The National Council on Nonprofit Monitoring (NCNM) has issued guidelines stating that nonprofit organizations should spend at least 70% of all revenues collected from donations on direct program expenses. As part of an ongoing monitoring program, the Minnesota Lakes and Rivers Appreciation Foundation samples monthly expenditure reports from its offices throughout the state to see whether the local chapters are below the NCNM minimum. After taking a sample of 100 monthly expenditure reports from local chapters, the foundation’s chief data analyst finds a mean of 77.4 with a standard deviation of 7.8. What can the foundation conclude about its conformance with the NCNM standard?