diff --git a/www/conservancy/static/npoacct/index.html b/www/conservancy/static/npoacct/index.html
index 7328a0e379d4fc9f3ace5ff65d0bb6362b992e8a..20f03d945cad0cf475691eee11904a671e6a53b6 100644
--- a/www/conservancy/static/npoacct/index.html
+++ b/www/conservancy/static/npoacct/index.html
@@ -276,12 +276,15 @@ Other donation methods:
 <img src="/img/conservancy-accounting-campaign-logo.png" alt="Conservancy accounting campaign logo" style="float:left;" />
 
 <blockquote>
-<p><strong>Update on 2013-11-15:</strong> As can be seen, Conservancy has not
-  reached our fundraising target.  However, as we promised below, we've begun
-  work on this project, but we'd really appreciate more donations, as we've
+<p><strong>Update on 2014-12-03:</strong> As can be seen, Conservancy sadly
+  never reached our fundraising target for this project.  However, as we
+  promised below, we <a href="http://npoacct.sfconservancy.org/">continue to
+  work on this project</a>.  We'd really appreciate more donations, as we've
   needed to make a lot of compromises in our plans since we didn't reach our
-  fundraising goal.  Furthermore, we welcome volunteers to join
-  us <a href="http://npoacct.sfconservancy.org">in developing this software</a>.</p>
+  fundraising goal.  We did complete Phase 0 described below
+  (<a href="http://npoacct.sfconservancy.org/">results are on our wiki</a>),
+  and Phase 1 now comprises the development of an REST API for double-entry
+  accounting  which many applications (including this one) can use.</p>
 </blockquote>
 <br/>
 <hr/>