“The ‘financial framework’ is the term for the policies, procedures, regulations and standing orders we use to make sure we’re taking proper care of public money.” – Powys County Council
Similar to a business, it is imperative to establish a robust financial framework for an NGO. A financial framework provides an organised system that guides and supports the financial operations and structure of the organisation. It includes internal financial control mechanisms to prevent financial mismanagement such as misuse or theft of funds and assets, non-compliance of an organisation or government policies and regulations, and inaccurate financial reporting. NGOs also face several problems, including inadequate resources, lack of capacity building, lack of performance measurement instruments, and inefficient management. Setting up a proper financial framework will help resolve some, if not all, of them.
Continue reading “The One Thing All Successful NGOs Have in Common: A Robust Financial Framework”
Anne Frank once wrote, “No one has ever become poor by giving”. But to give, you need to have. Every organisation needs funding to operate. Like any organisation, NGOs need money to cover their costs- capital costs, operation costs, overhead costs, staff costs, etc. NGOs, in particular, depend primarily on grants and donations for survival.
What happens when the organisation runs out of money? Donations are made at random, and grants are often subjected to conditions. With a limited budget and uncertain cash inflow, NGOs often have to curtail their spending at the cost of quantity and quality of their work. Under these circumstances, NGOs find it difficult to plan for the long term and ensure the longevity of their humanitarian programmes. Preemptively, NGOs should develop a stable funding source and steadily achieve autonomy from donor funds and grants.
Continue reading “Tricks on How NGOs Can Survive Without Funding”
Small and medium enterprises play a massive role in our economy, whether through employment creation or social contributions or a source of tax revenue for the government.
Acknowledging their importance, the Minister made several provisions for SMEs in this year’s budget, in various sectors and different financial and non-financial ways.
Continue reading “The 5 Best Reviews of Mauritius Budget 2021/22 for SMEs”
On 11 June 2021, the highly awaited Budget was presented to the parliament and the public, detailing several economic, regulatory, and social measures to improve the standard of living of the Mauritian population.
NGOs, which have been severely constrained in their operations due to lockdowns while social issues have been skyrocketing with the pandemic, could benefit greatly from the schemes, grants and facilities the government will make available to them in the coming financial year.
Continue reading “The Most Beloved Mauritius Budget 2021/22, According to NGOs”