Celo Foundation releases 2020 transparency report
News

Celo Foundation releases 2020 transparency report

Saudu Clement
Saudu Clement

The Celo Foundation has released its annual transparency report for 2020. The report, which was made publicly available on April 9, 2021, details the foundation’s balance sheet and expenses in 2020.

The foundation contributes grants to research, education, community engagements, and outreach efforts geared towards developing the ecosystem. In their words, the foundation supports “activities that support and encourage an inclusive and sustainable financial system that creates the conditions for prosperity–for everyone.”

Although 2020 was largely marked by the global COVID-19 pandemic, Celo managed to make some headway. As of December 31, 2020, the foundation held over $97.2 million. Nearly 80% of the said amount was in CELO assets.

The total expenses for the year came up to $38.4 million while the foundation disbursed $4.7 million worth of grants to Celo-based solutions and initiatives that aim to advance the Celo ecosystem.

According to the report, a significant percentage of the grants to Celo-based initiatives went to technology and research. While this sector received 47.2% of the grant, 31.2% was given to “ecosystem support” projects. 13.4% was disbursed to education and community, and the remaining 8.2% went to social impact.

Overall, the grants portfolio reached 407 applications.