January to June 2022
IMPACT
INVESTMENTREPORT
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IMPACT INVESTMENT REPORT 3 Table of Contents 4 LETTER 8 FUND AT A GLANCE 5 ABOUT US 16 PILOT PROJECT: ITTY FARMSBITTY 26 FUTURE OF THE FUND 6 THEORY OF CHANGE 19 PILOT FARMLOOKOUTPROJECT: 27 THANK YOU
INVESTOR REPORT 22 PILOT PROJECT: WILD
Images from the Indigenous practice of the Three Sisters plant guild —corn, beans and squash— are used throughout this report. Our Impact Idaho Fund portfolio mirrors the wisdom of the Three Sisters, identifying and funding projects that amplify the impact of resilience work in our community. As Robin Wall Kimmerer writes in Braiding Sweetgrass, “Alone, a bean is just a vine, squash an oversized leaf. Only when standing together with corn does a whole emerge which transcends the Drawingsindividual.”by Julia Seyferth. FARMSPACES
Letter
Donors and Investors, Thank you for recognizing the importance of investing mission driven capital in our community. With your partnership, the Impact Idaho Fund has funded three entrepreneurs to date. These projects are implementing more sustainable and resilient approaches to food production. Their success was made possible by the innovative investment structure you are helping to create.
The fund was launched with the belief that some of the greatest resilience solutions are in the minds and actions of regional business owners. We have been honored to learn from our borrowers about how they can catalyze change in the region. At the same time, we’ve been able to assist them in realizing their ideas with solid financial frameworks. It has been a gratifying process. The expansion and diversification of the Impact Idaho Fund is underway. I am excited to announce that we have started the next capital raise. New donor and investor dollars will meet the needs of our current applicants and expand our opportunity for impact. The raise will also support the hiring of new team members with the expertise to help the fund thrive. This round of funding is another community-wide effort. It will take the support of our borrowers, investors and donors to bring the fund to the next level. Thank you for your trust in launching this fund and your continued partnership in stewarding itsNategrowth.Twichell, Executive Director
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As I write this, there are four additional projects in the due diligence process moving towards a funding decision. The acceleration in the number of entrepreneurs submitting applications shows that the work we are doing to build relationships within the community is bearing fruit. Potential borrower’s confidence in the fund is in no small part thanks to the continuing support from our pool of investors and donors. Borrowers trust in us because we are backed by a strong community.
IMPACT INVESTMENT REPORT 5 About Us
The purpose of SVIR is to advance community resilience by investing, educating and collaborating to ensure that the economy, environment and people thrive.
Connect resilientcapitalblendedwithbusinessideas.
Bring attention toresiliencecommunitysolutions.
AWARENESSRAISE
The Impact Idaho Fund brings investment capital to innovative projects advancing community resilience in central and southern Idaho.
ABOUT SVIR ABOUT IMPACT IDAHO FUND
In pursuit of community resilience, investments target the buildout of regenerative, sustainable and renewable practices related to food and farm, land, water and energy use.
betweenconnectionsStrengthenregionalstakeholders.
INVEST COLLABORATE
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1. “Idaho Ag Exports 2022” Idaho State Department of Agriculture, 2022. https://agri.idaho.gov/main/marketing/internationalmarketing/export-statistics/
Development Pressure: Idaho lost 68,800 acres of farmland to development between 20012016.3
SmallCOMMUNITYBusinessSurvivability: Only 50% of small businesses survive after a 5-year period.6
5. “U.S. Energy Information Administration - Eia - Independent Statistics and Analysis.” Idaho - State Energy Profile Overview, U.S. Energy Information Administration, 2021, www.eia.gov/state/?sid=ID.
SYSTEM CHALLENGES & OPPORTUNITY FOR CHANGE
2. “Our Research.” Feeding America, 2019, www.feedingamerica.org/research.
6. “Frequently Asked Questions.” Small Business Administration Office of Advocacy, U.S. Bureau of Labor Statistics, 2019, cdn.advocacy.sba.gov/wp-content/uploads/2019/09/24153946/Frequently-Asked-Questions-Small-Business-2019-1.pdf.https://
ExtremeWATER Drought: More than 600,000 Idahoans live in drought impacted areas.4
3. “Idaho Data and Statistics.” FIC, 13 Nov. 2020, farmlandinfo.org/statistics/idaho-statistics.
