Accounting method

A detailed list of all transactions is kept at: sponsor/budget.js.

Ciro Santilli use the following accounting for this sponsorship calculations.

For significant one time donations, he takes the final money received in one of his cash GBP accounts, then he checks how much that is in dollars on Google at the time of cash out, and then writes that amount down as the final dollar value which is what ultimately counts. This exposes Ciro to USD/GBP fluctuations, but it simplifies accounting for donors which is more important, so it is likely worth it.

For small regular donations, Ciro just tallies it all up in GBP from time to time and converts it all to dollars in one go as it is not worth spending too much time updating those too often.

Ciro Santilli is a UK resident. He will register as a "solo trader" (slightly funny legal term) and treat donations that he uses for projects as grants, which pay regular income tax:The rates are given at: www.gov.uk/income-tax-rates and are as of writing:

National insurance is also likely going to be paid: www.gov.uk/self-employed-national-insurance-rates:

Fortunately however VAT does not need to be paid.

The amount that will be declared is the same as he grant amount that was requested, e.g. if 100k USD is requested for 1 year, then 100k USD will be pro-rata declared on that year.

Any remaining donations that don't yet meet specific grant goals will be initially treated as cash gifts which pay no tax. If in the future they are used as grant money after further goal amounts are reached, then they will taxed as grants.

Note however that if the donor is UK-based and dies within 7 years of the gift being given, inheritance tax has to be paid on them as per: www.gov.uk/inheritance-tax/gifts, at a maximum of 32% and going to to 0% at 7 years, so let me know from the afterlife.

Crazy shady crypto people seem to like Ciro Santilli, so this is in order.

For the love of God do dot give us proceeds of crime.

Giving to Ciro Santilli is the worst possible way to launder your money, as donations amounts are clearly publicly disclosed (though not donor identities if they with to remain anonymous), and clear records kept of every donation made (including private note of donor identities if known). Also suspicious donations are promptly reported to the authorities.

Donation refunds upon donor's requests are only made at our discretion, and may be declined, unless required by law of course. This is to reduce the risks of us unknowingly serving as money mules or aiding money laundering.

Ciro Santilli believes that he is not require to report large donations to either:But note that Ciro will preventively report if there are any further suspicious aspects to any donations received.