📊 2023 Financial Overview
Notably, this year we've managed to optimize our staff spending, which positions us well for our 2024 plan to include more people in our payment structure.
To provide a clear and concise overview of our financial status, the following table compares this year's income and expenditure with those of the previous year.
Financial Aspect | 2023 | 2022 | Notes |
Total Income | $91,000 | $83,000 | Includes RetroPGF 3 results (~20k to 40k OP tokens) |
Total Expenses | $82,000 | $73,000 |
The next sections provide a detailed breakdown of our finances, offering a comprehensive view of our financial activities over the past year.
🤑 Main funding streams
Optimism Grant for Regen Score
This year, a significant achievement was securing the 95k OP grant for Regen Score, which is currently valued at ~204,000 USD. The plan is to allocate approximately half of this amount to Trusted Seed, while the remaining half is earmarked for potential distribution among the rest of the Regen Score team. The project is set to continue in 2024.
Angel Investors and Sponsors
Our angel investors have been instrumental this year, contributing approximately 41,000 USD. Special thanks to:
- Griff, for closing our cashflow gaps with loans, constantly investing, holding our hands and introducing us to wonderful opportunities and people. True angel! ❤️
- Shad (GIGA), Andreas Fauler (Rocketstar Foundation), Commons Stack, General Magic, Giveth, and Virtual Assets, for sponsoring our unconferences
Crowdfunding Platforms
While modest (less than 10,000 USD in total), our crowdfunding efforts have been regenerative:
Membership Contributions
To make our memberships more accessible, we significantly lowered the donation requirement for activating memberships, from 450 DAI to just 1 DAI. As a result, the total donations received from memberships have understandably decreased. These contributions, though smaller, continue to play a valuable role in supporting our operations. The total amount received from membership contributions this year is 727 USD. Check the donations here.
This table provides a summary of the inflow from our various funding streams:
Category | Details | Amount (USD) |
Optimism grant for Regen Score (half) | Half of the grant value at current prices, locked until August 2024 | ~$102,000 |
Angel investors and sponsors | Contributions from various angels and sponsors. | 41,000 |
Crowdfunding platforms | Combined income from various platforms. | <10,000 |
Membership contributions | Lowered donation requirement led to decreased total donations. | 727 |
💸 Expenses
Administrative Costs
To provide a clear understanding of our operational expenses, the following table details our administrative costs, including staff salaries and infrastructure expenses.
Item | Description | Amount |
Salaries for three (3) Gardeners | Approx. $1,500-$4,000 monthly each | $75,600 |
Annual infrastructure costs | Domain, website, etc., Swiss address | $1,028 |
Total Administrative Costs | $76,628 |
Gifts
This table summarizes the gifts and contributions made throughout the year, highlighting our commitment to community engagement and support.
Item | Description | Amount |
Gardeners' attendance at ETHBarcelona | - Met each other for the first time IRL, learned and celebrated with the community
- Led the Catalonia Social Expedition as a side event
- Did a strategic session | $4,628 |
GIV to Unconference volunteers | $780 | |
Miscellaneous | Birthdays, t-shirts, etc. | $435 |
Total Gifts | $5,843 |
Our Gardeners' participation in ETHBarcelona yielded several indirect benefits:
- Facilitated a donation of 650 EUR to Catalonia’s cooperative movements, contributed by participants of the Catalonia Social Expedition
- Helped raise over 850 USD for the “End Homelessness Community” through the Giveth campaign through promotions within panel and social media
- Supported the development of the ReFi Barcelona node and other community-driven initiatives
- Brought a new steward and board member to Trusted Seed
💰 Reserves
Our reserves have been positively augmented this year, with an addition of $9,000, bringing the total to $15,600. This improvement bolsters our operational sustainability. Our ideal scenario is to have a yearly budget of $100-200k to maintain both administrative and project activities.
Looking forward, a key factor in our financial planning is the anticipated receipt of the $OP grant in the coming year. Given the volatile nature of token prices, the exact value of this grant remains uncertain. However, we have outlined provisional plans for the best scenarios:
- Enhancing our sustainability: A significant portion of any additional funds will be allocated towards strengthening our financial stability and operational resilience.
- Reinvesting in community hubs: We are also considering reinvesting a part of these proceeds into community hubs or similar initiatives.
🔮 Outlook for 2024
.We are preparing for various scenarios in 2024, depending on the crypto market and the outcome of the OP RetroPGF (to be finalized in January). Additionally, we are considering the potential implications these scenarios may have on our workload. Our projections include:
- Realistic (key scenario): OP valued at ~$2 in summer 2024, with modest grant income. This would lead to a 50% reserve depletion but allow us to continue our mission. Hopefully, more projects come with the bull run and new opportunities from the recent partnerships.
- Pessimistic: OP drops to ~$0.75, with minimal grants. This would necessitate significant budget cuts in Q3-Q4 and loan repayments. Probably before that time we can find a way to cover the rest of the loan and do other necessary steps. Sad, but always an option.
- Optimistic: • OP rises to ~$3+, with substantial grant opportunities. This could significantly bolster our reserves, potentially aligning with our annual budget. Nice to have, but not a key scenario.
More details in this spreadsheet:
