About NDC Services
NDC Services Ltd (“NDC”) is a new Cayman legal entity that is a wholly owned subsidiary of the Community Treasury (Guernsey Trust) with the purpose to:
- Sign and hold Contracts for NDC
- Pay service providers that do not accept crypto
The entity was created due to lessons learned from V0 Governance where NDC did not have the ability to sign a contract with Fractal or pay for services like Hosting, Google, Miro, Zoom, etc.
One of the commitements at the beginning of NDC was to ensure protection for Community members by avoiding the need for them to indivdually sign contracts or pay for services directly.
Autonomous Proposal
Autonomous Projects is thrilled to present its proposal to assist NDC with the services detailed below.
1. Proposal Term
Autonomous proposes a 6-month initial term (cancellable with 90 days’ written notice), which can then be extended with a vote. It will commence upon the date the agreement is signed. If there are any specific timeframes or preferences for the engagement, we are flexible and willing to discuss them further.
2. Key Performance Indicators
We understand the importance of having KPIs to assess the success of the engagement. The proposed services detailed below include several measurable deliverables with different timeframes, including but not limited to:
- Opening two bank accounts
- Setting up an OTC account
- Setting up internal policies and procedures (banking and payments policy, etc.)
- Facilitating invoice payments (on-chain and off-chain) as and when they come through
- Maintaining books and records (accounting, bank reconciliations, etc.) monthly
- Preparing quarterly transparency reports
The timely, ongoing completion of the deliverables listed below will serve as the basis for assessing the success of the engagement.
3. Price
Autonomous won’t charge a setup fee and normally recover any costs over the life of the contract. Please see the link below for further details on our pricing.
4. Services
a. Finance
The core principles of a DAO often include fairness, accountability and transparency, and this starts with a robust finance function which accurately reports financial activity for the foundation. We will prepare your management accounts and financial statements, manage all payments on and off-chain, action treasury diversification directives, and provide transparency reporting to the community and the board of directors.
This is the backbone of any well-functioning DAO, and we can deliver a robust, purpose-built solution for NDC.
Specific services include:
- Track and record all transactions, compile routine bookkeeping.
- Collect monthly invoices, review to supporting documentation, prepare approval sign-off for payment and make payments/initiate wallet transfers with multisig operators and broadcast.
- Reconcile bank statements and treasury wallets to the books and records.
- Support in communication of management accounts to board of directors (or equivalent), or their subcommittee.
- Track KPIs and benchmark against agreed parameters and actual financial results.
- Preparation of quarterly management accounts, which includes basic financial statements (Profit and Loss, Balance Sheet & Cash Flow Statement).
b. Project Management & Operations
We think of this service as the glue that holds the foundation together. A boots-on-the-ground project leader that drives forward initiatives, acts as a liaison between the different internal functions and external service providers, and gets in the weeds with you on various workstreams to ensure the day-to-day operations of the foundation are running smoothly. This is an often overlooked, but critical role within the foundation which promotes efficiency and accountability. We can deliver this role effectively by leveraging our unique and specialized knowledge in this industry and our deep experience of foundation operations.
Specific services include:
- Function as one of the entity’s contacts, communicate project status and keep interested parties up-to-date.
- Set up and monitor commercial terms for two bank accounts, a Rain account and card, and an OTC account, and be available to execute transactions.
- Engage and monitor service provider contracts and renewals, and facilitate payments to them.
- Support the entity with required operational updates, continuous policy and procedure review, integrations and partnerships with service providers.
- Liaise with legal counsel, outsourced compliance and board of directors (or equivalent) to ensure the regulatory environment is monitored, continuously considered and reporting requirements are met for the legal structure.
c. Strategic Advice
We provide guidance on best practices, including the design and ongoing assessment of entity functions. Our support offers ad-hoc advice on key functions and ensures compliance with reporting requirements within the financial, legal, and regulatory landscapes.
Autonomous is well oriented to the Near ecosystem and provides services for several other legal entities. Learn more about Autonomous and the team by viewing the web proposal and website: