@dennisonb please see WIP-3, section on Administration and Fund Disbursement as well as WIP-2, section on Implementation and Monitoring.
Administration and Fund Disbursement
While Wormhole Governance will approve or deny proposals for funding, the Wormhole Foundation will be responsible for administration (including performing KYC/KYB checks on funding recipients) and disbursement of the grants. There will be no onchain execution of the grants at this stage, given there is currently no onchain treasury.
Please note that proposals with onchain execution will not be accepted.