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#1: Initial revision
While we’d like to have The Codidact Foundation be recognized as a charity (which comes with additional benefits for donors and the Foundation), the process can take quite a while. Since we wanted to get officially up and running as soon as possible, forming a CIC was the first step and is relatively quick. Now that we have this status, we can open a bank account, use it to pay expenses (instead of using people's personal credit cards), and accept donations. And we can now begin the process of converting the CIC to a [Charitable Incorporated Organisation](https://en.wikipedia.org/wiki/Charitable_incorporated_organisation) (CIO), a process that can take the better part of a year.
To form a corporation, we needed to designate an initial board of directors. This initial board consists of:[^1]
* Monica Cellio
All of these people have invested significant time and effort into the Codidact project, being Group Leads, Admins, or Leads already, and were willing to take on the extra responsibility of being members of the initial board.
One of the board's first tasks will be to develop the foundation's operating rules (bylaws). These operating rules will, among other things, specify how future directors are chosen. As we’ve promised from the beginning, this will include directors directly from the Codidact community itself; the community will always have a say in how the Foundation operates.
We are excited to have a legal entity with which to move forward. The incorporation documents involve a lot of legal minutiae that our legal consultant had to explain to us, so we want to write up a FAQ to publish alongside the foundation's constitution. We will, of course, publish updates as the board works through the next phases of the process.
We are, and will remain, “By the community, for the community.” We look forward to working together with our communities and other supporters to build an open platform and network with accountability.
[^1]: We list usernames here because these are the names you know us by. As part of filing for incorporation, we did verify people's actual identities and eligibility to serve on a board under the laws of the UK.