Last week we plotted out our annual projected income. Today we are going to document an annual budget. Yes we know we should have done this more than a year ago, but we have been so focused on setting up and on funding that we have let them slip. We tell members to do this, so time to practice what we preach. Our bad, but we’re on it now.
Col, the co-founder of this platform’s abrupt departure without warning, threw that side of things into disarray. He is so experienced and accomplished in this area, Gary got used to not thinking about these matters. But they are under control now.
We have already shifted some of our expectations and plans. For example, we originally thought we could be self-sufficient after 12 months of operation. We now realise that we need funding to get us through the first three years of operation, at which point, we should be self-sufficient. This includes buying out two days per week of Gary’s time from Griffith University.
Based on our experience of the grants process, we suspect we are more likely to be successful in securing the required funding through philanthropic bodies.