diff --git a/zip-1014.rst b/zip-1014.rst index 84baead5..8959f6de 100644 --- a/zip-1014.rst +++ b/zip-1014.rst @@ -222,13 +222,13 @@ following additional constraints: ZF's Community Advisory Panel. The Major Grant Review Committee's funding decisions will be final, requiring no approval from the ZF Board, but are subject to veto if the Foundation judges them to violate the ZF's operating - documents or US law. + documents or U.S. law. -7. Major Grant Review Committee members have a one year term and can sit +7. Major Grant Review Committee members have a one-year term and can sit for reelection. The Major Grant Review Committee is subject to the same conflict of interest policy that governs the ZF board of directors. (i.e. they must recuse themselves when voting on proposals where they have - a financial interest) Additionally, no one with interest in or association + a financial interest). Additionally, no one with interest in or association with the ECC may sit on the Major Grant Review Committee --- since the ECC can be a beneficiary, this avoids those potential conflicts altogether. The ZF will continue to operate the Community Advisory Panel and will work @@ -244,8 +244,8 @@ through ZF's usual grant process, allowing for public discussion and public funding. It is intended that small one-time grants will be funded by drawing on the ZF-GU slice (where they also compete with other ZF activities), whereas large long-duration will be funded from the dedicated ZF-MG slice; though -this is at ZF's discretion. (e.g. if there are no Major Grant applications the -ZF may opt to direct the ZF-MG to smaller grants) +this is at ZF's discretion (e.g. if there are no Major Grant applications the +ZF may opt to direct the ZF-MG to smaller grants). ZF shall strive to define target metrics and key performance indicators, and hopes the Major Grant Review Committee will utilize these in its funding @@ -287,7 +287,7 @@ The Funding Target may be changed only by unanimous agreement of ZF, ECC, and the majority vote of the Community Advisory Panel. (In case of excessive accumulation of reserves, the community can condition an increase of the Funding Target on the redirection of some of the reserves to a different -entity, miners or an airdrop). +entity, miners or an airdrop.) Dev Fund ZEC that has been received, not placed in the Volatility Reserve, and has not yet been used or disbursed, will be kept by the corresponding