Page 7 - 2024 October

CFO NOTES
Fortunately, the month of September was another banner month in the market. Our net equity grew by $3,555,118 for the month, which was once again driven primarily by market gains. After considering our overhead and grants expenses paid out year-to-date, we are up $21,602,287 for the year, which far exceeds our budgeted net revenues for 2024 by $15,325,965. According to Prime Buchholz, our investments have returned 11.7% through September 30th, which is tracking well ahead or our annual policy goal of 7.5% (our policy is 5% plus 2.5% estimated inflation rate).
For the first nine months of the year, our expenses continued to track under budget, despite our net tax payments of $237,272, which are not included in our budgeted numbers. As I have referenced in prior months, the spread between our actual expenditures and our budgeted expenditures will tighten over the remaining three months of the year due to expenditures related to our remaining travel commitments that are always incurred toward the end of our calendar year.
Our grant expenditures are now behind 2023 by approximately $610,000, which was expected when we prepared the 2024 budget. Our budgeted grants for 2024 are approximately $1,151,000 less than 2023 so we are tracking nicely with what was expected.
Somewhat surprisingly, we continue to see market gains month after month. Here’s to hoping the remainder of 2024 is as rosy as the first nine months!!!
Education / A Powerful force for change Page 5