---
# System prepended metadata

title: 'RWF-001: January 2022 Budget Statement'
tags: [Budget statement]

---

---
tags: Budget statement
---


# RWF-001: January 2022 Budget Statement

**Status:** Reviewed

Link to RWF-001 MIP Budget*: https://forum.makerdao.com/t/mip40c3-sp61-modify-core-unit-budget-real-world-finance-rwf-001/13152

Link to RWF-001 MIP MKR Compensation (RWF-001): https://forum.makerdao.com/t/mip40c3-sp38-real-world-finance-core-unit-mkr-compensation-rwf-001/10447

Link to new RWF-001 Multisig ledger [here](https://docs.google.com/spreadsheets/d/19tIncBWQdRQSHPF_271R1LrFMmj6dQe8/edit?usp=sharing&ouid=114529981085695499641&rtpof=true&sd=true)

*MIP budget in Formal submission stage. Subject to approval.

---

## 1. Actuals -- January 2022 

Actuals reported by previous facilitator are visible [here](https://docs.google.com/spreadsheets/d/17zB2ZJ-ANVVCH2cN68hZZHBCq_kClEk_qr6q1H_auSI/edit#gid=971858318). 


| Budget Category       | Forecast   | Actuals    | Difference   | Payments   | Reason(s)                          |
| --------------------- | ---------- | ---------- | ------------ | ---------- | ---------------------------------- |
|                       |            |            |              | 218,576.19 |                                    |
| Compensation*          | 90,147.00  | 118,697.00 | \-28,550.00  | \-         | FTE changes and backpayments       |
| Professional Services** | 20,000.00  | 87,536.10  | \-67,536.10  | \-         | Unbudgetted legal fees             |
| Real-world structures | 0.00       | 0.00       | 0.00         | \-         | \-                                 |
| Data-infrastructure   | 0.00       | 0.00       | 0.00         | \-         | \-                                 |
| Payment fees          | 5,508.82   | 9,952.99   | \-4,444.17   | \-         | AccountAble fees in different tier |
| Gas Fees              | 0.00       | 0.00       | 0.00         | \-         | \-                                 |
| Software Costs        | 0.00       | 0.00       | 0.00         | \-         | \-                                 |
| Travel Costs          | 0.00       | 0.00       | 0.00         | \-         | \-                                 |
| Contingency Buffer    | 0.00       | 0.00       | 0.00         | \-         | \-                                 |
| **Total**                 | **115,655.82** | **216,186.09** | **\-100,530.27** | **218,576.19** |

*Contractor fees: Contractors previously in part-time FTE (50%) increased capacity to 80-90% to cope with work demand.

**Professional services: Previous budget for legal services was insufficient to deal with lender review of SocGen and Monetalis structures.

---

## 2. Budget Forecast -- 3 Months

### Overview

| Feb 2022   | Mar 2022 | Apr 2022 | 3-Months | Old Mthly Budget Cap | Old Qtly Budget Cap | Old Annual Budget Cap + Buffer |
| ---------- | -------- | -------- | -------- | -------------------- | ------------------- | ------------------------------ |
| 151,375.96 | 270,330  | 285,915  | 707,620  | 155,000              | 465,000             | 1,860,000                      |

*Based on existing budget approved. 

### Breakdown

| Forecast              | Feb 2022   | Mar 2022   | Apr 2022   | 3-Months   | Old Qtly Budget Cap | MIP Budget Forecast/ CAP\*\* |
| --------------------- | ---------- | ---------- | ---------- | ---------- | ------------------- | ---------------------------- |
| Compensation*          | 83,499.00  | 153,450.00 | 168,450.00 | 405,399.00 | 315,000.00          | $465,000                     |
| Professional Services* | 50,000.00  | 100,000.00 | 100,000.00 | 250,000.00 | 60,000.00           | $1,500,000                   |
| Real-world structures | 0.00       | 0.00       | 0.00       | 0.00       | 30,000.00           | $12,000                      |
| Data-infrastructure   | 0.00       | 0.00       | 0.00       | 0.00       | 30,000.00           | $0                           |
| Payment fees          | 7,376.96   | 11,879.55  | 12,464.55  | 31,721.06  | 0.00                | $25,500                      |
| Gas Fees              | 1,000.00   | 0.00       | 0.00       | 1,000.00   | 0.00                | $1,500                       |
| Software Costs        | 5,000.00   | 5,000.00   | 5,000.00   | 15,000.00  | 0.00                | $15,000                      |
| Travel Costs*          | 4,500.00   | 0.00       | 0.00       | 4,500.00   | 0.00                | $6,000                       |
| Contingency Buffer    | 0.00       | 0.00       | 0.00       | 0.00       | 30,000.00           | $30,000                      |
| **Total**                 | **151,375.96** | **270,329.55** | **285,914.55** | **707,620.06** | **465,000.00**          | **2,055,000.00**                 |


*Compensation: Forecast increase reflects additional FTEs in the team from March onwards.

*Professional services: Legal services for lender review of borrower structures/contracts were under budgetted given complexity and cost of high-quality firms to assess deals. 

*Travel Costs: EthDenver participation for 3 team members

**MIP budget in Formal Submission stage. Subject to ratification poll approval. Professional services costs from external legal consultations account for most of the change in the budget.

