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Status of document. Adopted following consultation with Partners by email and on Partner call 2016-06-10

 

This document sets out procedures for dealing with monies held by the Hydra Project.


  1. The Hydra Steering Group shall maintain a permanent Finance Subcommittee to deal with routine financial matters.  The Subcommittee shall comprise no less than four members of the Steering Group.  In addition the Steering Group may recruit as needed onto the Subcommittee up to two non-Steering Group members with appropriate skills and expertise to further its work.

  2. Formal decisions of the Subcommittee require a majority vote of its membership.  If the Subcommittee is deadlocked over a particular decision the matter shall be referred to the full Steering Group.

  3. Hydra Project monies are held by a fiscal sponsor.

    1. Any proposed change in fiscal sponsor must be approved by the Hydra Partners using the Hydra Partners' mailing list. The notion of lazy consensus shall apply; Partners who have not expressed a view within seven days of notification shall be deemed to support the proposal.

    2. The full Steering Group must approve by majority a formal Memorandum of Understanding between the Hydra Project and its fiscal sponsor.

    3. Members of the Steering Group who are employees of the fiscal sponsor may serve on the Finance Subcommittee but may not vote in its decisions. Such members do not count towards the minimum membership.

    4. As at April 2016, Hydra's fiscal sponsor is DuraSpace.


  4. Each year, the Hydra Project's outline spending plans must be approved by the Hydra Partners using the Hydra Partners' mailing list. The notion of lazy consensus shall apply as defined in 3a above. Major financial sponsors from outside the Partnership should be part of this consultation (see 5 below).  The Steering Group is responsible to the Hydra Community for ensuring that expenditure of Hydra’s monies is consistent with the outline spending plans and any potential expenditure which falls outside these should be referred back to the Partners for approval.


  5. In addition to Partners, sponsors who donate $5000 or more to the Hydra Project in any given financial year shall have the right to contribute to the overall discussions about how the year's money should be spent.


  6. The Finance Subcommittee shall have day-to-day responsibility for managing the Hydra Project's monies.  

    1. The Subcommittee must make periodic reports, and upon request, to the full Steering Group.

    2. The Subcommittee must make an annual report to the full Steering Group and to the Hydra Partners.

    3. Two members of the Finance Subcommittee shall be designated Hydra's Financial Stewards and shall be the normal point of contact between the Project and its fiscal sponsor.  Such Financial Stewards shall be appointed by the full Steering Group and the appointments shall be reviewed annually.

    4. Either financial steward shall be empowered to authorize routine banking transactions up to the value of $250 without prior permission from the larger Steering Group provided only that the authorizing email be copied to all members of Steering.  Routine payments are identified on the Steering Group page: Project Hydra Accounts (note: this page is restricted to SG members)

    5. The financial stewards shall be empowered to authorize banking transactions exceeding $250 only with the prior agreement of the wider Steering Group.  Once such approval has been received from the Steering group, either steward shall communicate the approval to DuraSpace with cc: to all members of Steering.  

    6. In the absence of one or both stewards, other members of the financial subcommittee may substitute as signatories.


  7. This financial governance document shall be reviewed by the Steering Group annually. Any resulting minor changes should be notified to the Partner list.  Any major changes should be voted on by the Partners employing the notion of lazy consensus as defined in 3a above.




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