In November 2023, the Foundation Org was awarded a grant from Radworks based on a 2024 Org proposal to do work in the role of protector, nurturer, and advocate of Radworks.
The Treasury sent 400,877 USDC, which would be used in addition to the forecasted 1,322,310 USDC that the Foundation didn’t spend from its 2023 budget. This brought the Foundation’s requested 2024 budget to a total 1,723,187 USDC. [See the Foundation Org’s 2023 Report, which cites a remaining CHF 1,426,284.98 (USDC 1,423,935) unused from the 2023 budget, after the books were closed and audit conducted.]
In the last 6 months, the Foundation has shifted the objectives it originally described in its 2024 proposal to Radworks, while maintaining the essence of its role as protector, nurturer, and advocate of the ecosystem. As a result, this led to the following changes:
- The Strategy Committee has been sunset.
- The Governance Committee’s own objectives were narrowed by the Strategy Committee’s sunset and its headcount has been reduced [more on that in the Foundation Org Q2 2024 update].
- The plan for Marketing was revised, with the intention to build a team and expand its activities.
- A new Grants Program is launching in July.
Therefore, the Foundation has been through the process of rebudgeting for 2024. In an effort to be transparent, we are including our reforecasted budget for 2024 below - please note: the revised budget is on par with the budget requested as part of the 2024 proposal cycle.
| Component | Total CHF | Total USDC |
|---|---|---|
| Accounting and Auditing | 28,185.00 | 31,424.21 |
| Bank/Gas Fees and Taxes | 47,685.55 | 53,165.89 |
| Contributors | 917,763.44 | 1,023,238.91 |
| Grants Awarded | 81,900.00 | 91,312.49 |
| Legal Expenses | 189,330.52 | 211,089.64 |
| Marketing Material, Sponsorships, and Events | 235,080.19 | 262,097.17 |
| Offsites/Events - Internal | 33,903.74 | 37,800.18 |
| Rent and Subscriptions | 24,643 | 27,474.59 |
| Total Budgeted Expenses | 1,558,490.96 | 1,737,603.09* |
*This USDC number is different from (i.e. slightly over) the 2024 proposal budget due to fluctuating conversion rates.