What should be included in the Statement of Milestones?
Once a Fund 11 Proposal is approved for funding by the community, the Funded Project must complete an onboarding process, including formalizing the project and deliverables into a Statement of Milestones.
The Statement of Milestones (SoM) is document submitted by Funded Projects during the onboarding process which, as a minimum, must include:
A list of all the Milestones of the project
The proposed Milestone Achievement Date for each Milestone
The Milestone Funding Amount for each Milestone
The outputs to be delivered by Funded Projects for each Milestone
The acceptance criteria to be used by the Catalyst Team and Milestone Reviewers to determine whether a Milestone has been successfully delivered, and
The evidence to be submitted by Funded Projects to show that the acceptance criteria have been fulfilled and the milestone has been completed.
Each Statement of Milestones must include a minimum number of Milestones depending on the size of the Grant Amount as set out below, plus an additional Final Milestone
For Grant Amounts of up to 75k ada, at least 2 milestones, plus the final one, must be included
For Grant Amounts between 75k ada and 150k ada, at least 3 milestones, plus the final one, must be included
For Grant Amounts over 150k ada up to 300k ada, at least 4 milestones. plus the final one, must be included
For Grant Amounts exceeding 300k ada, at least 5 milestones, plus the final one, must be included
*If FP wants to increase the number of milestones in the Milestone Module, should send request to catalyst@iohk.io
Each Milestone, excluding Final one, included in a Statement of Milestones must be at least one (1) month and maximum three (3) months in duration and must include the information set out in paragraph 2 above. Each Milestone Funding Amount must equate to between 5% and 30% of the Grant Amount expressed in ada. Milestone 1 must equate to no more than 75,000 ada or 30% of the Grant Amount. For Milestone 1, if the 75,000 ada is lower than 5% of the Grant Amount, then the maximum amount you can enter is 75,000 ada. For complete clarity, in such a case, a minimum of 5% does not apply for Milestone 1.
In addition to the Milestones set out above, each Statement of Milestone must also include a Final Milestone that must be allocated a Milestone Funding Amount of no less than 15% of the Grant Amount and last one (1) month.
The Final Acceptance Milestone represents the last step for Funded Projects before their project is considered complete. The Final Acceptance Milestone will be considered achieved upon (i) approval by Milestone Reviewers and the Catalyst Team of all other Milestones in the Statement of Milestones, (ii) approval by Milestone Reviewers and the Catalyst Team of the Project Close Out Report, and (iii) approval by Milestone Reviewers and the Catalyst Team of the Project Close Out Video.
Once a Statement of Milestones has been completed, the Funded Project must submit the same for review and approval using the Catalyst Milestone Module Interface.
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