Finance Nest - A Thread of Monthly Budget vs Actuals Reports

Hi All,

This is a thread where all Index Coop’s monthly Budget vs Actuals reports are to be published. We encourage everyone to read the reports and share your thoughts in the comments below.

Thank you for taking the time to read the reports and following the success of the community.

@Finance.Nest
Current Contributors: @Matthew_Graham, @ElliottWatts, @prairiefi, @Ahuja and @Hammad1412

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Index Coop - October 21 Budget Vs Actual Report

Index Coop - October 21 - Budget vs Actuals

The F.Nest is pleased to present the first iteration of its regular review of the DAO’s Budget Vs Actual Report. We will be posting a fresh report each month highlighting areas of spend vs budget.

Index Coop - Budget vs Actual - October 2021.pdf (617.4 KB)

The above report is split over two pages as follows:

  1. First page - Overview and specific insights into spending activities
  2. Second page - Summary table of operating expenses by working group

TLDR

At the end of October, the Index Coop’s actual total spend for the month was $550,581 , with the forecast total spend being $789,998 . However, when compared to September there has been a +14.69% increase in operational costs overall.

Key takeaways

  • September saw a variance of -30.31% between forecast spend and actual spend
  • Contributor rewards accounted for 86% of overall costs
  • When reviewing at a working groups level all were within their total allocated budget
  • In isolation when just reviewing contributor spend, Asia Pacific, Metagov committee, and ‘Other’ category were over budget
  • Other spending (all else bar contributor rewards) in relation to working groups was significantly under budget. A large proportion of this was a result of limited event activity within the month. Institutional Business, Business Development, Growth & Marketing have an events budget of $137,000 combined however only spent $58,451. Representing a 57.3% underspend. As more crypto events appear on the calendars, this cost is expected to rise in the coming months
  • Impression mining also saw a significant underspend as a direct result of lower impression mining submissions for October. The payments in relation to IM have also moved to a 2 week cadence to try and cut down on gas costs. So it is likely some of the Octobers submissions will be paid in November
  • Overall there has been a general upward trend in $ spend which has been largely offset in $ terms by the depreciating $INDEX price causing a 24.49% reduction in fixed contributor rewards

We plan next month to do a deeper analysis on a WG by WG basis. But please do drop a comment below and let us know what you think.

Index Coop - November 2021 Budget Vs Actual Report

Index Coop - November 21 - Budget vs Actuals

The F.Nest is pleased to present the second iteration of its regular review of the DAO’s Budget Vs Actual Report. We will be posting a fresh report each month highlighting areas of spend vs budget.

Index Coop - Budget vs Actual - November 2021.pdf (520.9 KB)

The above report is split over two pages as follows:

  1. First page - Overview and specific insights into spending activities
  2. Second page - Summary table of operating expenses by working group

TLDR

At the end of November, the Index Coop’s actual total spend for the month was $596,280.93 , with the forecast total spend being $824,718.50 . However, when compared to October there has been a +8.30% increase in operational costs overall.

Key takeaways

  • At a working group level all were within total allocated budget
  • Contributor rewards accounted for 69% of overall costs
  • November Saw a 167% increase in expenses ( other expenses excluding contributor rewards), Beta Finance partnership accounted for $102k of expense (53% of total)
  • Growth & Marketing continued as the greatest spender at $93,922.25
  • Business Development (-2.4%), Creative & Design (-3.6%), Engineering (-5.6%) and Asia Pacific (-8.8%) all overspent in their allocation of rewards (excluding WG lead salaries)
  • Overall there has been a general upward trend in $ spend which has been largely offset in $ terms by the depreciating $INDEX price causing a 53.86% reduction in fixed contributor rewards

Please do drop a comment below and let us know what you think.

Index Coop - December 2021 Budget Vs Actual Report

Authors: @Hammad1412 @ElliottWatts @Matthew_Graham @prairiefi

The F.Nest is pleased to present a review of the DAO’s Budget Vs Actual Report for December 2021.

