Zcash Foundation Board Meeting
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June 9, 2017
Started 11:00 AM EDT
In attendance: Andrew, Peter, Yan, Naval, Matt

Minutes
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1. We welcome Yan as fifth board member

- General discussion welcoming Yan and reviewing scope of organization 
    - Financial Privacy broadly vs Zcash network specifically
    
- Each member shared what they are excited about regarding the plans for what the foundation should do
    - Andrew: grants to good samaritans in the community 
    - Peter: working groups (like W3C) to create more organic development of the tech that outlasts the Zcash company 
    - Matt: Encouraging research on new uses for the protocol beyond cash, privacy and zk proofs in other realms and applications 
    - Yan: agrees with Matt, very excited about all the ways the tech can be used  
    - Naval: make sure foundation is run as sensible enterprise (with good cash management). 

- Yan asks what the impetus for the foundation’s creation was 
    - Andrew: much of it to be a recipient of the funds that are to be pledged from the mining reward for open development/non-profit

- Andrew discusses our status as bootstrap board and the ultimate movement, potentially toward a permanent board.

2. Discuss pending 1023 application, yet again
- We reviewed a further revision of our activities and purpose statement
- We reviewed a discussion with our lawyer on whether Zcash Co is a "parent company," and concluded "No", as we do not have a leadership role or controlling interest within the Zcash company.
- The board approved to file our non-profit application

3. Budget
- The board approved to reserve 300 ZEC (approximately $80,000) for the grant program
- We reviewed a job description written by Peter and Andrew for a Senior Project Manager and/or a Communications Manager. The board approved publishing the job description
- The board approved to reserve a budget for a 2-year salary for project manager, $83,200
- The board approved for treasurer (Andrew) to determine a way to exchange ZEC into dollars for this purpose, having money in $ safe to pay employee(s)

4. Working groups
- The board approved a draft of policies for a "Working Groups" model for coordinating volunteers.
- The board approved to authorize the President (Andrew) to approve a working group without needing a board decision.