First takes from the document that was released early today. While there’s reason to worry, it’s not all that bad. If it’s accurate, the current circumstances are certainly not the bloody murder claimed by one of its newest board members, Olivier Janssens.
1. The Foundation admits to having a reputation problem.
The document does not go into detail as to what type of poor reputation the Foundation believes it has, however the most common criticisms is its lack of transparency, funding problems and general disfunction, such as the voting process in the last board elections.
2. There’s not much left in the coffers ($463k as of Jan. 2015 compared to $5.2 million in Jan. 2014).
This is not great news, but a non-profit organization does not necessarily need to have a huge reserve to function. This could also reflect timing of donations
3. Membership trend is very optimistic.
This will help increase revenue and is a good sign despite the supposed “poor reputation” of the Foundation.
4. Net operating loss is declining.
We hope so.
5. Proposal to split the Foundation into two entities, Bitcoin Foundation 2.0 and a new company for Bitcoin Core Engineering.
A bold proposal that might solve several problems, including a threat from the IRS which has informed the Foundation they risk losing their nonprofit status if they directly fund software development.