# kaal:claim:4685567-023

**Claim.** Donor community votes have no binding legal effect on the 501c3 that holds the assets, yet the board will in practice follow the publicly visible voting and staking outcomes because departing from them puts the board and its long term client base at risk.

**Type.** mechanism  **Support.** argued

**Holds when.**

- donor community does not pool assets or take custody
- voting and staking outcomes are publicly visible

**Source quote.**

> in effect it will adhere to the publicly visible voting and staking outcomes of the donor community on their chosen blockchain or centralized database. Not adhering to the choices made by the donor community risks the 501c3 board and its long-term client base.

**From.** Wulf A. Kaal, *Impact Investing Innovation - From Impact 1.0 to 3.0* (2024), Collaborative Giving Communities, page 40

**Cite as.** Wulf A. Kaal, Impact Investing Innovation - From Impact 1.0 to 3.0 (2024). SSRN: https://ssrn.com/abstract=4685567

**Verify.** sha256 of source PDF `87fb1be89d2661967ed2b0b673fe26448ded3bc3119b122177a4fc13ae5c085c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202024%20-%20Impact%20Investing%20Innovation%20-%20From%20Impact%201.0%20to%203.0.pdf

**Topics.** reputation, compliance, governance-design

**Keywords.** soft-law, 501c3, donor-community, reputational-enforcement, governance

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.