# Know Your MIP #11 - Summary
June 10th, 2022

## Agenda

- [00:00](https://youtu.be/P2FiO-KdbIg): Intro with Pablo
- [01:02](https://youtu.be/P2FiO-KdbIg?t=62): Presentation, Q&A and Discussion about MIP40 Budget Framework with Adrian.
- [51:20](https://youtu.be/P2FiO-KdbIg?t=3080): Outro

## Video

<https://youtu.be/P2FiO-KdbIg>

## Introduction

### Pablo

#### Agenda and Preamble
[00:00](https://youtu.be/P2FiO-KdbIg)

- Hello to everyone. I am Pablo from GovAlpha Core Unit. Welcome to episode #11 of Know Your MIP, the series where we go in-depth on MIPs. We are back after the longest hiatus yet. For this episode, we have with us Adrian @adcv from Strategic Finance. He is one of the authors of a recently ratified amendment that introduced big changes in MIP40, the MIP that defines how CU budgets are to be handled. Adrian will walk us through the MIP and the process of putting a budget together under the new framework.
- For other episodes of KYM, please [check the forum](https://forum.makerdao.com/search?q=kym%20).

## Presentation

### Adrian
[01:34](https://youtu.be/P2FiO-KdbIg?t=94)

- [MIP40/Portal](https://mips.makerdao.com/mips/details/MIP40)

## Questions

[01:02 - Pablo: What was the motivation for this amendment?](https://youtu.be/P2FiO-KdbIg?t=62)

[6:28 - Pablo: Are you going to walk us through the amendment now, or are you going to put together a budget?](https://youtu.be/P2FiO-KdbIg?t=388)

[11:49 - Tim Black: Folks are a little nervous in any operational context to show their work. When we articulate an example of teams providing ROI, can we talk about how reducing that term introduces more breadth for success?](https://youtu.be/P2FiO-KdbIg?t=709)

[16:05 - Jon Perry: In this new MIP, the section where you have to demonstrate financial benchmarks or value is more about a PR type. The ROI may not be a direct financial thing?](https://youtu.be/P2FiO-KdbIg?t=965)

[20:57 - Jon Perry: I am trying to think of ways to benchmark goals or results of events, but it is hard because people are chatting, and something happens, and we do not know about it.](https://youtu.be/P2FiO-KdbIg?t=1257)

[27:14 - Payton Rose: If you do not have your budget increase approved. Do you have any recommendations about the best practices for facilitators to plan for that?](https://youtu.be/P2FiO-KdbIg?t=1634)

[33:18 - Pablo: We skipped Reporting and Transparency.](https://youtu.be/P2FiO-KdbIg?t=1998)

[36:23 - Jon Perry: Governance hopes that it is just the delegates doing all this and that casual MKR holders come in and choose to participate as well. Suppose it is in a known window in a cycle, then it is easier to jump onto. It adds more clarity.](https://youtu.be/P2FiO-KdbIg?t=2183)

[38:40 - Tadeo: With this new window change, does it mean I need to push it back a month and start a month earlier?](https://youtu.be/P2FiO-KdbIg?t=2320)

[39:39 - Tadeo: My mandate finishes in May. Whether I have extra money or not, I should not go past may without a new mandate and budget approved.](https://youtu.be/P2FiO-KdbIg?t=2379)

[40:45 - Tadeo: If the problem were that we had too many budgets ongoing at the same time, would not the windows make it worse?](https://youtu.be/P2FiO-KdbIg?t=2445)

[44:21 - Tadeo: In the end, do not we still have more or less the same amount of non-budget-related votes happening every single month?](https://youtu.be/P2FiO-KdbIg?t=2661)

[47:55 - Last comment from @adcv](https://youtu.be/P2FiO-KdbIg?t=2875)

## Closing Comment

### Pablo

#### Outro

[51:20](https://youtu.be/P2FiO-KdbIg?t=3080)

- If people feel this was valuable and are interested in a second part to this KYM, we can organize that. I want to thank everyone. Thank you, Adrian, for the walkthrough.
- Please let us keep the discussion going in the forum, particularly in [this thread](https://forum.makerdao.com/t/amended-mip40-important-information-for-core-units/15450).
- Just a reminder, we have [Know Your MIP #12](https://forum.makerdao.com/t/know-your-mip-kym-12-core-unit-offboarding-process-amendments/15700) with Tim Black on Tuesday 14th at 17 UTC about the CU affording process amendment.

## Credits

- Kunfu-po produced this summary.
- Everyone who spoke and presented on the call, listed in the headers.