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Closing the gap for BLOOM recurring expenses
« on: September 14, 2018, 10:36:44 am »
Hi all,

Last month I requested 2,097,239 BBP (to total $3192) to cover Aug-Oct sponsorship expenses for 14 kids in Uganda and Sierra Leone (food, private education, rescue missions for kids in abusive foster homes, and medical expenses). However, with the price drop, my wallet shows as of today, we only received the equivalent of $1221, so we were left with a gap of $1971.

I'd like to humbly request part of the remaining budget this month at 1.9 million BBP to help us start to close this gap (about $1000). Next month I will pray for the remaining part of the gap to be closed.

As a reminder, here was the breakdown of the request last month for 3 months of BLOOM kids' sponsorships:

1,734,559 BBP ($2640) to cover 10 children in emergency status who were rescued for 3 months in Rakai, Uganda
283,837 BBP ($432) to feed 4 children at the Sierra Leone orphanage for 3 months
78,843 ($120) to cover the 4 Sierra Leone kids' school uniforms/fees/supplies
Total Request: 2,097,239 BBP

SUMMARY: Requesting $1.9m BBP to start closing the funding gap from last month. Attached is a screenshot of what we have as of now.

To help prevent this gap in the future, instead of requesting 3 months at a time, we will request 1 month at a time, and we will not add any more children to the sponsorship to ensure the current children are able to continue receiving their food and education expenses covered. I'm especially worried about our Uganda kids, because if we cannot continue to sponsor them, they may have to go back to the abusive places where they came from if we cannot find another sponsor for them.

Thank you so much for your prayerful consideration.

April
ED- BLOOM


  • jaapgvk
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Re: Closing the gap for BLOOM recurring expenses
« Reply #1 on: September 16, 2018, 07:07:10 am »
Hi April,

I don't know what the current statistics are in terms of BBP being requested by the different Charities at this point. I would personally like to see - in the future - that the charity-budget doesn't exceed 50% of the total budget. I think that we owe that to our investors (since those coins will be dumped on the market). We all know that the market is currently in a bad shape, and we should try and work together to survive this with as little casualties as possible (I'm calling the dropping of a sponsorship a 'casualty').

Maybe we could look at where we can cut some expenses without dropping any of the sponsorships? For the future, I would suggest to create a large buffer (of like a year or even larger) before taking a next step. I think - in hindsight - it would have been more wise if we had looked more into securing our sponsorships well into the future.


  • seasonw
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    • September 24, 2017, 08:10:34 pm
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Re: Closing the gap for BLOOM recurring expenses
« Reply #2 on: September 18, 2018, 12:49:56 am »
Hi April,

I don't know what the current statistics are in terms of BBP being requested by the different Charities at this point. I would personally like to see - in the future - that the charity-budget doesn't exceed 50% of the total budget. I think that we owe that to our investors (since those coins will be dumped on the market). We all know that the market is currently in a bad shape, and we should try and work together to survive this with as little casualties as possible (I'm calling the dropping of a sponsorship a 'casualty').

Maybe we could look at where we can cut some expenses without dropping any of the sponsorships? For the future, I would suggest to create a large buffer (of like a year or even larger) before taking a next step. I think - in hindsight - it would have been more wise if we had looked more into securing our sponsorships well into the future.

Yes, I agreed. Expenses should be cut at current bearish market, because there are just a few buy orders but with a lot of sell orders, it is an unhealthy BBP market now.


Re: Closing the gap for BLOOM recurring expenses
« Reply #3 on: September 27, 2018, 05:04:41 pm »
Hi guys- It's a little more complicated than just "cutting expenses" because we can't just choose to cut the kids' food supply off or pull them out of boarding school and put them in the streets, you know what I mean? It's not as simple as a business move to do layoffs of some sort. And, unfortunately, we don't have additional funding to cover kids if they lose sponsors. Lessoned learned for the future- we need a sponsorship sustainability plan for the kids when funding is low.

Because of these risks, I'm looking into ways we can work together where it won't negatively affect the kids if there is a bearish market in the future. I also hope that our Sierra Leone kids will be weaned off sponsorships and supported by the sustainable farm by end of December. So, that will cut expenses.