> For the complete documentation index, see [llms.txt](https://board.docs.intersectmbo.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://board.docs.intersectmbo.org/intersect-board-meetings/2025-board-minutes/27-january-2025-intersect-board-meeting.md).

# 27 January 2025 - Intersect Board Meeting

Intersect Board Meeting 27 January 2025 

(2025-01-27 12:00 UTC) 

## Attendees:

<table data-header-hidden><thead><tr><th width="48.42578125"></th><th></th><th></th><th width="136.5546875"></th><th></th></tr></thead><tbody><tr><td>#</td><td>Board Seat</td><td>Designator</td><td>Alternative</td><td>Observer </td></tr><tr><td>1</td><td>IOG</td><td>Gerard Moroney  </td><td>Jeffery Siler</td><td><br></td></tr><tr><td>2</td><td>EMURGO</td><td>Nikhil Joshi </td><td>Amar Singh</td><td><br></td></tr><tr><td>3</td><td>Education</td><td>Steven Lupien </td><td>N/A</td><td><br></td></tr><tr><td>4</td><td>Membership</td><td>Kavinda Kariyapperuma</td><td>N/A</td><td><p>Juana Attieh</p><p>Lloyd Duhon</p></td></tr><tr><td>5</td><td>Membership</td><td><br>Adam Rusch</td><td>N/A</td><td>Mercy Tachie-Menson </td></tr><tr><td><br></td><td>Intersect</td><td><br></td><td><br></td><td>Jack Briggs, Nick Cook</td></tr><tr><td><br></td><td>Secretary</td><td>Lawrence Clark</td><td><br></td><td><br></td></tr><tr><td><br></td><td>Treasurer</td><td>Dan Singelman</td><td><br></td><td><br></td></tr><tr><td><br></td><td>Legal</td><td>Hallee Moore</td><td><br></td><td><br></td></tr></tbody></table>

### Proceedings:

The Secretary called the meeting to order on behalf of Chair Steven Lupien.

Absentees:&#x20;

Dan Singelman, Hallee Moore

All cameras were on, and all participants confirmed their adherence to the Directors' Conflict of Interest policy.&#x20;

The Secretary noted the agenda and proceeded with the meeting. Committees.

### Noted Agenda:&#x20;

<table data-header-hidden><thead><tr><th width="52.93359375"></th><th width="299.69140625"></th><th width="97.59375"></th><th></th><th></th></tr></thead><tbody><tr><td>#</td><td>Agenda discussion points</td><td>Duration</td><td>Presenter</td><td>pre-reading </td></tr><tr><td>1</td><td><p>Confirmation that the conflict of interest policy has been read and agreed</p><ul><li>Attendees to update on any conflicts they are aware of</li></ul></td><td>5m</td><td>Lawrence Clark</td><td><a href="https://drive.google.com/file/d/1CsvMyBbDFN07wFsmCroENV5XBA3sCp4r/view?usp=drive_link">Conflict of Interest</a></td></tr><tr><td>2</td><td>Board Issues &#x26; Actions to review</td><td>5m</td><td>Lawrence Clark</td><td>In deck </td></tr><tr><td>3</td><td>Review the purpose of the board</td><td>30m</td><td>Lawrence Clark</td><td>In deck</td></tr><tr><td>4</td><td>Decisions sought</td><td>1h</td><td>Multiple </td><td>In deck </td></tr><tr><td>5</td><td>Business Updates</td><td>30m</td><td>Lawrence Clark </td><td>In deck </td></tr><tr><td>6</td><td>Any other Business</td><td>5m</td><td><br></td><td><br></td></tr></tbody></table>

## Board Issues & Actions to review:

Lawrence Clark walked the board through the noted actions from previous meetings.<br>

Lawrence Clark updated the board that Adam Rusch has passed KYC and is now officially a member of the Board of Intersect.

## The Board of Intersect:

As requested by the board, the executive team was asked to present the purpose of the board and the board members' role on the board, as agreed on the 8th December 2023. Legal counsel provides updates for the board on their role under Wyoming Law, along with clarifying the purpose of a board meeting vs an executive session.&#x20;

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf7_zjoEtImURNCJkrVW4VQdQfNRWy-6ULFPIjNLUuwd7SHtgIf7Ng6gzDyJx3VYJhL6tgYoLFnO3CWZKoWCA5HPOiWn-FA2lTruNIA3cFXdmTCbsgsyBVJrqyZ19l7LF2XiC5BkQ?key=njp8w66Lc73QNyBzHNb3BioR" alt=""><figcaption></figcaption></figure>

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcf6EwFXRRAeVyDC_NtzyP-CFQEK9dgXZlVs1yyxju_AEG03RniF2T7oUitaEpO35ieXdVVEuhAfENS936hUJKLe9IUHqOoXMogUMJohN5GHzu7BK7xchj4XaLNcu1lBRdRfFtvvg?key=njp8w66Lc73QNyBzHNb3BioR" alt=""><figcaption></figcaption></figure>

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXepWC-0_fvcWukcHA7fqT66LEy3wuZxCwikzRUqxRIM0gr_GR4gg-u0lMxC8agOPBQa70L5c8EBb8cXajr82G3rJIY5OhjUcFDW7wwlFB3AnuMlS9JFCyxlMkgihPj3yjw_3F5DeQ?key=njp8w66Lc73QNyBzHNb3BioR" alt=""><figcaption></figcaption></figure>

## Change to Business Plan&#x20;

The executive team provided feedback from the membership and community relating to the Intersect Business Model, precisely the 5% charge Intersect places on all contracts between a supplier and the Cardano Development Holdings.  The recommendation from the membership was to remove the 5% charge in favour of a fixed charge.  The executive team has reviewed the implications of this and supports the change.  As a result, the Intersect Budget for 2025 will include all operational costs relating to Intersect and the Cardano Development Holdings.&#x20;

