Hi Ben! Thanks for question, and I’m glad you’re excited about our recommendations.
The situation was as you noted: a significant portion of New Harvest’s assets were in the stock of companies that had not gone public. In retrospect, when we last evaluated New Harvest in mid-late 2021, it would have been more accurate for ACE not to count assets that may be difficult to liquidate quickly, because they are not truly available to maintain operations. As you’ll see in the upcoming “Our Room for More Funding Approach in 2022” blog post, we have since updated our methodology to ask charities whether they hold these types of assets.
Additionally, as New Harvest noted in their town hall, they received less in donations than expected in the first half of the year (attributed to the market downturn), which contributed to a decline in assets leading up to their post in June 2022. Thankfully, last we heard from them, they have been able to extend their runway through 2023.
Hi Ben! Thanks for question, and I’m glad you’re excited about our recommendations.
The situation was as you noted: a significant portion of New Harvest’s assets were in the stock of companies that had not gone public. In retrospect, when we last evaluated New Harvest in mid-late 2021, it would have been more accurate for ACE not to count assets that may be difficult to liquidate quickly, because they are not truly available to maintain operations. As you’ll see in the upcoming “Our Room for More Funding Approach in 2022” blog post, we have since updated our methodology to ask charities whether they hold these types of assets.
Additionally, as New Harvest noted in their town hall, they received less in donations than expected in the first half of the year (attributed to the market downturn), which contributed to a decline in assets leading up to their post in June 2022. Thankfully, last we heard from them, they have been able to extend their runway through 2023.
- Vince