The OWASP Foundation will use the following policy when approving financial transactions or entering into contracts or other agreements requiring a financial commitment by the Foundation, to ensure financial transparency and achieve operational independence from board members:
- Financial obligations and transactions up to $10,000 USD - single signer (Executive Director primary, Operations Director secondary)
- Financial obligations and transactions more than $10,000 USD and up to $50,000 USD - dual signer (Executive Director and Board Treasurer)
- Financial obligations and transactions more than $50,000 USD - Dual signer (second signer MUST be a board member), and notice given to the entire board of directors
- Dual Signers - If Executive Director is not available, 2nd Board member can sign in her place.
- Additionally, where the board treasurer is not authorized on our European account, the board can assign oversight responsibility for our European account to another member. Currently Seba has oversight of our European account and accounting practices and will be the second signer for European Transactions.
Note: Only OWASP Foundation Staff and Board explicitly authorized (as detailed above) are authorized to sign legally binding contracts on behalf of the OWASP Foundation. Exceptions may be granted in certain circumstances, but volunteers and other 3rd Parties must receive written authorization from an authorized signatory before entering into contracts on behalf of the Foundation.