The board acknowledged the changes and asked the executive team to seek guidance from the membership on the companies that Intersect and Cardano Development Holdings would use to audit our finances.  The executive acknowledged and mentioned that the Budget Committee has an audit working group where they are selecting vendors known in the ecosystem that would be able to support audits.  This list/could be used for the members to select an appropriate financial auditor. \
The board also asked for more data to outline the benefits of a fixed price vs an admin fee + 5% per contract. &#x20;

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdahlnDTZ3-MDlQgqJ0og3w1O8OW_VAYu2rajCrdH2O16x2QsMmyebthV6oQpdBPSHEqC_4lhUAUhHhic1RBYr9V_6Afs32W4urM2R6maEISqsvflh7yMX7ZX2mUgwb8T9OonAdkg?key=njp8w66Lc73QNyBzHNb3BioR" alt=""><figcaption></figcaption></figure>

### Acceleration Plan

The executive team sought board approval on the proposed acceleration plan to support an increase in marketing and workshops for the Product and Budget process.  The challenge was to agree on how funding could be found to support this. &#x20;

The board was very supportive of the plan but was concerned about how it would be funded.  For example, would we need to wait until treasury funding was approved, or is the executive team seeking alternative funding?  The executive team confirmed that discussions were underway with IOG.

The board discussed the merits of a gift versus a loan and sought legal counsel's advice on the differences between them, as well as the liability to the board if a loan were to be defaulted.&#x20;

The board was supportive of the plan and looked forward to the executive team providing an update on how the acceleration plan could be funded.&#x20;

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcWAby0VFhUcJ63o1ea2n7phOF_YNzfZ1_LWA-jytizVrhBXv3XD7-aOeRWMuv1jbaQgErtSGoJL88tXNtMFi0NFQP-2Zg2E_CUqiEKEoHI1t1gFo6YiFGTTrCGrdrnubYNfangqw?key=njp8w66Lc73QNyBzHNb3BioR" alt=""><figcaption></figcaption></figure>

### Budget process timeline&#x20;

The executive team informed the board about the timeline and proposed process regarding the budget committee.  The board expressed concerns that the process emphasized one treasury withdrawal per bucket, while the community might request quarterly withdrawals to ensure that the DReps maintain control over the treasury withdrawals.   The executive team was asked to work closely with the budget committee to outline the process.

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfF2q6pTJNGuMgfc8M0g6ud6EpzmO3_48fJmFXz8r76PhiQaNLmX1qRAIFHe0u-xiN6MJvvJrP9mCATXctwgxeXc1d-ECjDpSkxZGMsPY7UzmYkIvColsc_y37AFozDrS_D6SFepA?key=njp8w66Lc73QNyBzHNb3BioR" alt=""><figcaption></figcaption></figure>

### Finance Update&#x20;

Lawrence Clark provided an update to the board on the Intersect and CDH financial position.&#x20;

Due to the year-end, the finance team is behind schedule in producing all financial reporting. We are currently in the process of closing December 2024, along with formulating the 2024 financial report, due in late February 2025.\
The KPIs below have been collated to provide insight into the current financial outlook. The ADA rate used is 0.9 to close out the year.&#x20;

**Intersect Financial summary**&#x20;

* Our total headcount cost looks to be $6.5m, which gives an Intersect total running cost of $8.5m.
* The runway for Intersect is until around July 2025.

C**ardano Development Holdings Financial Summary**&#x20;

* We have delayed the IOE payments (value of 22.05m ADA).
* The runway for CDH is until around April 2025.

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfhLM0_zwNhon2ZLBKGINu2APH-wqdJY6ETOcC3i5fgRwP4E-jJ36SvTQPqJYiPeC1mWGH0GEE8PVlOwhDb1Hz4Ma9e63D4tdDxjKi7CKfIhBVOWsCS3XQKftwjERMaCHGetkREgQ?key=njp8w66Lc73QNyBzHNb3BioR" alt=""><figcaption></figcaption></figure>

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeL9cf1IK54KZBEvY7LEd98O-S5aIzmqVAyVGnA0fx8hUcqOLEwzXbt92wED8n1Y5eqY6hZP_TyfXC7HPgbDIdFbHBH_cUST_0zthz9_OvhIYk-ikzMS_QGMsut0qURDec6k771?key=njp8w66Lc73QNyBzHNb3BioR" alt=""><figcaption></figcaption></figure>

### Any other business

The next board meeting is planned for 27 February 2024.<br>

<table data-header-hidden><thead><tr><th width="96.48046875"></th><th width="99.1328125"></th><th width="103.59765625"></th><th width="116.9609375"></th><th width="114.1015625"></th><th width="111.0546875"></th></tr></thead><tbody><tr><td>Jan</td><td>Feb</td><td>Mar</td><td>Apr</td><td>May</td><td>Jun</td></tr><tr><td>27 Jan 25</td><td>27 Feb 25</td><td>27 Mar 25</td><td>24 Apr 25</td><td>29 May 25</td><td>26 Jun 25</td></tr><tr><td><br></td><td><br></td><td><br></td><td><br></td><td><br></td><td><br></td></tr><tr><td>Jul</td><td>Aug</td><td>Sep</td><td>Oct</td><td>Nov</td><td>Dec</td></tr><tr><td>31 Jul 25</td><td>28 Aug 25</td><td>25 Sep 25</td><td>30 Oct 25</td><td>27 Nov 25</td><td>18 Dec 25</td></tr></tbody></table>

\
The Chair closed the meeting at 14:00 UTC on 27 January 2025.

### Noted actions and decisions

\
\ <br>


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