Another way we could do ongoing projects, without requiring a hard fork:

1. Create an account for an ongoing project. The account should have minimal SP (0.2 Steem is the minimum creation fee now) of its own, and should never be powered up.
2. Supporters delegate SP to the account.
3. The account automatically posts every day, and self-votes to obtain funds from the reward pool. The post is an explanation of the project and the funding process.
4. Run a voting process to determine how much money should be allocated to the project per month. The final amount should be a weighted median based on the stakeholders who delegate to the project.
5. Use the median to set a payout limit on the daily funding posts. Thus the project never takes more from the reward pool than was intentionally allocated.
6. Any SP it gains from post rewards should be perpetually powering down to turn it's own Steem Power into liquid funds.

A quirk would be that the project could get more delegated SP than it needs to fund the project. We'd need to determine what the right thing to do with any excess voting power the account has. We could make the excess power overflow into a 'Steem Bonds' fund, if such a thing doesn't happen via hardfork.

As long as we stick to the rule of never powering up the account, the project is 100% accountable to the stakeholders that support it. If/when such a project begins to misuse funds, stakeholders can remove support immediately.