Financial sustainability for nonprofit organizations has always been in the interest of their owners and stakeholders and the impact it has on its beneficiaries. However, in the face of global economic crisis, lack of government funding and decreased donations the foundation face a numerous amount of challenges in creating and maintaining sustainability in the long term. In any case financial support is key to establishing financial sustainability for nonprofits. Establishing financial sustainability should be viewed by the foundation as a dynamic and continual process. To ensure the successfulness of the foundation they are required to adapt sound financial practices, active fund development, strategic planning and thinking and the capacity …show more content…
Although these challenges may become extreme/overwhelming than other factors they are also important as any other need they may have. Understanding their interaction between the economic and cultural environment of their community and the financial sustainability challenges that they face is necessary to maximize strategies to address these challenges and ultimately improve their services for the greater needs for their beneficiaries. Their primary challenge is the struggle to obtain funds for operations, as few community members have the means to contribute financial to support the foundation. Our hope is that this assessment will enhance the financial sustainability of the foundation and will contribute to an evidence base for promising practices, providing the founders and investors with knowledge to support and promote growth of the foundation while continuing to strive to meet the needs of those they wish to …show more content…
As a non-profit organisation they must undertake the task of striking a balance between meeting the expectations of mainstream funders and/or governing bodies and staying connected to the local community and being perceived as genuine and beneficial to their social mission. In an environment not flooded with many non-profit organisations seeking to serve the same community or similar to that of theirs, they can address their financial constraints to their operations and limit competition by establishing high-impact partnerships with other organizations that may have similar strategic goals. The collaborations can be of benefit to them by building capacity to perform formal evaluations and demonstrate the actual value of their operations. Finally, strategically engaging volunteers through community outreach can help promote the sustainability of the foundation and foster further support from the