EB Support Services Proposal
Team: EB Support, LLC
Operations cycle: #10 and #11
Period: 1 April 2023 – 30 September 2023 (6 months)
Amount: $ 50,000.00 USDC
Destination: 0x8c3EA63c76f1fff6534C30Bc56f45BeDb159B6d3
Signers:
- Brian - 0x7cC150B3311b00a50D7B6aeDc73397192b1c9C22
- Jon- 0x8850720D9bCEEdFf231AF8C3E228f0949b07AF06
- Emily - 0x09eb2194D87564C9eA6Ff18AC8036C27f10adA09
- ⅔ signatures needed in order to make a transaction.
Background
Elemental Blockchain Support Services (EBSS, a d/b/a of EB Support, LLC f/k/a USAPI Services, LLC) provides backend support services for open source software projects and DAOs. In providing these services, EBSS aims to reduce friction and risks DAOs may experience in interacting with real-world assets and Web2 entities. EBSS is a duly formed Delaware limited liability company.
Scope
Scope may vary based on the API3 DAO’s needs. Currently, EBSS is facilitating ongoing business functions in bookkeeping,vendor management, as well as HR and employment services for US-based contributors. Services may or may not include subcontractors, but will remain the obligation of EBSS. The following segment is a basic representation of the services currently being provided to API3 DAO. Additional details will be provided upon request.
Responsibilities
- Account Reconciliation and Month End Processing
- Internal team bookkeeping
- Monthly accounting reconciliation
- Billing for recurring, one-time, and variable expenses
- Vendor Management
- Manage Web2 subscriptions, variable expenses, and other business needs
- Track reimbursements to EBSS to ensure accurate expense tracking
- HR Support
- US Contributor HR and Grant Payment coordination
- Each grant paid by EBSS equates to the API3-granted payment plus a 12% fee employer tax obligation and a 1.5% service fee.
Requested Funds
EBSS requests 50,000 USDC from the API3 DAO to top off the $50,000.00 retainer for ongoing services. The retainer will serve as a reserve against late reimbursements for expenses incurred by the API3 DAO and its teams as well as be the pool from which EBSS fees are deducted.
At the end of each Cycle, EBSS will calculate the total expenses incurred and invoice the DAO for 13.5% of such expenses as the service fee. EBSS may apply funds from the retainer to reimbursable expenses from teams that are 30 days past the date of invoice and/or the 13.5% service fee. EBSS will hold the retainer in trust for the DAO and will return the same, less outstanding invoice charges that are not disputed, at the expiry of the Cycle or the termination of the EBSS relationship with the DAO.
Deliverables
Deliverables for Cycle #9
- Continued efforts to effectively report API3’s Accounting flows, reducing complication by eliminating cumbersome processes
- Established US Contributors while remaining cost-effective to API3
- Ideating other ways to add value to API3 and future DAO clients
Deliverables for Cycle #10 and #11
- Maintain structure built out over past cycles and add teams and expenses to our reimbursement processes as needed.
- Manage and monitor existing responsibilities to the API3 DAO, plus AOB as requested and agreed between both parties.