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 Year One Year Two Year Three Year Four Year Five Total
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 Costs
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 Direct fundraising costs
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 Fundraising and communications grant $ 701,498 $ 567,878 $ 564,749 $ - $ - $ 1,834,124
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 Senior Leadership
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 Proportion of the senior leadership grant that contributes to fundraising 60.00%60.00%60.00%60.00%60.00%
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 Senior leadership grant $ 745,600 $ 713,870 $ 732,688 $ - $ - $ 2,192,158
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 Senior leadership costs towards fundraising $ 447,360 $ 428,322 $ 439,613 $ - $ - $ 1,315,295
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 Grants management
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 Grants management grant $ 81,600 $ 123,760 $ 85,985 $ - $ - $ 291,345
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 Total costs $ 1,230,458 $ 1,119,960 $ 1,090,347 $ - $ - $ 3,440,764
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 Amar Andrew Caitlin Chris Dan Elie Holden Isabel James Josh Natalie Nicole Olivia Sophie Stephan
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 Units of value per $10,000 from cash 36.0010.0033.0015.0019.001.0012.0037.0022.009.0042.0019.0038.001.0034.00
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 GiveWell's outside option: spend the grant on next most cost-effective giving opportunity
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 Cost-effectiveness of next best giving opportunity vs Cash 8.808.808.808.808.808.808.808.808.808.808.808.808.808.808.80
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 Outside option units of value per $10,000 316.8088.00290.40132.00167.208.80105.60325.60193.6079.20369.60167.20334.408.80299.20
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 Benefits from expenditure of funds raised as a consequence of the fundraising grant activities
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 Incubator Projects
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 Proportion spent on Beta incubator projects 85%85%85%85%85%85%85%85%85%85%85%85%85%85%85%
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 Cost-effectiveness of funds spent on Beta incubator 5.305.305.305.305.305.305.305.305.305.305.305.305.305.305.30
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 Total units of value per $10,000 for expenditure on incubator projects 190.8053.00174.9079.50100.705.3063.60196.10116.6047.70222.60100.70201.405.30180.20
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 Non-Incubator Projects
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 Proportion spent on non-incubator projects (NLS, DtWI, DSW) 15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%
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 Cost-effectiveness of funds spent on non-incubator projects (NLS, DtWI, DSW) 9.709.709.709.709.709.709.709.709.709.709.709.709.709.709.70
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 Units of value per $10,000 for non-incubator projects 349.2097.00320.10145.50184.309.70116.40358.90213.4087.30407.40184.30368.609.70329.80
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 Expected benefit per $10,000 EA expenditure using funds raised by the fundraising grant 214.5659.60196.6889.40113.245.9671.52220.52131.1253.64250.32113.24226.485.96202.64
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 Leverage/Funging - opportunity cost from benefits from projects the institutional donors would otherwise donate to
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 Cost-effectiveness of institutional donor's outside option 2.002.002.002.002.002.002.002.002.002.002.002.002.002.002.00
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 Units of value lost per $10,000 72.0020.0066.0030.0038.002.0024.0074.0044.0018.0084.0038.0076.002.0068.00
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Expected benefit per $10,000 EA expenditure using funds raised by the fundraising grant after leverage/funging
142.5639.60130.6859.4075.243.9647.52146.5287.1235.64166.3275.24150.483.96134.64
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 Results
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 Total units of value from GiveWell's outside option 109,00330,27999,92045,41857,5303,02836,334112,03166,61327,251127,17157,530115,0593,028102,948
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 Total funds that need to be spent on EA's programs to create as much value as outside option 7,646,1427,646,1427,646,1427,646,1427,646,1427,646,1427,646,1427,646,1427,646,1427,646,1427,646,1427,646,1427,646,1427,646,1427,646,142
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 Additional funds that need to be raised for fundraising team to be self-sustaining $ 1,200,000 $ 1,200,000 $ 1,200,000 $ 1,200,000 $ 1,200,000 $ 1,200,000 $ 1,200,000 $ 1,200,000 $ 1,200,000 $ 1,200,000 $ 1,200,000 $ 1,200,000 $ 1,200,000 $ 1,200,000 $ 1,200,000
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 Total funds that need to be causally raised by the grant to meet target $ 8,846,142 $ 8,846,142 $ 8,846,142 $ 8,846,142 $ 8,846,142 $ 8,846,142 $ 8,846,142 $ 8,846,142 $ 8,846,142 $ 8,846,142 $ 8,846,142 $ 8,846,142 $ 8,846,142 $ 8,846,142 $ 8,846,142
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 Leverage required by the grant 2.572.572.572.572.572.572.572.572.572.572.572.572.572.572.57
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 Notes
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- We are modelling success as: fundraising activities raised enough funds for a) units of value from EA program expenditure facilitated by funds raised exceeds the units of value that could be gained by spending our grant on MC SMC (after accounting for leverage/funding of the institutional donors' funds), and b) the fundraising team is self-sustaining - in the sense that it raises enough over and above (a) to keep the fundraising team going into year 4 (2023).
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