Where will the funds go?

The DAO will choose how and where we spend the funds.

Governance token holders will be encouraged to submit funding proposals that allocate a portion of funds (min grant size: $50k) to a charitable organization. The core team plans to put forward a few initial funding proposals as well.

These organizations could include community centers, orphanages, churches, or other groups who meet the following criteria:

Are registered as 501(c)(3) in good standing with the IRS
Meet Endaoment’s due diligence and funding policies
Are aligned with ElfDAO’s mission and confirm that they can deliver gifts within 6 months of receipt of funds

Holders will then vote on the proposals which will determine the distribution of funds. This project’s goal is to run on a short time frame; we intend to distribute all of the funds as quickly as possible, and then spin down the project before the end of January.

In addition, we will be reserving 2.5% of funds raised to cover overhead costs (1% for multi-signature wallet and Juicebox gas fees, 1.5% for enDAOment, our fiscal sponsor’s transaction fees) as managed by the core team. All overhead costs will be transparently documented and none will be used to compensate the core team — leftover operational funds will be contributed to charity through a proposal.

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All of this information will be codified in the initial governance proposal that the DAO puts forth on January 2nd, 2022. $GIFT token holders will be able to vote and propose changes to our proposal.