AIP-478: Require Ape Foundation To Disburse AIP Funds In Timely Fashion

PROPOSAL NAME

Require Ape Foundation To Disburse AIP Funds In Timely Fashion

TEAM DESCRIPTION

@SmartAPE // Derek Smart, DAO member and writer-of-many-words

I am an indie software developer who has been in the games industry as a gamer and game dev for over 40 years. I have designed, developed, and published over a dozen games during my career.

My first game, Battlecruiser 3000AD (aka BC3K), was a ground-breaking game that was ahead of its time. Published by Take Two interactive in 1996, it was one of their portfolio titles when they went public in 1997. So, you could say that I helped the company succeed to where it is today.

Over the decades, I have worked with some of best software developers and publishers around the world, and my works have been featured in various online and print magazines around the world.

You can learn more about me on my professional LinkedIn page.

PROPOSAL DESCRIPTION

The Ape Foundation has been reported - several times - for being tardy in its disbursement of funds granted by the DAO via a fair voting process.

In some cases, the disbursement of funds has taken up to six or more months.

While there may, in some cases, be plausible (e.g. legal negotiations, compliance etc) reasons for the delay, it is incumbent upon the Ape Foundation to disburse funds which have been granted by the DAO, and to do so in a timely fashion.

This proposal seeks to require the Ape Foundation to disburse 100% of the approved funds in three tranches within 30 working days from the date of the proposal passing and being accepted.

It also requires the Ape Foundation to post a Discourse thread entitled “Ape Foundation - Funds Disbursement Process” which details the process, required documents, and/all data and info required from the proposal author in order to ensure a smooth and efficient process for disbursing the funds within the 30 working days time frame.

It also requires the Ape Foundation to notify the DAO secretary of the proposal disbursements, and the secretary is required to maintain regularly updated records of funds disbursements in an online form accessible to the DAO.

ABSTRACT

WebSlinger - Cayman Islands Administrator For Ape Foundation

admin_timelines

Granted the DAO doesn’t [yet] have on-chain governance, but regardless of that, there is no plausible reason why the disbursement of funds granted via an AIP cannot be disbursed either immediately or within a reasonable time-frame.

BENEFIT TO APECOIN ECOSYSTEM

By disbursing funds in a timely manner, the Ape Foundation solves the issue of optics, becomes more efficient, and gains the confidence of those who have been hesitant in going through the arduous AIP process only to see the funds not be disbursed in a timely fashion.

The advent of ApeChain is going to attract a lot of attention, even from those who may not wish to apply through the upcoming Banana Bill (assuming it passes), but to rather capitalize on the ApeChain excitement by instead running the AIP voting gauntlet. As a result, the timely disbursement of funds to builders is CRITICAL to the SUCCESS OF APECHAIN and thus the longevity of our DAO.

Further, the Ape Foundation is PROHIBITED from engaging in any discussions or activities which would seek to alter, modify, interpret, enhance, improve, or otherwise create roadblocks for the successful completion of required contracts and the disbursement of funds related to an AIP. In other words, what the AIP says, and which was previously approved via Admin Review by the Ape Foundation, is precisely what should be adhered to by the Ape Foundation in its construction of any relevant contracts and/or documentations required by the AIP.

STEPS TO IMPLEMENT

Upon the passing of an AIP and the grant/funding recipient requesting funds, the Ape Foundation must disburse 100% of the requested funds according to the schedule outlined below.

The dates below are to be calculated based on working days (Mon-Fri).

  1. Within 2-days, disburse 50% of the funds
  2. Within 7-days, disburse 25% of the remaining funds
  3. Within 30-days, disburse 25% of the remaining funds
  4. Upon the disbursement of funds (of any amount) associated with an AIP, the Ape Foundation must convey this information to the DAO secretary who is tasked with notifying the DAO of this disbursement, as well as updating pre-existing public documents (such as this AIP AirTable) reflecting said disbursement and the associated amounts.
    .
    This AirTable must include :
  • The AIP number
  • The amount paid
  • The date the amount was paid
  • The remaining balance due
    .
    This data must be maintained via a Discourse thread entitled “Ape Foundation - Funds Disbursement Tracker
  1. Within 7-days of the AIP passing, the Ape Foundation is directed to post a Discourse thread entitled “Ape Foundation - Funds Disbursement Process” and which outlines (in a format similar to election candidates) the process, required documents, and/all data required by the grantee in order to ensure a smooth and efficient process for disbursing the funds.

