Does it contain all required information?
How well does it align with the Strategic Objectives and Focus Areas?
How experienced is the Worker Proposal Lead and Team?
How competitive is the proposed budget and does it fit within overall budget set by the Foundation?
The Foundation has a higher FIO budget than USDT USDC budget and therefore will be more likely to approve FIO Token compensation than USDT USDC compensation.
The Foundation may ask for detailed budget breakdown, especially for projects which will require multiple resources and/or payments to other vendors.
The Worker Proposal payments can be made in any combination of the following:
USDC. It has replaced previously used and no longer available USDT.
Liquid FIO - denominated in USDTUSD, but paid in FIO Tokens.
Locked FIO - denominated in USDTUSD, but paid in FIO Tokens, which are locked for a period of 2 years with 4% unlocking every 30 days. This payment also comes with 100% premium, meaning if this payment method is selected, the payment amount is doubled. For example if Worker Proposal has been approved for 1,000 USDT USD and Worker Proposal Lead changes it 1,000 USDT USD worth of locked FIO, when the payment is made 2,000 USDT USD worth of locked FIO will be paid out.
BTC or ETH (requires prior Foundation approval).
Anytime the denominated amount is converted to FIO Tokens, the USDTUSD/FIO rate of exchange is taken from http://coinmarketcap.com as the closing price for the 3rd day before end of the month (for monthly payments), or for the day before payment is made (for one-time payments).
Worker Proposal Lead is responsible for coordinating expenses in order to avoid exceeding the approved budget.
If there is a good reason to exceed the budget in any particular month, the Worker Proposal Lead must first obtain Steering Committee approval in #steering-committee Discord channelby submitting WP Change Request.
Payments to some vendors may often vary based on a variety of factors such as time spent on project, cost of 3rd party services, etc. If that is the case:
The Worker Proposal Lead should make reasonable estimate and then include the actual amount spent in their Payment Request, meaning unspent budget should not be assumed to automatically be paid to the Worker Proposal Lead, unless it was reallocated to other needs and benefits the KPIs.
If certain spent occurs on a different frequency than payment frequency, the Worker Proposal Lead would still need obtain Steering Committee approval by submitting WP Change Request, but the justification would be obvious, e.g. “Requesting approval to exceed this months budget by $10,000 as vendor bills quarterly and spend reflected in budgeted amount”.
If the budget is changed as a result of converting some payments between payment methods such that the budget USDT amount is increasing, Steering Committee needs to approve it, otherwise no approval is necessary.