Including only money that has already landed in our bank account and extremely credible donor promises of funding, LTFF has raised ~1.1M and EAIF has raised ~500K. After Open Phil matching, this means LTFF now has ~3.3M additional funding and EAIF has ~1.5m in additional funding.
We are also aware that other large donors, including both individuals and non-OP institutional donors, are considering donating to us. In addition, while some recurring donors have likely moved up their donations to us because of our recent unusually urgent needs, it is likely that we will still accumulate some recurring donations in the coming months as well. Thus, I think at least some of the less-certain sources of funding will come through. However, I decided to conservatively not include them in the estimate above.
From my (Linch)’s perspective, this means both LTFF nor EAIF are no longer very funding constrained for the time period we wanted to raise money for (the next ~6 months), however both funds are still funding constrained and can productively make good grants with additional funding.
To be more precise, we estimated a good target spend rate for LTFF is as 1M/month, and a good target spend rate for EAIF as ~800k/month. The current funds will allow LTFF to spend ~550k/month and EAIF to spend ~250k/month, or roughly a gap of 450k/month and 550k/month, respectively. More funding is definitely helpful here, as more money will allow both funds to make productively make good grants[1].
Open Phil’s matching is up to 3.5M from OP (or 1.75M from you) for each fund. This means LTFF would need ~650k more before maxing out on OP matching, and EAIF would need ~1.25M more. Given my rough estimate of funding needs above, which is ~6.2M/6 months for LTFF and ~5M/6 months for EAIF, this means LTFF would ideally like to receive 1M above the OP matching.
I appreciate donors’ generosity and commitment to improving the world. I hope the money will be used wisely and cost-effectively.
I plan to write a high-level update and reflections post[2] on the EAForum (crossposted to LessWrong) after LTFF either a) reach our estimated funding target or b) decided to deprioritize fundraising, whichever one comes earlier.
For LTFF, the current level of funding is enough to fund all projects at the 1M tier, and ~50% of projects at the 5M tier. We don’t have very good public information out about marginal EAIF grants out just yet, but I hope to cowrite/copublish another post in the next few weeks about marginal EAIF grants.
I’m a bit confused about the ideal frequency of high-level updates. On the one hand I think informing donors regularly is quite valuable, especially as our funding needs change. On the other hand I don’t want the EA forum to be clogged with like 5 fundraising posts by the same org in a month.
UPDATE 2023/09/13:
Including only money that has already landed in our bank account and extremely credible donor promises of funding, LTFF has raised ~1.1M and EAIF has raised ~500K. After Open Phil matching, this means LTFF now has ~3.3M additional funding and EAIF has ~1.5m in additional funding.
We are also aware that other large donors, including both individuals and non-OP institutional donors, are considering donating to us. In addition, while some recurring donors have likely moved up their donations to us because of our recent unusually urgent needs, it is likely that we will still accumulate some recurring donations in the coming months as well. Thus, I think at least some of the less-certain sources of funding will come through. However, I decided to conservatively not include them in the estimate above.
From my (Linch)’s perspective, this means both LTFF nor EAIF are no longer very funding constrained for the time period we wanted to raise money for (the next ~6 months), however both funds are still funding constrained and can productively make good grants with additional funding.
To be more precise, we estimated a good target spend rate for LTFF is as 1M/month, and a good target spend rate for EAIF as ~800k/month. The current funds will allow LTFF to spend ~550k/month and EAIF to spend ~250k/month, or roughly a gap of 450k/month and 550k/month, respectively. More funding is definitely helpful here, as more money will allow both funds to make productively make good grants[1].
Open Phil’s matching is up to 3.5M from OP (or 1.75M from you) for each fund. This means LTFF would need ~650k more before maxing out on OP matching, and EAIF would need ~1.25M more. Given my rough estimate of funding needs above, which is ~6.2M/6 months for LTFF and ~5M/6 months for EAIF, this means LTFF would ideally like to receive 1M above the OP matching.
I appreciate donors’ generosity and commitment to improving the world. I hope the money will be used wisely and cost-effectively.
I plan to write a high-level update and reflections post[2] on the EAForum (crossposted to LessWrong) after LTFF either a) reach our estimated funding target or b) decided to deprioritize fundraising, whichever one comes earlier.
For LTFF, the current level of funding is enough to fund all projects at the 1M tier, and ~50% of projects at the 5M tier. We don’t have very good public information out about marginal EAIF grants out just yet, but I hope to cowrite/copublish another post in the next few weeks about marginal EAIF grants.
I’m a bit confused about the ideal frequency of high-level updates. On the one hand I think informing donors regularly is quite valuable, especially as our funding needs change. On the other hand I don’t want the EA forum to be clogged with like 5 fundraising posts by the same org in a month.