REPORTING EXPECTATIONS

The expectation is that this proposal would be implemented by the DAO’s administrative team.

The community should regularly review the impact of this proposal.

If accepted, the administration and the community should review the impact of the updates after the 3-month period for conflict ends.

OVERALL COST

Total amount requested from the ApeCoin Ecosystem Fund = 0

A few points:

  1. Can you specify if requested funds means the snapshot passing? or after the contract is signed and the grant recipient has formally requested the funding? Also after AIP approval the recipient needs to do KYC and/or KYB. This also takes some time and is done by a third party provider.

  2. I think you should specify working days - Mon-Fri.

  3. Many recipients are unaware of the potential tax liabilities of receiving a grant and don’t have the necessary structures or SPVs for that ready. In such cases the delay is from the recipient not the Foundation side.

  4. Perhaps a weekly cadence for disbursing funds is a good idea.

1 Like

Love the intent.

Thoughts on execution:

  1. I assume certain items need to occur before fund disbursement (e.g. legal entity set up, contract signature, etc). I would suggest these items be made public to the DAO just as AIP templates are so all authors understand this going in and can plan accordingly to expedite disbursement.

  2. I believe fund disbursement should be made public for the DAO to see so we know who is still waiting on funding.

  3. I also like the idea of a weekly cadence.

2 Likes

Upon the grant recipient formally requesting the funding.

e.g. if the snapshot passes, and the recipient is on vacation or otherwise indisposed, there is no way for the Ape Foundation (AF) to send funds, regardless of time frame.

| Will update accordingly.

I assume that KYC/KYB/AML would all be done within the procedure of the recipient requesting funds.

ps. I actually have another AIP about this, and which I will be posting later today.

| Will update accordingly.

I will just specify “working days”, since that’s the usual nomenclature.

| Will update accordingly.

Right . But that’s not on the AF, in much the same way that employers are not responsible for the tax liability of contractors.

Also, this AIP isn’t designed to put the onus of disbursements on the AF. It is simply there to ensure that disbursements are done in a timely fashion, while not being the fault of the AF if the process is delayed - for whatever reason.

e.g. AIP-209, AIP-304 and similar ones, were by experienced people who already know all these things. Yet still, they spent several months trying to get their funding. And in the case of AIP-304, according to public reporting, the AF spent an inordinate amount of time coming up with legal contracts which were not in the spirit of the AIP.

I am not sure what that means. Please elaborate.

I already have an AIP for that, in which the AF is to make public the requirements for funds disbursement in much the same way that it publishes election candidate requirements. I think I will incorporate that into this one instead of creating a separate AIP.

I agree. That’s already in this AIP (see item #4 in Steps To Implement)

No idea what that means/entails. So, I will wait for @bigbull to expand on that.

Hi @SmartAPE ,

The community feedback period for your proposal would be ending in less than 24 hours.

  • If you’re content with the feedback received, your next steps are to finalize your proposal using the AIP Draft Template.

  • A moderator will reach out to the author to finalize the AIP Draft. Upon receipt of the final Draft, we will review and provide instructions on the next steps.

  • Are you ready to proceed to the next phase or do you wish to extend community discussion for another 7 days?

We look forward to hearing from you.

-@Facilitators

1 Like

Yes! I am ready to proceed! Idea already in AIP draft mode. Standing by.

1 Like

This topic was automatically closed after 7 days. New replies are no longer allowed.

Hi ApeCoin DAO Community,

@SmartAPE has completed editing their AIP Idea to be their AIP Draft.

This proposal has been assigned the AIP ID Number 478.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-@Facilitators

1 Like

Hi ApeCoin DAO Community,

Our team has reviewed and discussed @SmartAPE 's AIP Draft and have sent a list of initial questions. We await answers.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-@Facilitators

Hi ApeCoin DAO Community,

@SmartAPE has responded to our questions and they are in our review once again.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-@Facilitators

1 Like

Hi ApeCoin DAO Community,

Edits have been made to this Topic by the author’s request.

You can click the Pencil icon at the top of the post to see these edits.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-@Facilitators

1 Like