Nouns x 501c3 Study
proposed by 0xc6a3…96e4 sponsored by 0xae47…5fed
Voting ended with quorum met and more For than Against. The proposal passed.
Quorum
The For votes a proposal needs before it can pass
193 / 139 For votes of the quorum
100.0%
Quorum met · 54 over
Request size
Vote result
Which side is ahead
Turnout
243 / 1,358Nouns
17.9% cast
Proposal end
Voting period ended
Ended
177d 17h ago · Executed
Opened
block 24,988,238
Closed
block 25,017,038
TLDR
Authorize wylin.eth to explore creating a sister 501c3 non-profit org for Nouns
requesting 1 Noun + 20,000 USDC
Context
Nouns is a Wyoming DUNA, a Decentralized Unincorporated Nonprofit. One consideration during the re-formation was the possibility of the DUNA legal entity receiving 501c3 charitable designation, or a fiscal sponsor for the DAO.
Pursuit of both pathways has not proven fruitful.
The topic of Nouns having some sort of 501c3 has been recurring for many months; members have been exploring the topic and potential structures. The DAO recently hosted Jason Schwartz, the Crypto Tax Guy, on the weekly X space to discuss the topic with members and answer their questions.
Jason has made an offer for Nouns to participate at no cost in his firm's 501Foundry program.
501Foundry is a pro bono program that incorporates, advises, and obtains tax-exemption for charitable and other nonprofit organizations.
Jason is widely considered one of the most esteemed tax lawyers in the digital assets space, and has earned recognition from both Chambers USA and Legal 500 US for his exceptional legal counsel.
Under Jason’s ten-plus years of oversight, 501Foundry has helped hundreds of charitable organizations obtain tax exempt status.
The Value
Nouns DAO has a strong precedent for participating in charitable grantmaking:
- Proposal #1
- Nouns Fund Education: Rebuild a Ugandan village Community School into a Nouns School
- Free Glasses for Kids
- DAO Governance Research at University of Oregon’s Intelligent Futures Lab
- Nouns Shelter
Krel & the Camp team's Nouns Grants initiative drew dozens of $10k grant candidate submissions that were of a charitable nature.
A structure that allows Nouns to participate in charitable capital allocation powered by tax-advantaged donations could enable the Nouns governance experiment to continue more sustainably than through auction revenue alone.
2 transactions · sends 1 Noun and 20,000 USDC
1Transfer Noun 905 from the treasury to 0x68a0…beD1
− Noun #905Out
0x9c8f…dc03the Nouns token0 ETH
safeTransferFrom(address,address,uint256)
Calldata (96 bytes) 0x000000000000000000000000b1a32fc9f9d8b2cf86c068cae13108809547ef7100000000000000000000000068a003d1bf3a9674caf002bb7685f6a14f31bed10000000000000000000000000000000000000000000000000000000000000389
2Send 20,000 USDC to 0xc6a3…96E4− 20,000 USDCOut
0xa0b8…eb48USDC0 ETH
transfer(address,uint256)
Calldata (64 bytes) 0x000000000000000000000000c6a39e2f9a7626612292ad56e76d738db43596e400000000000000000000000000000000000000000000000000000004a817c800
Priced portionTreasuryAnnual staking yield
Spending is priced the same way the Coffer prices the treasury: today's prices, today's balances. Moving money between the DAO's own wallets, setting approval limits and swapping one asset for another do not count as spending. NFTs and calls whose effect is unknown are left unpriced.
The yearly staking yield takes what is staked right now at its current rate for one year. It leaves out auction income, price moves and any change to the balances or rates.
Action 1: Noun 905 has no market valuation in this benchmark.
Action 2: A current USDC price is unavailable.
A current treasury and staking-yield benchmark is unavailable.
- Proposer
- 0xc6a3…96e4
- Sponsors
- 0xae47…5fed
- Created
- block 24,966,638 · transaction 0x6619b5…65ee
- Vote snapshot
- Voting power is read at block 24,988,238
- Quorum
- 139 For votes. Every Against vote raises this floor, up to a cap. Reaching it is not enough on its own: For also has to beat Against.
- Turnout
- 243 of 1,358 Nouns cast · 17.9%
- Executor
- The treasury
- Governor
- the Nouns governor on Etherscan
Schedule
- Editable untilblock 24,984,638
- Voting opensblock 24,988,238
- Voting closesblock 25,017,038
- Executable from
Times are shown in your time zone.
How a proposal moves through the governor
The proposer can still edit for a short while after posting. Then it waits for voting to open. Voting runs for a set number of days. If the result flips near the end, an objection period opens where only Against votes are allowed.
To pass, a proposal needs two things at the close: at least as many For votes as the quorum, and more For than Against. The quorum is not fixed. It starts at a minimum and rises with every Against vote, up to a cap, so a contested proposal needs more support than a quiet one.
A passed proposal waits in a timelock, then anyone can execute it until its grace period runs out. The proposer can cancel any time before that. The vetoer can veto a malicious one.
Votes & reasoning26
For
193Nouns · 79.4% · 20 wallets
Abstain
46Nouns · 18.9% · 4 wallets
Against
4Nouns · 1.6% · 2 wallets
Signals count wallets, not Nouns, and are not votes.