Applying Conditional formatting based on a calculation

[Lambrix]

Good afternoon,

I am trying to apply conditional formatting to a cell based on a formula calculation. I have two columns, one has total funding and the other has the change in funding. I would like to create a conditional formatting formula that will highlight cells in the change column when changes of more than 1% occur.

Here is what I have been trying without any luck:

=$E$31/$F$31<0.01

Any ideas? Thank you.

David