FossilENERGYFuel and Water Dependent Systems: Over 70% of Idaho’s power is from hydroelectric and coal based power plants.5
FOODLongand Complex Supply Chains: Export sales of food and agricultural products from Idaho were over $2.3 billion in 2020, while import sales remained around $400 million. 1
Food Insecurity: Blaine County has the 5th highest grocery cost in the nation.2 Our local food bank served the highest number of families ever recorded in June of 2022.
6Theory of Change
4. “Idaho.” Drought.gov, NOAA, 2021, www.drought.gov/states/idaho.
LAND
The Impact Idaho Fund was designed to activate capital to address key challenges across the following interconnected pillars of impact: food, land, water, energy and community.
PILOT FUND OBJECTIVES
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The Impact Idaho Fund Pilot was formed to balance the urgency of action with the discipline of systems-learning; we are implementing a new investment model that seeks to disrupt and redirect traditional flows of capital toward building community resilience.
Demonstrate models to promote local, regional and resilience.state-wide
PILOT FUND STRUCTURE
Theory of Change
As recoverable grants are repaid by borrowers, portions that were funded by investors will be returned to them and portions that were funded by donors will be recycled into the fund, amplifying the impact of every dollar contributed.
The Pilot Fund is currently focused on regional food and regenerative agriculture as a keystone for achieving this vision. 2 3
IMPACT INVESTMENT REPORT 7
Strengthen the regional supply chain to create more reliable access to nutrient-dense food. Fund sustainable food and agricultural practices that prioritize naturalregeneration.resource
sunvalleyinstitute.org8Fund at a Glance 7.9% RECOVERABLE GRANTS 13.2% FOUNDATION GRANTS 71.1% CHARITABLE DONATION COUNT 9.9% RECOVERABLE GRANTS 43.1% FOUNDATION GRANTS 0.8% REPAYMENTS RECEIVED AMOUNTDOLLAR *Includes $20,000 from Blaine County’s Land, Water & Wildlife Program DOLLAR AMOUNT $285,000$258,000$50,000 $598,000 INVESTMENT CATEGORY Charitable RecoverableFoundationDonationsGrants*Grants Total Investment COUNT 2753 38 $593K Capital Raised from 30+ Investors INVESTOR BREAKDOWN 38 $598K $5,000Repayments Received 3 7.9% REPAYMENTS RECEIVED 47.7% CHARITABLE DONATION
IMPACT INVESTMENT REPORT 9 INVESTMENT ALLOCATION ACTIVITY DirectInvestmentProject CATEGORY Approved Borrowers AMOUNT $120,000 ImplementationFund To-Date Setup and Execution $46,800 To-Date Technical Support $109,200 Ongoing Implementation $137,000 18.4% TO-DATE SUPPORTTECHNICAL 23.1% IMPLEMENTATIONONGOING Fund at a Glance BORROWERSAPPROVED pg. 16-18 pg. 19-21 $10K $35K W ILDSPACESFAR M pg. 22-24 $75K Remaining Project Funds $180,000 AMOUNTDOLLAR $593K 30.2% PROJECTREMAININGFUNDS 20.2% BORROWERSAPPROVED 7.9% TO-DATE SETUP AND EXECUTIONOver70% of expenses to date have gone directly to helping current and potential borrowers
• Existing applicants span the process from a submitted application to actively in due diligence, readying financials for assessment (technical assistance) and finalizing potential repayment terms.
• Developing the project pipeline is critical to successful Fund execution. Funding will continue to support staff time to raise awareness of the Fund and build relationships with entrepreneurs focused on regional food and regenerative agriculture.
FUND SETUP AND EXECUTION
Current applicants in the pipeline are requesting approximately $1 million in project financing.
CURRENT APPLICANTS Fund at a Glance INVESTMENT ALLOCATION
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• If current applicants in the pipeline are approved for funding, then all of the Pilot direct project funds raised will be utilized.
REMAINING PROJECT FUNDS
• To set up the Fund, the team created frameworks and templates, including, but not limited to, the following: impact assessment framework, due diligence workbook, borrower impact and financial reports and legal agreements. Materials have been refined over time as the program has evolved.
• Through Fund execution, three projects have been approved for funding. Current and future applicants will also be subject to formal due diligence to ensure all investments meet the Pilot Fund’s financial, impact and risk criteria.
