GIP-77: Legal, Operational, and Marketing Budget

Proposals
1

Authors : @mikesall

Summary

This proposal seeks to approve an additional $500,000 in USDC from the Goldfinch community treasury to cover legal, operational, and marketing expenses.

Motivation and Specification

There are a number of expenses to manage and grow ongoing efforts for the Foundation, and this funding will help ensure they can continue uninterrupted. The expenses include:

  • Legal expenses to cover ongoing recovery efforts for current borrowers, including working with the Chief Restructuring Officer from the firm Gavin/Solmonese, and working with multiple legal counsel.
  • Ongoing operational expenses to manage the Goldfinch Foundation, including government, management, and legal fees that are required to keep the Foundation in good standing.
  • Operational and legal fees that are required for setting up and maintaining the Goldfinch Prime entity, which is managed and owned by the Foundation.
  • Ongoing marketing costs, including onboarding a new marketing agency to help build recognition and excitement about Goldfinch’s mission and the Goldfinch Prime offering.

Goldfinch currently has $2.2M USDC in the community treasury so there is sufficient capital to cover this additional budget.

Benefits

  • The Foundation is able to continue and grow core legal, operational, and marketing efforts.

Downside

  • The Foundation will spend $500,000 in USDC that could be used for other purposes.

Voting

“Yes” - Approve $500K budget

“No” - Do not approve $500K budget

7 Likes
2

I am in full support of this proposal!

4 Likes
3

how long would the eta be after the proposal passes (assuming it does) until marketing team is hired and starts promoting?

i am in full support of this proposal

4 Likes
4

I support this GIP.

// Yes.

5 Likes
5

Is that a budget for one year? It’s hard to assess without proper timeline.

Also soem GFI were sold lsat 3-4 months by Obinna to fund the foundation - is this initiative on top of the previous one?

5 Likes
6

@suckytrader It will beginning immediately.
@Herve The timeline is unclear because most of the costs are frankly for legal/CRO fees with the borrowers, which can add up quickly especially when pursuing legal action, and difficult to plan ahead. For the general operational/marketing costs it will cover at least one year. And yes, this is on top of the what Obinna sold before, but he did not sell the full amount. I am making this proposal because I think it’s better to budget and use USDC available rather than sell more GFI.

2 Likes
7

Did I understand correctly that we have no other choice but to pay off these expenses?

1 Like
8

Without knowing the rate at which the budget is spent, it is difficult to evaluate this proposal in detail.
But overall I vote for acceptance.
YES.

1 Like
9

I would say it sounds like you just need a good private security team. :thinking: and I do have over 13 years of military security force and law enforcement career experience. :thinking:

1 Like
10

I’m all in on this new proposal, fam. We def need that cash flowing into marketing - GFI gotta shine out there. Plus, gotta back up our CRO, dude’s grindin’ hard AF to get our people’s money back and keep everyone smiling

1 Like
11

Hi, do you a rough % breakdown of legal, operational and marketing expenses? Would be great to also get an estimate on how long 500k will last.
Would be able to vote for it then.

2 Likes