API3 Operations Update: April 2022
Majority of the operations at API3 have been business as usual. This month’s update revolves largely around structural changes which are further outlined in our Cycle #7 Budget Proposal.
Team Structure Changes
All contributors based in the United States who perform a majority of their work for API3 will be encouraged to shift from receiving grants directly from API3 DAO proposals to being employed under a US operations entity which receives and distributes such successful proposals, in order to ensure scalable compliance under US law. Jon Stevenson has been a great asset in the development of the corporate structure of the new US service entity which will be aimed at serving API3 and another service provider for API3, ChainAPI. WorkDAO, a third-party service entity, will provide many of the standard employer functions required under US law including necessary local filings and tax withholdings. After thorough discussion and advocacy from Jon, our team of US Contributors are becoming increasingly excited about this shift and it is one that has the potential to catch on in other geographic areas of API3 operations as well.
After much collaboration and negotiations with Armanino, we have determined that we will continue to perform accounting and bookkeeping needs in-house while utilizing Armanino specifically for tax services. Mason will be leading the processes around our internal accounting practices and solicit further legal guidance and recommendations as necessary to ensure we are representing our spending effectively.
We are continuing to get better feedback as more teams are spending time in Monday.com as their primary CRM tool. We are revisiting processes established early on and we are further tightening processes to reduce redundancy and make the data available more clear to those who need it. We have hopes of further tool consolidation as Monday proves to be flexible enough to render other tools redundant. By consolidating our tools, we are able to build more efficient internal communications.