• Following consultations, the team supports applicants by developing financial models and projections, which are needed to perform the investment due diligence required to enable the flow of capital from donors and investors to borrowers.
• All applicants and borrowers receive technical support, spanning from pre-application consultations to borrower reporting and repayment.
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• First, the team schedules consultations with potential applicants, advising on regenerative agricultural practices, business plans and funding needs.
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Thorough technical assistance is time-intensive, but it leads to strong due diligence outcomes and reliable investment decisions, enabling SVIR to be the most prudent stewards of donor and investor dollars.
• This process not only unlocks the potential for borrowers to receive capital from the Pilot Fund in the near-term, but also opens the door for them to access other types of funding in the future.
• The financial acumen and tools gained by borrowers as part of this technical assistance process also allows them to make more informed business decisions, contributing to longer-term business viability and sustainability.
APPLICANT AND BORROWER TECHNICAL SUPPORT
sunvalleyinstitute.org12 Project Pipeline Fund at a Glance RequestedTotal Funds Million$2.6 Currently in Due Diligence $865K ProjectsFunded $120K Types of Submitted Projects PRODUCTIONFOOD9PROCESSING1DISTRIBUTION1FOODPOINTSACCESS3VALUE-ADDEDPRODUCTS2AG-TECH2WASTERECOVERY0 Funded Project Focus local accessfoodimporteconomicsubstitutionregionalresilienceviabilityregenerativeagriculturecropdiversificationjob opportunitieswater conservation servicesecosystem
IMPACT INVESTMENT REPORT 13 Submitted Project Locations by County 72 2 1 2 1 2 1 * Submitted project data includes all projects that applied for funding during the Impact Idaho Fund Pilot SUBMITTED18PROJECTS Blaine7 Ada2CusterTwinElmoreBannock22Falls21Lemhi1Minidoka1
FOOD
WATER Fund
Expanded resilient farming practices grounded in regenerative agriculture that prioritize soil health and natural resource conservation. Currently, borrowers cultivate nearly 1,725,000 square feet or almost 40 acres of land using sustainable practices. Utilizing agricultural land for human food production ensures best-use of regional natural resources.
Contributed to import substitution goals, which aim to address regional supply chain weaknesses by shoring up local capacity.
LAND
Decreased water usage through efficient irrigation and crop selection. For example, it is anticipated that 2.5x less water will be used to produce human consumption crops compared to livestock forage Protectedcrops. water quality through expanded farming practices that reduce nutrient run-off into nearby Implementedwatersheds. livestock management practices that operate within the natural water cycle. at a Glance
Increased the amount of locally produced, nutrientdense food through growing structures, season extension infrastructure and optimizing production areas and launching new enterprises.
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IMPACT ACHIEVED*
In total, borrowers sold almost 7,000 pounds of locally consumed food between January and June 2022. Since 2021, borrowers sold close to 32,800 pounds of food into the regional food system.
Contributed to long-term business sustainability by providing technical support to applicants and borrowers, such as business planning and financial Promotedreporting. job creation and economic prosperity by supporting successful, growing businesses in the region.
The amount of carbon avoided is approximate to the level of carbon sequestered by planting and growing 67 tree seedlings for 10 years.
Avoided carbon dioxide equivalent emissions through place-based investments in regenerative agricultural practices, which capture carbon in the soil, and local food supply chains, which decrease reliance on energy-intensive activities, such as transportation.
*Reporting period January - June 2022. Impact achieved will increase as projects expand production capacity.
ENERGY
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COMMUNITY
A recent analysis published in Nature Food shows that the greenhouse gas emissions correlated with the transportation of food are 3.5-7.5 times higher than previously estimated. The IIF model has been adjusted to account for these updated figures.
**Modeled by SVIR using industry data and assumptions
Avoided approximately 12,665 lbs of carbon dioxide equivalents** by selling produce locally (versus nationally) through reduced transportation alone.
