To:
Andrew Miller @amiller
Peter Van Valkenburgh @valkenburgh
Jack Gavigan @Dodger
J.W. Verret @ProfJWVerret
Marta Belcher
The Zcash Foundation Board of directors have a fiduciary duty to ensure that the assets of a charitable nonporofit are used in support of the charitable mission, and in accordance with the donors intent.
Fraud an embezzlement can severely undermine a nonprofit’s mission through damage to an organization’s public reputation, loss of donor funds, revocation of tax-exempt status, and even closure of the organization.
If a nonprofit suspects, has been alerted to embezzlement or other charitable asset diversion, the board must investigate quickly and carefully to discharge its fiduciary responsibility to protect the nonprofits’s charitable assets and help insulate its members from any claim of personal liability.
ALERT to Zcash Foundation Board of Directors
Zcash Foundation completed a $250 000 United States Dollar grant to the Financial Privacy Financial, October 2023.
Zcash Foundation completed a direct no competition grant to the Financial Privacy Foundation October 2023.
Zcash Foundation has for the period October 2023 to October 2024, current staff and a current Zcash Foundation board member in full operational control of the Financial Privacy Foundation.
Financial Privacy Foundation in the past twelve months (October 2023 - October 2024) completed, no software development, no educational awareness work, and no completed software development grants.
Financial Privacy Foundation completed no meaningful work for $250 000 usd grant during October 2023 and October 2024.
To an average individual it appears to be the only grant, direct grant the Zcash Foundation has completed to not publish the Grant Agreement or commonly use term milestones agreement for the $250 000 grant to the Financial Privacy Foundation.
To an average individual this appears to be a diversion of the Zcash Foundation charitable assets.
To an average individual this appears to be a conflict of Interest.
The Zcash Foundation Board of Directors has a fiduciary duty to the members of the Zcash Community an other stakeholders in what appears to an average individual as a direct conflict of interest and diversion of charitable assets in the direct award of $250 000 usd to the Financial Privacy Financial.
Will the Zcash Foundation Board of Directors inform the Zcash Community members an other stakeholders with meaningful information to the following questions related to the $250 000 direct grant to the Financial Privacy Foundation?
What financial management practices have been used to prevent the misuse and misappropriation of assets in the direct award grant to Financial Privacy Foundation?
Who on the board is responsible for the overview of these Internal controls to prevent misappropriation of assests?
Will the Zcash Foundation publish the October 2023, Financial Privacy Foundation Grant Agreement?
What work from the Financial Privacy Foundation Grant Agreement between October, 2023 to October 2024 was completed?
Will the Zcash Foundation publish all board meeting minutes related to the Financial Privacy Foundation?
Who completed the Zcash Foundation’s transfer of $250 000 usd to the Financial Privacy Foundation?
Can you publish the Zcash Foundation’s Whistleblower policies, so staff, advisors, contractors or volunteers are aware and encouraged to report suspected wrongdoing to management and or designated board members.
Thank you in advance
Zcash Stakeholder