Index Coop - Budget vs Actual - December 2021 V1.pdf (800.5 KB)

The publication of the document will follow a trend of monthly budget reviews. The report is structured as follows:

  1. First page - Overview and specific insights into spending activities
  2. Second page - Summary table of operating expenses by working group in $ spend and Index spend

TLDR:

At the end of December, the Index Coop’s actual total spend for the month was $593,170, with the forecast total spend being $812,980. Since November there has been a slight decrease of 0.52% in spend.

Key takeaways

  • December saw a variance of -27.04% between forecast spend and actual spend
  • Contributor rewards accounted for 78% of overall costs
  • TOC were over budget this month by 8.3% (due to the Christmas MVI bonus expense of $30k this is funded from their leftover Q4 budget)
  • Growth & Marketing continued the trend of being the largest spenders at $144,456, a 53.4% increase from November.
  • Woman + Non-Binary were the lowest spenders once again at $6,081.
  • Engineering and Asia Pacific both overspent on their allocation of rewards (excluding WG lead salaries) by 20.5% and 11.6% respectively.
  • Impression mining costs saw a 63% rise from last month, with paid ads also increasing by 84%
  • In contrast to dollar spend which shows 12 out of 13 working groups being within budgeted total, when looking at $Index spend only 4 out of 13 were within the budgeted $index total

We will be presenting a holistic overview of the Q4 budget vs actuals in the quarterly report.

Please do drop a comment below and let us know what you think.

Index Coop - January 2022 Budget Vs Actual Report

The F.Nest is pleased to present a review of the DAO’s Budget Vs Actual Report for January 2022.

Index Coop - Budget vs Actual - January 2022 V1.pdf (742.9 KB)

The publication of the document will follow a trend of monthly budget reviews. The report is structured as follows:

  1. First page - Overview and specific insights into spending activities
  2. Second page - Summary table of operating expenses by working group in $ spend and Index spend

TLDR:

At the end of January, the Index Coop’s actual total spend for the month was $646,296, with the forecast total spend being $812,980. Since December there has been an increase of 8.22% in spend.

Key takeaways

  • January saw a variance of -20.50% between forecast spend and actual spend
  • Contributor rewards accounted for 85% of overall costs with an increase of 18.5% compared to December
  • Asia Pacific (-16.37%), Engineering (-47.9%), Analytics (-4.8%) and Creative & Design (-0.8%) work groups were all over budget this month
  • This is the third month Asia Pacific have overspend on contributor rewards coming in $19,683 over their forecast
  • Engineering spend being over is largely due to the gas costs incurred in the Launch of GMI.
  • Growth & Marketing continued their trend of being the largest spenders coming in at $99,303.40, with Woman In Index being the lowest spenders at $10,800
  • Impression mining costs saw a 800% decrease from last month, with paid ads increasing by 300%
  • Gas costs accounted for $49,460 of spend
  • Even with the rebasing of the fixed stipends that were in $Index, there is a big variance between the forecasted $Index spend compared to actual $Index spend, with all WG’s overspending in terms of $Index

We will be moving to the new nest structures before the next report, in light of this change the budget vs actual report will also see a revamp. As the budgeting will be nest focused rather than working group.

Please do drop a comment below and let us know what you think.

Index Coop - February 2022 Budget Vs Actual Report

The F.Nest is pleased to present a review of the DAO’s Budget Vs Actual Report for February 2022, the first of season 1.

Index Coop - Budget vs Actual - Feb 2022.pdf (187.9 KB)

The publication of the document will follow a trend of monthly budget reviews. The report breaks down spending per nest, with additional insights into specific spending also highlighted.

TLDR:

At the end of February, the Index Coop’s actual total spend for the month was $572,529.81, with the forecast total spend being $728,070.45. Since January there has been a decrease of 11.41% in spend.