Project: Itty Bitty Farms
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FARM
Itty Bitty Farms is a farm, greenhouse and storefront operation in Carey that specializes in microgreens, salad greens, herbs and other vegetables. Their local, naturally-grown produce is sold at the Wood River Farmers Markets and delivered to Ketchum, Hailey and Bellevue. They also operate an on-farm store that serves the Carey community, a former “food desert”. The $10,000 recoverable grant administered to Itty Bitty Farms provided them with capital to increase their production space, build efficiencies into their weed management and irrigation systems and expand their store offerings to include more locally sourced frozen products, including meat, fish, butter and fruit. A portion of this investment was made by Blaine County’s Land, Water and Wildlife Theprogram.Carey community has responded well to increased product availability. The storefront has been providing more locally produced goods including raw milk and potato chips. On the farm side, Emily and Landon Knowles said, “we are really seeing the advantages of the greenhouse tunnels that we purchased with the grant money. We were able to get a lot of tomatoes planted in the tunnels for harvest this year.” This project has allowed Itty Bitty Farms to increase their production while keeping fresh produce affordable to their neighbors. Itty Bitty Farms has completed 50% of the repayment on their investment. Payments were received starting in December 2021 and will be fulfilled in December of 2022.
PROJECTOVERVIEWOVERVIEW
IMPACT INVESTMENT REPORT 17
The amount of land under sustainable cultivation totaled 4,800 square feet. The growing area is expected to increase to about 10,000 square feet over the course of the production season. Itty Bitty Farms will continue to cultivate additional square footage of the parcel over time. Maintaining agriculture use on this parcel of land reduces the likelihood of development.
LAND Innovative weed mitigation tools uphold regenerative production practices and reduce soil disturbance, protecting water quality. Irrigation in the growing structures promotes efficient water use, conserving water in the region’s highdesert climate.
WATER
REPORTED IMPACT* FOOD
*Reporting period January - June 2022
On the farm, close to 2,800 pounds of nutrientdense food were locally grown and sold between January and June 2022. The volume more than tripled from spring 2021 and the reporting period only includes the first few weeks of the farmers market Inseason.theretail store, over $30,000 of produce, dairy, eggs, meat and value-added goods were sold during the reporting period, almost double from the spring of 2021. New local products available include raw milk and potato chips from farmers market vendors.
*Reporting period January - June 2022 by SVIR using industry data and assumptions
The high tunnels and other farm equipment have allowed us to increase our production of tomatoes and other less cold tolerant plants, making more food available to our local community despite the difficulties that we had with the growing temperatures this past season. This is very encouraging because we know that we will be able to steadily increase our efficiency and improve our production over the next few years. The addition of the freezer unit has been a game-changer for the storefront. We are now able to carry local beef, pork, fish, butter and fruit in the freezer. “ “
REPORTED IMPACT*
COMMUNITY
Owner, Itty Bitty Farms
Avoided approximately 5,244 pounds of carbon dioxide equivalents** by selling produce locally (versus nationally). The amount of carbon avoided from reducing transportation is approximate to the carbon sequestered by planting and growing 39 tree seedlings for 10 years. ENERGY Itty Bitty provides critical access to food in a historically food scarce community. The innovative weed mitigation approach promotes operational efficiency, decreasing costs, increasing profitability and supporting business viability. Similarly, improved financial modeling and reporting also contribute to long-term business success.
EMILY KNOWLES
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**Modeled
Pilot Project: Itty Bitty Farms
Pilot Project: Lookout Farm
Lookout Farm is a farm operation in Bellevue that specializes in seasonal vegetables and leafy produce is sold through their community supported agriculture (CSA) offering, at the Hailey farmers market, for home delivery through Kraay’s Market & Garden and to nearby restaurants and retail locations. Produce is also donated to a local non-profit organization serving domestic abuse survivors. With a $35,000 recoverable grant, Lookout Farm purchased the equipment, tools and inputs needed to convert two and a half acres from hay production to vegetable production. A portion of this project was funded by Blaine County’s Land, Water and Wildlife Program.
Lookout’sgreens.
IMPACT INVESTMENT REPORT 19
During the second year of the conversion, Lookout Farm has transitioned just under one acre to vegetable production and offering the Wood River Valley’s first pumpkin patch. The remainder of the transitional acreage is being cover-cropped to enhance soil fertility and reduce alfalfa regrowth. Accounting for labor shortages and supply cost increases, Lookout Farm is managing growth conservatively to ensure long-term viability of their farm operation. As the transition continues, the operators are minimizing water usage and planning for additional annual vegetable production in the 2023 season.
