Ops Expenses were budgeted at $1.33M for Q1 versus $1.03M incurred. We have planned expenses towards the end of the year that will utilize the unspent budget from Q1. Though, note we are always looking to operate as efficiently as possible and if unused towards the end of the year, the budget will be used to extend the operating runway further. With regards to grantmaking, we are budgeting to commit $13.57M this year and have committed $4.34M through Q1’2024, or 32% of the budgeted amount. It should be noted that many grants are multi-year commitments. So while we are spending a slightly larger portion of our budget up front, many of these projects will last through at least the end of the year, and will benefit from continued support from our team. Lastly we will add, while we budget for the entire commitment up front, payments are disbursed on a milestone basis. And, we are able to cancel if milestones aren’t met.
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