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Last updated on 2024年10月1日

What are the best practices for fundraising and budgeting for your NGO?

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If you are running a non-governmental organization (NGO), you know how challenging it can be to secure and manage your funds. You need to plan ahead, diversify your sources, and monitor your expenses. In this article, we will share some best practices for fundraising and budgeting for your NGO, based on the experience of successful international organizations.

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Jaideep Parashar

Founder & CEO ReThynk AI Company & ReThynk AI Magazine I Researcher I Author I Keynote Speaker I
Mhd Wassim Al-Majzoub MSc CIB

International Organizations Unit Manager at alBaraka Bank Syria s.a. I Banking Expert I Islamic Banker I Marketing I…

1 Define your mission and goals

Before you start looking for donors, you need to have a clear and compelling vision of what you want to achieve and how you will measure your impact. Your mission statement should summarize your purpose, values, and target beneficiaries. Your goals should be specific, measurable, achievable, relevant, and time-bound (SMART). Having a well-defined mission and goals will help you communicate your value proposition to potential supporters and align your activities with your resources.

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Jaideep Parashar

Founder & CEO ReThynk AI Company & ReThynk AI Magazine I Researcher I Author I Keynote Speaker I
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Best Practices for NGO Fundraising: Define Your Mission and Goals A clear mission and defined goals are crucial before approaching donors. Your mission statement should outline your purpose, values, and target beneficiaries, while your goals should be SMART: specific, measurable, achievable, relevant, and time-bound. This clarity helps communicate your vision and impact to potential supporters, ensuring they understand the value you bring. Aligning your goals with available resources will also increase your chances of successful fundraising and long-term sustainability.

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Mhd Wassim Al-Majzoub MSc CIB

International Organizations Unit Manager at alBaraka Bank Syria s.a. I Banking Expert I Islamic Banker I Marketing I Business Relations I Branch Management I Operations Management
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Clearly define your fundraising goals and work capacity. Set specific targets to motivate both your team and potential donors.

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2 Research and diversify your funding sources

Depending on the nature and scope of your NGO, you may have different options for raising funds. Some of the most common sources are grants, donations, sponsorships, memberships, events, crowdfunding, and social enterprises. Each source has its own advantages and disadvantages, such as eligibility criteria, reporting requirements, sustainability, and flexibility. You should research and evaluate each source carefully and diversify your portfolio to reduce your dependence on any single one. You should also cultivate long-term relationships with your donors and sponsors by providing regular updates, feedback, and recognition.

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Jaideep Parashar

Founder & CEO ReThynk AI Company & ReThynk AI Magazine I Researcher I Author I Keynote Speaker I
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Best Practices for NGO Fundraising: Research and Diversify Funding Sources NGOs have a range of funding options—grants, donations, sponsorships, events, and more. Each has its pros and cons, from eligibility criteria to sustainability. To ensure financial stability, research and diversify your funding sources, reducing reliance on any one stream. Building long-term relationships with donors and sponsors is key—provide regular updates, feedback, and recognition to maintain their support. A diverse and engaged funding base will help your NGO thrive in the long term.

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3 Create and follow a realistic budget

A budget is a tool that helps you plan and control your income and expenses. It shows how much money you expect to receive and spend over a certain period of time, usually a year. A realistic budget should be based on accurate and reliable data, such as past performance, current situation, and future projections. It should also reflect your priorities, goals, and strategies. You should follow your budget closely and track your actual income and expenses against your planned ones. You should also review and adjust your budget periodically to account for any changes or challenges.

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Mhd Wassim Al-Majzoub MSc CIB

International Organizations Unit Manager at alBaraka Bank Syria s.a. I Banking Expert I Islamic Banker I Marketing I Business Relations I Branch Management I Operations Management
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Determine how much you need to raise and how much you can spend. Allocate a portion of funds for effective fundraising strategies (e.g., advertising) to maximize impact.

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4 Use accounting software and tools

Managing your finances can be complex and time-consuming, especially if you have multiple projects, currencies, and stakeholders. To make your life easier, you should use accounting software and tools that can help you record, organize, and analyze your financial data. Accounting software can help you automate tasks such as invoicing, bookkeeping, reporting, and auditing. It can also help you comply with legal and ethical standards, such as transparency, accountability, and anti-corruption. You should choose a software that suits your needs, budget, and capacity, and train your staff on how to use it effectively.

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Jaideep Parashar

Founder & CEO ReThynk AI Company & ReThynk AI Magazine I Researcher I Author I Keynote Speaker I
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Best Practices for NGO Budgeting: Use Accounting Software and Tools Managing NGO finances can be challenging, especially with multiple projects and currencies. Accounting software simplifies tasks like invoicing, bookkeeping, and reporting while ensuring compliance with transparency and accountability standards. It also helps mitigate risks like corruption. Choose software that fits your needs and budget, and invest in training staff to use it effectively. By leveraging the right tools, you can streamline financial management and focus more on advancing your mission.

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5 Hire or consult a financial expert

Even if you have accounting software and tools, you may still need some professional guidance and advice on how to manage your finances. A financial expert can help you with tasks such as planning, forecasting, budgeting, auditing, and tax filing. They can also help you identify and mitigate risks, such as fraud, theft, or mismanagement. You should hire or consult a financial expert who has experience and knowledge of the NGO sector and the specific context and regulations of your country or region.

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6 Learn from other NGOs and networks

One of the best ways to improve your fundraising and budgeting skills is to learn from other NGOs and networks that have similar or complementary missions and goals. You can join or create platforms, forums, or communities where you can exchange information, ideas, best practices, and challenges. You can also collaborate or partner with other NGOs and networks to leverage your resources, skills, and networks. Learning from other NGOs and networks can help you expand your horizons, increase your credibility, and enhance your impact.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best practices for fundraising and budgeting for your NGO?

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1 Define your mission and goals

2 Research and diversify your funding sources

3 Create and follow a realistic budget

4 Use accounting software and tools

5 Hire or consult a financial expert

6 Learn from other NGOs and networks

7 Here’s what else to consider

International Organizations

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