FARM
PROJECTOVERVIEWOVERVIEW
REPORTED IMPACT*
Of the 14.5 acres (630,000 square feet) under sustainable cultivation, approximately 3 acres (130,000 square feet) are currently producing a variety of annual vegetables and a portion of the transitional 2.5 acres has been used to create a pumpkin patch, while the remainder will be in vegetable production in the 2023 season. The remaining acreage is managed for animal forage production or native plantings.
Historically, production methods rely upon chemical herbicides to eliminate alfalfa from fields. This transition will utilize a combination of mechanical plant disruption and cover cropping to maintain soil quality under the guidance of regenerative organic practices.
WATER
Leveraged precision farming and regenerative agriculture techniques to reduce nutrient and soil run-off and protect water quality.
FOOD
Project: Lookout Farm
LAND Vegetable production will utilize 2.5x less water per week compared to hay production. This differential is a conservative estimate that is anticipated to increase over time as additional flow meters are installed, demonstrating the water-saving potential of the hay-to-vegetable transition.
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Approximately 2,274 pounds of nutrient-dense food were locally produced and sold between January and June 2022. This volume was yielded from existing acreage; the acreage in transition is expected to begin yielding winter squash in the next reporting period.
ENERGYCOMMUNITY
Designing and executing a land-use transition model that can be used by other local farmers in the region.
Hired seasonal labor to help transition acreage and harvest expanded growing space, creating local job opportunities.
“
IMPACT INVESTMENT REPORT 21
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There’s no way we would have committed our energy to the slow and careful project of transitioning a hay field to vegetable crops without the encouragement and resources of the Impact Idaho Fund. The transition project has so far succeeded in modeling an ecologically sensitive pathway from perennial hay crop to annual cultivation, and that success is definitely a product of the collaboration between Lookout Farm and the IIF.
**Modeled by SVIR using industry data and assumptions
Avoided approximately 4,306 lbs of carbon dioxide equivalents** by selling produce locally (versus nationally). The amount of carbon avoided from reducing transportation is approximate to the carbon sequestered by planting and growing 32 tree seedlings for 10 years. The magnitude of the impact will increase substantially as the growing area expands into the transitioned acreage.
Improved financial modeling and reporting, contributing to long-term business success.
Simon Neely Owner, Lookout Farm
*Reporting period January - June 2022
FARM
Wild Spaces Farm is a new business launched by a thirdgeneration farmer, Wilder Jones. Wild Spaces is a pasture-raised, regenerative micro dairy in Glenns Ferry that produces raw and minimally pasteurized products for southern Idaho Wildcommunities.Spacesstarted selling pasture-raised, raw milk in glass bottles in April of this
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With a $75,000 recoverable grant, Wild Spaces purchased the infrastructure and equipment needed to launch the micro dairy. Funds also cover operating expenses during the initial start-up phase. Wild Spaces will sell products into the Wood River Valley, Magic Valley and Treasure Valley, while also ensuring the community of Glenns Ferry has access to the farm’s high-quality, affordable dairy products. The dairy is implementing pasture-raised and organic methods, prioritizing animal and human welfare alongside sustainable packaging and responsible land use practices and will serve as a model for interested producers and entrepreneurs.
PROJECTOVERVIEWOVERVIEWyear. This product fills a gap in the market left after the closure of Old Almo Creamery in the spring of 2021. As production levels increase, Wild Spaces is planning to offer value-added products, such as cream, butter, cheese and ice cream. Wild Spaces Farm products are currently available at the Wood River Farmers Market in Ketchum and Hailey, the Boise Farmers Market and at NourishMe in Ketchum.
Project: Wild Spaces Farm
REPORTED IMPACT* FOOD
IMPACT INVESTMENT REPORT 23
WATER *Reporting
Of the 25 acres (1,089,000 square feet) under sustainable cultivation, 10 acres (435,600 square feet) are currently used for grazing and 15 acres (653,400 square feet) are used for harvested feed. The majority of the southern Idaho dairy industry is comprised of large, scale concentrated animal operations. Many of these operations do not allow milking cows to graze pasture therefore limiting the ability for the livestock to serve as tools for regenerating soil health. This business model will serve as a model for a regenerative micro dairy operation utilizing beyond organic practices.
Approximately 415 half gallons of nutrient-dense food were locally produced and sold from the first day of operations until June 30, 2022. This volume is expected to increase in the next reporting season as a full six months of data will be included. Growth in future years is anticipated with additional livestock being included in the milking rotation.
