This is an overview of Neuromatch accounts, upcoming and anticipated major expenses, and a recap of our runway.
Bank of America Account 1: $12,000 USD
Bank of America Account 2: $53,000 USD
Lending Club Account: $471,000 USD
We have approximately $200,000 in accounts receivable.
We received Kavli’s donor of $45,000 in check form today, but it is not deposited, so it is not reflected in the bank balance above.
Templeton is ready to send us money of $100,000, but not on a firm timeline yet, probably July.
We have entered new info to correctly receive $50,000 from the Simons Foundation, probably early July.
We have invoiced York about an approximately $3,000 donation they committed to us last year, but we did not actually invoice them for correctly.
We have been awarded $6,000, but only invoiced today Stanford’s DIBEJ committee.
We (Sean and Nick) are meeting with Schmidt Futures next week. We need a plan.
We are meeting with the Chen institute tomorrow.
Facebook has agreed to a $25,000 donation. This is lower than last year due to the economic situation we discussed last time, but I have been talking to them about providing in-kind software development support, and they are into this plan. We need to provide them a one page plan on how we will use these software engineers. This is dependent on board approval of the strategic plan we are discussing today.
Konrad secured CENTER, which awards $150,000 to Neuromatch per year, but it sounds like NIH is going to force NMA to not be a subcontractor, which means we may lose access to this money. The other grant with IUSE is still ongoing and due for submission in the next month. Kate elected to be the named Neuromatch party on the grant and would be paid for her time contributions to it.
Our fundraising plans are now laid out in a fundraising CRM assembled in our project management software. It allows us to track Organizations, Contacts, and Opportunities at each one. We can track the progress and receipt of funds, reporting, and link award letters and reporting requirements directly in our task management system.
In short, we are waiting on new fundraising based on the presentation of this strategic plan.
Our final student results from academy registrations is $173 per student before refunds. We anticipate about $4000 in refunds. This gives a net positive on academy a little bit above break even at approximately $75,000 USD.
No change in project donations yet, though we are early modeling a Dana Foundation donation of $150,000.
From our bank account number above, we anticipate paying approximately $280,000 in TA payments this year towards the end of July and early August. We have an audit budgeted at $12,000 and have received quotes. Otherwise, the major upcoming costs are the hiring plan if it is approved.
No change in runway. Assuming the three mentioned employees, and extrapolating this year’s academy costs out to next year, and assuming no other development costs, our runway currently lasts until Spring 2025. This is too long, and we should be investing more in growth.
Building on the assumption from last time, companies move towards lowering operating expenses in downturns by laying off employees or putting in hiring freezes. They tend to work with more contractors and other forms of project based employment. This is a good opportunity for NMA to build some relationships in the near future.
This was presented to the board. We are reviewing it in this meeting.
NM5 is scheduled for the end of September with a three day timetable chosen. I am currently recruiting a team for some labor intensive parts of it, such as speaker outreach and management. I am using a ‘unique’ approach in Neuromatch by interviewing these volunteers, aligning tasks to their career and time motivations, and setting stricter expectations from the beginning on the amount of time and hours needed.
Ella reports no fires. Academy starts in approximately two and a half weeks. My understanding is the most major concerns are that prof dev is a bit behind, but I am helping operationally there, and Discord Setup is a concern with the absence of Kevin. Still it will be figured out, and is not a major barrier.
We are registered as a charity in New York. Pennsylvania has been given all info, but not sent back a confirmation yet. We are foreign registered in Utah for purposes of paying US W2 employees.
Our 990 has been prepped and Jitasa questions have been answered, which prepares us to receive the 990 and register for California.