Hej Rob, thanks for the update, transparency is always welcome!
With the news of GNOME receiving €1M in funding by the Sovereign Tech Fund recently, it can seem unsettling that the Foundation is hitting its reserves level already. You might want to clarify that the Foundation is only acting as a fiscal sponsor to a community-led initiative that the Foundation will probably learn from, and that this money is exclusively dedicated to fund maintenance and development of GNOME? I can imagine how confusing it could be from afar to read about the STF news and this post shortly after 
Looking forward to the strategic roadmap Holly and the board have come up with. I wish Holly the best of luck: open-source communities can be difficult to manoeuvre in, but the financial situation of the Foundation is probably going to be the biggest challenge ahead.