Status: Proposed Author(s): @Finance.Nest @ElliottWatts @Matthew_Graham Gov Review: @asira Created on: 9th March 2022 Discussion to: https://gov.indexcoop.com/t/iip-139-season-1-budget-approval/3985 Quorum: 109069 INDEX - (5% of Circulating Supply)

Simple Summary

This IIP is to approve the budgeting for Season 1 (Feb 1st to June 30th) operations of the Index Coop. Given the gravity of the proposal, we feel it appropriate to take this through IIP cementing the direction to progressively move towards a more refined and efficient business model. The budgets for each Nest have been approved by both Finance Nest and the Index Council. During Season 1 there is an overall 10.72% reduction on Actual Q4 average monthly spend. We believe this to be a positive move towards a leaner business model that is both able to grow and deliver results for the community.

Operations Account: ‘0xFafd604d1CC8b6B3B6CC859cF80Fd902972371C1’

Treasury Account: ‘0x9467cfADC9DE245010dF95Ec6a585A506A8ad5FC’

Abstract

The Season 1 budget being requested is $3,627,852.27 for a 5 month period. This is equivalent to $725,570.45 per month and includes the funding for priority hires detailed in IIP-128. The funding will be provided from the Treasury account to the Operations Account and will be distributed/managed by Finance Nest in line with the approved budgets here within.

The budget being requested for approval is summarised along with the objectives of each nest are detailed below. For feedback specific to each Nest’s proposal, please do comment on the respective Nest forum post linked below:

• Finance Nest
• Community Nest
• Governance Nest
• Growth Nest
• Product Nest

A summary of funding is detailed here - INDEX - 2022 S1 Budget.pdf|attachment (86.6 KB)

Specification

The Season 1 Spend including Core Hire but excluding DSM, is shown below:

The Season 1 Core Hire Cost, excluding DSM, is shown below:

The distribution across the Nests, excluding DSM, is shown below.

USDC payment is reserved for contributors that are hired full time and are part of the core hires for S1. All other contributors are to be paid in INDEX. The quantity of INDEX each contributor receives will be determined in line with the current methodology for how monthly Contributor Rewards are determined. For the purposes of requesting this budget, we have assumed an INDEX price at the point of payment for the February rewards distribution this is $6.60

Note: Equity from vested Full Time packages and DSM are not included in these estimates.

Voting

FOR:

The funding of $3,627,852.27 for the operational expenses of the 5 nests for season 1 (1st February to 30th of June)

AGAINST:

Approving the funding of the 5 nests for season 1 (1st February to 30th of June)

Copyright

Copyright and related rights waived via CC0.