Page 7 - 2024 November Report

DISCRETIONARY PROGRAMS
• Distributions as of November 18, 2024 - $2,704,739
• Elevation Scholars
Aminah Harris has been promoted to President at Elevation Scholars in Orlando. Aminah was one of Elevation Scholars first full-time hires and she swiftly rose to program director overseeing a diverse team and managing operation. Aminah will replace the organization’s original founder, Scott Lee. Aminah graduated from the University of Florida with a Bachelor of Science in Parks, Recreation, and Tourism and resides in Orlando with her husband and three children.
• The Neurodiversity Alliance (fka Eye to Eye)
Bobby, King, Sharon and Lisa met with David Flink for an update on the work going on at ND Alliance. (see report attached)
CFO NOTES
Well, it looks like the stock market finally took a bit of a breather in the month of October. Our net equity decreased by $4,085,203 for the month primarily due to a decline in our investments. After considering our overhead expenses and grants paid year-to-date, we are still up $17,517,084 for the year, which continues to far exceed our budgeted net revenues for 2024 by $11,240,762. According to Prime Buchholz, our investments have returned 10.3% through October 31st, which continues to track well ahead of our annual policy goal of 7.5% (our policy is 5% plus 2.5% estimated inflation rate).
For the first ten months of the year, our expenses continue to track under budget, despite our net tax payments of $237,272, which are not included in our budgeted numbers. The spread between our actual expenditures and our budgeted expenditures will continue to tighten some over the remaining two months due to increased travel expenses, but I still anticipate us being under budget by a fair amount by the end of our calendar year.
Our grant expenditures continue to be behind 2023 by approximately $536,000, which was expected when we prepared the 2024 budget. As we have discussed previously, our budgeted grants for 2024 are approximately $1,151,000 less than 2023.
Education / A Powerful force for change Page 5