We recently upgraded Phabricator. One of the new features that had been developed since our previous upgrade is policies. However, I am not sure if the upgrade went as smoothly as I had thought. If I view project details, there is an "Unknown Object (???)" message displayed. Clicking on this message reveals that "This object has an unknown or invalid policy setting".
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Actually, it looks like this is happening on your install as well. See https://secure.phabricator.com/project/view/3/.
Very old projects have a null policy as an artifact of various migrations and the creation processs. This won't hurt anything: it should be interpreted fairly sensibly by filtering and just show up in a weird way in the UI.
You can replace these null policies with the string "users" in the database to fix this if you have a large number of projects, or manually edit -> save if you have a small number.
We should probably do a migration to fix this, but we didn't realize it was happening for a while and then Projects didn't get updated to ApplicationTransactions and more modern UI for a while.
We have a relatively small number of projects, so I just proceeded with the manual edit -> save approach.
I am closing this ticket because the issue is now resolved, however FWIW I think that a migration should've covered this.