LAND In comparison to conventional dairy operations, pasture-based dairies protect water quality and increase water use efficiency. Cows having access to graze ensures the water they consume recirculates back into the water cycle. Minimizing wastewater and composting livestock waste protects water quality whereas conventional dairies use manure lagoons that can impact water and air quality. period January - June 2022
ENERGY
Pilot Project: Wild Spaces Farm
Avoided approximately 3,113 lbs of carbon dioxide equivalents** by selling milk locally (versus nationally). The amount of carbon avoided from reducing transportation is approximate to the carbon sequestered by planting and growing 23 tree seedlings for 10 years. The magnitude of the impact will increase as milk operation sees full production capacity.
“ “
Designing and executing a micro dairy model that can be used by other local farmers in the region. Hired farm labor to support milking operation and grazing management, creating local job opportunities. Improved financial modeling and reporting, contributing to long-term business success.
REPORTED IMPACT*
*Reporting period January - June 2022
Starting a micro dairy has been the most profound experience of my life. I have been ecstatic and frightened by the daily trials. I have been met with an abundance of love and appreciation. The customers have really changed my life. Selling the product has affirmed my mission and purpose. I can’t wait to grow and refine this business. I am very grateful for the trust that SVIR has shown while I built the dairy. I am looking forward to meeting with Amy, Nate and the team to discuss the future and new solutions.”
**Modeled by SVIR using industry data and assumptions
Wilder Jones Owner, Wild Spaces Farm
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Continue developing the project pipeline, sourcing new applications for funding.
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Continue to receive borrower repayments in line with financial objectives, confirming the need for patient, flexible capital to drive community resilience.
• Submit projects that have passed the due diligence phase to the Board of Directors for funding approval. If approved, legal agreements are signed and funds are distributed.
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our next round of capital raising to meet the demands of the project pipeline.
• Perform due diligence on projects currently in the pipeline to ensure impact and financial criteria meet the Pilot Fund’s objectives.
WeSTEPSarelaunching
• Utilize Risk Matrix to prioritize expansion of Fund into new project areas and further develop those pipelines where necessary
• Receive the forth round of impact and financial reports from current borrowers and deliver a forth impact investment report to investors.
Future of the Fund LOOKING FORWARD NEXT
• Debrief Impact Idaho Fund Pilot program to determine implementation plan for subsequent iteration of the Fund.
Our goal is to secure another $1 million in lendable capital and $350,000 for lender coaching and fund administration. Are you ready to become one of our Impact Idaho Fund investors or increase your contribution in this capital raise?
IMPACT INVESTMENT REPORT 27 *Program related investment The grant amount repaid by borrowers will be recycled into the Fund and redeployed to future Charitableprojects.donations may be made any time. sunvalleyinstitute.org.orgimpactfund@sunvalleyinstitute.ReachacceptedRecoverable5-7RepaymentinvestmentUpsunvalleyinstitute.org/donate.Visitto80-100%oftheisrecoverable.isanticipatedoveryears.grantsareatselecttimes.outto:orvisit: RECOVERABLE GRANT OR PRI* Minimum Investment: $10,000 ONGOING DONOR & INVESTOR ENGAGEMENT OPPORTUNITIES Thank You LEGAL ADVISORS David Arkoosh Tom TheEarthshineAiméePraggastisChristensenFoundationLufkinFamilyFoundation Trust INVESTORS Alexandra BlaineAnonymousBabalis(7)CountyLand, Water and Wildlife ChristensenProgramFamily Foundation Diane Banta Greg Carr Foundation Inc. Hecht 2008 Grantor Charitable Lead Annuity Trust Heart of Gold Fund in the Idaho Community Foundation Heinz Family Foundation Ian Jameson Jan Philipsborn Gift Fund Jeri Howland & Jerry Edelbrock Kelley Weston Lisa Stelck & Bill Boeger Mary & Stephen Malkmus Nancy Holcomb Nancy P. & Richard K. Robbins Family Foundation Peter Curran / Peco Foundation Scott Fey & Dana Lyon Sean SusanHollitz&Bradley Brickman DONORS Susan Passovoy The Marshall Frankel Foundation Thomas Selby & Meaghan McGrath Thank you to all the donors and investors since the initial capital raise starting in the fall of 2020. CHARITABLE DONATION No Minimum Donation
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