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Endaoment.eth
@endaoment
We're pleased to share that Endaoment has successfully completed its first fiscal audit as a nonprofit! As a California 501(c)3, this was a regulatory requirement after surpassing $2M in donations, and an excellent opportunity to showcase the benefits of onchain giving 😎 🧵👇
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Endaoment.eth
@endaoment
2/ 🧠 THE PROCESS Educating our auditors about digital assets and our unique ecosystem comprised of thousands of smart contracts was no small feat. It required deep understanding of not just blockchain accounting, but the operational dynamics of our contract architecture.
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Endaoment.eth
@endaoment
3/ 🤝 COLLABORATION IS KEY We worked with two crypto accounting specialists and our fiat bookkeeping service, Pilot. Switching to Hyperion mid-process highlighted unique challenges of auditing onchain ops, and their adaptability was invaluable.
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Endaoment.eth
@endaoment
4/ 🪟 LEVERAGING TECH FOR TRANSPARENCY Though challenging, this experience reinforces the potential of smart contracts to enhance trust & accountability in giving. With finances recorded immutably onchain, donors can have confidence that contributions are managed as intended.
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Endaoment.eth
@endaoment
5/ 🗺️ LOOKING AHEAD As we embark on similar audits for 2022 + beyond, we remain committed to leveraging emerging tech to foster a culture of transparency and trust, and set a new example for financial accountability in the nonprofit sector.
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Endaoment.eth
@endaoment
6/ 💡 THE BOTTOM LINE Completing a successful financial audit as an onchain community foundation is no small feat. But with the right tools, collaborators, and the inherent accuracy of the blockchain, it's a powerful way to build trust and accountability.
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Endaoment.eth
@endaoment
7/ 🙌 THANKS TO OUR COMMUNITY We couldn't have reached this milestone without the support of our incredible community. Your trust and belief in our mission is what drives us forward. Here's to many more years of transparent, impactful giving! 🥂
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