treasury. The short term goal is to garner yield without putting the funds in any significant risk (i.e, not to lose any money in any circumstance)

Risks:

Investment risks on a small portion of our treasury

Spending treasury on salaries but not seeing any tangible benefits

What Has Been Done So Far:

• Moved a strategic portion of our treasury into stables and stEth for growth and diversification
• Test drove various accounting software to find the right fit for the DAO
• Onboarded gmDAO onto Coinshift an accounting software that will allow us to run P&L statements and report to tax authorities
• PMing DAO strategy sessions that will help us grow our offerings

Day-to-Day Operations:

• Monitoring the treasury on a regular basis to spot oddities or opportunities for diversification
• Paying contributors and the studio - i.e., wrangling multi sig signers
• Updating our accounting software to ensure transactions are tagged appropriately

What Is On The Horizon:

• Upgrading our account to Coinshift V2 which will allow for even more functionality
• Diversifying our treasury by swapping into more stables
• Assisting with interviewing and selecting our legal team to help the DAO incorporate
• Managing this team as they work through our specific needs
• Interviewing and selecting an accounting firm to help us file taxes
• Providing paperwork to contributors and accounting firms to ensure we are compliant with whatever jurisdiction we end up incorporating in