Key takeaways

  • February saw a variance of -27.17% between forecast spend and actual spend
  • Contributor rewards saw a 12.25% decrease from last month.
  • Other expenses saw a 6.42% decrease from last month
  • When taking into account both contributor rewards and ‘other’ expenses all nests came within budget
  • Product Nest were the largest spenders on contributor rewards at $204,708, only a -1.92% underspend from their budget
  • Engineering Pod came in 3.05% over budget on contributor rewards
  • Growth nest were 1.08% over budget for ‘other’ expenses, with a one off payment to Blockdata at $25,700

Please do drop a comment below and let us know what you think.

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Index Coop - March 2022 Budget Vs Actual Report

The F.Nest is pleased to present a review of the DAO’s Budget Vs Actual Report for March 2022.

Index Coop - Budget vs Actual - March 2022.pdf (178.7 KB)

The publication of the document will follow a trend of monthly budget reviews. The report breaks down spending per nest, with additional insights into specific spending also highlighted.

TLDR:

At the end of March, the Index Coop’s actual total spend for the month was $576,523.86, with the forecast total spend being $728,070.45. Since February there has been a slight increase in spend of 0.69%.

Key takeaways

  • March saw a variance of -26.29% between forecast spend and actual spend
  • Contributor rewards saw a 1% increase from last month.
  • Flexible contributor rewards were $26,625 up from February.
  • Other expenses saw a 1.51% decrease from last month
  • Product Nest were the largest spenders at $221,491
  • Engineering Pod came in 3.10% over budget on contributor rewards
  • The largest ‘other’ expense was for product sponsorships totalling $53,456
  • We are considering the distribution of product as a viable addition to INDEX and USDC for future month contributor reward payments, after the successful distribution of icETH to contributors this month

Please do drop a comment below and let us know what you think.

Authors: @Hammad1412, @ElliottWatts and @Matthew_Graham

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Index Coop - April 2022 Budget Vs Actual Report

The F.Nest is pleased to present a review of the DAO’s Budget Vs Actual Report for April 2022.

Index Coop - Budget vs Actual - April 2022.pdf (186.5 KB)

The publication of the document will follow a trend of monthly budget reviews. The report breaks down spending per nest, with additional insights into specific spending also highlighted.

TLDR:

At the end of April, the Index Coop’s actual total spend for the month was $559,007.08, with the forecast total spend being $724,250.38. Since March there has been a decrease in spend of 2.29%.

Key takeaways

  • April saw a variance of -29.59% between forecast spend and actual spend
  • USDC spend totalled $281,610 increasing by 5.71% from March
  • Contributor rewards saw a 4.56% increase from last month.
  • Flexible contributor rewards were $5,826 down from March.
  • Other expenses saw a substantial decrease of 70.41% from last month
  • Product Nest were the largest spenders at $234,088
  • Product nest came in over budget for rewards, this was due to a 2 month severance pay package for a core hire valued at $23,334
  • The largest ‘other’ expense was for SEO payments under Growth Nest totalling $13,859

Please do drop a comment below and let us know what you think.


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Very nice report! Looking like a healthy organization. Well done all around. Excited to see more growth!

Index Coop - May 2022 Budget Vs Actual Report

The F.Nest is pleased to present a review of the DAO’s Budget Vs Actual Report for May 2022.

Index Coop - Budget vs Actual - May 2022.pdf (190.6 KB)

The publication of the document will follow a trend of monthly budget reviews. The report breaks down spending per nest, with additional insights into specific spending also highlighted.

TLDR:

At the end of May, the Index Coop’s actual total spend for the month was $512,425.81, with the forecast total spend being $724,250.38. Since April there has been a decrease in spend of 9.09%.

Key takeaways

  • May saw a variance of -42.26% between forecast spend and actual spend
  • USDC spend totalled $299,112 increasing by 6.47% from April
  • Contributor rewards saw a 26.90% decrease from last month.
  • Flexible contributor rewards were $58,000 down from April.
  • Other expenses saw an increase of 44.41% from last month
  • Growth Nest were the largest spenders at $215,493
  • Growth nest came in over budget for core hire spend, this was due to 4 new hires


Authors: @Hammad1412, @ElliottWatts , @Matthew_Graham and @prairiefi

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