Index Coop - November 21 - Budget vs Actuals

Index Coop - November 21 - Budget vs Actuals

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

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


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.


Thank you for the holistic view this provides. I appreciate that this is tracked and presented with comment, thank you!

One note regarding our lang-ops team is that I try to bring it in on budget each month, to maximise opportunities while not overspending what was budgeted. This month, we came in a little under due to budgeting for a contributor who will collect in December, when it should even out. No action needs to be taken, just wanted to highlight the reason for our underspend and that we will likely balance out next month.

1 Like

Hi @Hammad1412 raising a question re: APWG contributor rewards because I see in the NOV summary here that my own rewards are labelled APWG when the majority of my contributions in Nov were rewarded by GMWG.

Can you confirm based on your figures please

1.APWG Nov actual $ vs budget $
2.That this would not include my GMWG rewards as it appears to in the contributor rewards summary.

We are new to allocating contributor rewards, and recently made edits to the budget to increase/maintain the community contributor reward pool. I am keen to take a closer look to ensure we have the same budgeted figures and understand why we overspent

Hi @lee0007 sorry for the delay in responding I was OOO.

Just linking the Nov 21 rewards sheet here (think you accidentally linked Nov 20). You make a good point here - for the ‘individual contributor rewards’ tab we based the WG of the contributor based on our knowledge of their previous contributions. However I believe this information isn’t accurate and like you say for people being rewarded from multiple WGs it will not give a true picture, I have now removed this column.

The total amount on the first tab for each working group (cell K2 - AA2) is what we use for the actual for the month for each WG. As the the formula will pickup contributions tagged to that specific working group. So to answer question 2) no the total amount for APWG did not include your GMWG rewards.

I will break down the APWG Budget v Actuals for Nov:

Nov Budget - taken from the APWG proposal :

(Contributor Rewards): $32,912
( WG lead): $11,000
(Contributors excluding WGL): $21,912
( Other Expenses): $12,250

Nov Actual:

(Contributor Rewards): $29,584 ($25,784 from the Nov sheet total + 3800 USDC fixed stipend which the formula in total bar is not picking up atm)
( WG lead): $5,738
(Contributors excluding WGL): $23,846
( Other Expenses): $0

The (-8.8% varaince) was for other contributors (excluding WGL). The total for this was $23,846 which is the $25,784 from the November reward total minus just the fixed stipend in INDEX for the WGL so Pujimak which this month was 120 x 16.15 = $1938. The forecast figure used was $21,912 for other contributors. Therefore an overspend of $1934 on allocation of rewards to other contributors (excluding WGL).

Hope this provides more clarity and please do let me know if there is a need to update the budget for APWG.

1 Like

Wow! Above and beyond, thank you for the very comprehensive breakdown @Hammad1412

1 Like