**[Budget forecast for MIP increase](https://forum.makerdao.com/t/mip40c3-sp61-modify-core-unit-budget-real-world-finance-rwf-001/13152) to reflect legal cost estimates.

---

## 3. MKR Vesting Overview

Total FTE: 5.7 (est. April 2022). Total Part Time: 4 (50% capacity).

This overview is based on the approval of [MIP40c3-SP#38](https://forum.makerdao.com/t/mip40c3-sp38-real-world-finance-core-unit-mkr-compensation-rwf-001/10447), RWF-001 current MKR Incentive Proposal.

| Vesting Date | MKR Amount | Last Month | Change | Reason(s) | Budget Cap on 7 FTE* |
| ------------ | ---------- | ---------- | ------ | --------- | ------------------- |
| April 2022   | 243 MKR    | 243 MKR    | 0 MKR  | N/A       |                     |
| July 2022    | 205 MKR    | 205 MKR    | 0 MKR  | N/A       |                     |
| October 2022 | 161 MKR    | 161 MKR    | 0 MKR  | N/A       |                     |
| January 2023 | 201 MKR    | 201 MKR    | 0 MKR  | N/A       |                     |
| April 2023   | 114 MKR    | 114 MKR    | 0 MKR  | N/A       |                     |
| July 2023    | 114 MKR    | 114 MKR    | 0 MKR  | N/A       |                     |
| October 2023 | 114 MKR    | 114 MKR    | 0 MKR  | N/A       |                     |
| January 2024 | 114 MKR    | 114 MKR    | 0 MKR  | N/A       |                     |
| April 2024   | 114 MKR    | 114 MKR    | 0 MKR  | N/A       |                     |
| **Total**        | **1,379 MKR**  | **1,379 MKR**  | **0 MKR**  |           | **1,680 MKR**           | 

*Budget cap is estimated on 7 FTE at 80 MKR/FTE. Current estimate FTE calculation is based on 5.7 FTE.

The _Change_ column indicates any changes in the MKR vesting amounts compared to last month, with the _Reason(s)_ column indicating why the amounts changed. Reasons may include: New hires, FTE changes, Promotions, or Terminations.

### FTE

| Team members       | Headcount | FTE(Full-Time Equivalent)* |
| ------------------ | --------- | ------------------------- |
| Facilitator        | 1         | 1                         |
| Senior Consultants | 2         | 1.7                       |
| Consultants        | 1         | 1                         |
| **Total**              | **4**         | **3.7**                       |

*Senior consultants at 90% and 80% FTE equivalent, respectively, in January.

---

## 4. Transfers

### DAI Transfers -- January 2021

| RWF Operational wallet | 3-month Estimate | Current Balance | Transfer | Multi-sig Address                                                                                                                            |
| ---------------------- | ---------------- | --------------- | -------- | -------------------------------------------------------------------------------------------------------------------------------------------- |
| RWF CU                 | 707,620          | 124,773         | 582,847  | [0xD1505ee500791490DE8642353BA6A5b92e3550F7](https://gnosis-safe.io/app/eth:0xD1505ee500791490DE8642353BA6A5b92e3550F7/transactions/history) |

To see multisig transactions: [RWF-001 Multisig](https://etherscan.io/address/0xD1505ee500791490DE8642353BA6A5b92e3550F7#tokentxns) and
[Auditor Wallet](https://etherscan.io/address/0x96d7b01Cc25B141520C717fa369844d34FF116ec#tokentxns)

| RWF Auditor wallet                     | Value        | Multi-sig Address                                                                                                                            |
| -------------------------------------- | ------------ | -------------------------------------------------------------------------------------------------------------------------------------------- |
| Received from Protocol since inception | 68,949.35    | [0x96d7b01Cc25B141520C717fa369844d34FF116ec](https://gnosis-safe.io/app/eth:0x96d7b01Cc25B141520C717fa369844d34FF116ec/balances)             |
| Received from former RWF wallet        | 274,399.47   | 0x9e1585d9ca64243ce43d42f7dd7333190f66ca09                                                                                                   |
| Received RWF Ops Wallet Test trx.      | 2.00         | [0xd1505ee500791490de8642353ba6a5b92e3550f7](https://gnosis-safe.io/app/eth:0xD1505ee500791490DE8642353BA6A5b92e3550F7/transactions/history) |
| **Total Received**                         | 343,350.82   | [0x96d7b01Cc25B141520C717fa369844d34FF116ec](https://gnosis-safe.io/app/eth:0x96d7b01Cc25B141520C717fa369844d34FF116ec/balances)             |
| **Test trx. to 0x2c6...31efb25**           | \-2.00       | 0x2c647bdc8259a82b0d0842207aed98c5331efb25                                                                                                   |
| **Lifetime transfer to RWF Ops Wallet**    | \-343,348.82 | [0xD1505ee500791490DE8642353BA6A5b92e3550F7](https://gnosis-safe.io/app/eth:0xD1505ee500791490DE8642353BA6A5b92e3550F7/transactions/history) |
| **Auditor wallet current balance**         | 0.00         | [0x96d7b01Cc25B141520C717fa369844d34FF116ec](https://gnosis-safe.io/app/eth:0x96d7b01Cc25B141520C717fa369844d34FF116ec/balances)             |