Dash Core Group June Funding Proposals
DCG is submitting 2 funding proposals for the June 1st budget cycle:
1) DCG Compensation: $324,000 (multi-month proposal)
2) DCG Marketing and Travel: $64,000
This proposal
This is cross-posted at
here
What does this specific proposal fund?
This proposal funds Dash Core Group's ongoing compensation costs - including all developers, administrative, business development, marketing and support staff. This is a multi-month proposal that will cover compensation for June, July and August. Dash Core Group decided it is in the best interest of the network to submit a multi-month proposal for several reasons:
- We will need 50% of the budget to continue to rebuild our reserves in the compensation budget. We are currently in a position where we would request 50% of the budget for the next 3 months. If the price of Dash drops, we have already committed to not requesting over 50% of the funds for compensation purposes. If the price of Dash increases, this will allow us to rebuild our reserve on quicker schedule. At current prices, it would take roughly x months for us to replenish our reserve to our minimum requirements
- Provides greater visibility to the network of DCG’s future funding requests, which can aid planning
- Saves additional 10 Dash in proposal fees by posting 2 fewer proposals
- Reduces proposal management efforts for 2 months for the DCG finance team
In June, DCG is projected to have 43 staff associated with the project. This amount is unchanged from the previous month. The breakdown of the number of staff we have working in each unit will be as follows:
Development and Operations:
Full-time: 26
Part-time: 6
Admin / business development / marketing / customer service:
Full-time: 10
Part-time: 1
* Full-time defined as contracts permitting staff to bill 35 or more hours a week
** Part-time defined as contracts permitting staff to bill less than 35 hours a week
Our run-rate in June will remain at $255,000 after taking into account voluntary pay reductions. Our full run-rate, if we were to reinstate volunteers who stepped forward to reduce their salaries, would be $306,000. The true run-rate will be somewhere in between $255,000 and $306,000 as we expect some, but not all, volunteers will request to be reinstated to their contracted compensation amounts as our financial position improves and their ability to continue working without pay diminishes.
With the current proposal, we are asking for funding of $324,000 per month. We are requesting funding above our run-rate because our reserve in the compensation account continues to be substantially depleted. The reserve is needed to absorb volatility in the price of Dash. Because of the reserve, we were able to retain most of our staff through the September to March period when funding fell dramatically short of our compensation costs. We would like to achieve the following goals in the near future:
- Replenish core team salaries reserve to at least 3 months of compensation expenses (in the medium to long-term 6 months is the target). This is in line with the absolute minimum most organizations carry on their balance sheet to cover staff costs and ensure orderly wind-down of expenses should our revenue decline precipitously
- Reinstate the salaries of those volunteers who reduced their salaries (since they are volunteers, they can unvolunteer at any time)
- Fill any critical hiring needs
If you have any questions, please direct them to
@glennaustin at dashcentral to ensure we are notified of your request.
Requested funding is as follows for the June, July and August budget cycles (per cycle):
· 2,866 Dash for core team compensation ($324,000 USD @ $113.00 per Dash)
· 5 Dash proposal reimbursement
Total: 2,871 Dash
Note: Should any funding remain, we will apply it toward future compensation expenses.
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