Notice of amendment to Bylaw 16 (annual and interim budgets)
The ENS Foundation Board amended Bylaw 16 to set an annual budget deadline and allow a capped interim budget; no tokenholder vote is required and it takes effect 7 November 2026.
On 29 October 2026 the Board of the ENS Foundation amended Bylaw 16 and gave notice under Bylaw 17. The post states no tokenholder vote is required; the notice starts a seven-day publication period, and the amendment takes effect on 7 November 2026. The Board chose this period as a precaution, since Bylaw 17 requires it for amendments that remove or reduce a tokenholder right or protection. Changes: the Board must adopt each annual budget before the financial year starts, or no later than 31 January of that year, and a budget adopted late accounts for all spending before its adoption. If no annual budget is in place when a year starts, the Board may adopt an interim budget by the same vote an annual budget requires. An interim budget covers only already-authorized pay and fees, commitments the Board has already approved, and routine operating costs. It has a monthly cap derived from the most recently adopted annual budget, permits no grants, budget allocations or transactions outside the ordinary course, and leaves all other Bylaw approvals and the Ratified Proposal's limits on Endowment transfers in place. It lapses when the annual budget is adopted or at the end of 31 January, whichever is earlier, and its spending counts against that year's annual budget. The financial year and the rest of Bylaw 16 are unchanged. Consolidated Bylaws will be published once the amendment is in effect.
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