Discussion 12: Finances
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Part 1: Discussion - Homework Task 1
So, in the previous reading, you have learned about budgeting and about different ways of finding money for your projects.
And for the first exercise, we asked you to write down all the expenses you'll make.
Let's go through your tasks completed at home. Please make notes so that after this discussion you go through them and update your budget list.
And for the first exercise, we asked you to write down all the expenses you'll make.
Let's go through your tasks completed at home. Please make notes so that after this discussion you go through them and update your budget list.
Trainer —
The trainer asks each kid to read his list and gives feedback. It is important to emphasize that kids should pay attention to ALL the expenses, even the ones that seem minor and unimportant. Usually kids forget about transportation costs, expert salaries etc.
Homework Task 2
Great. Now when we more or less understand how much money we need for the project, it is time to find that money.
At home you have done research (I hope :))) and have written 10 funding options for your project. Let's see who has what.
At home you have done research (I hope :))) and have written 10 funding options for your project. Let's see who has what.
- tell me what funding options do you have
- why have you chosen those options?
Trainer —
The trainer asks each kid to read his list and gives feedback. It is important to see if the list is created based on a research or the kid just googled some fund names and wrote them down.
If kids did not do a proper research, we do the next exercise.
If kids did not do a proper research, we do the next exercise.
Discussion- Exercise
Targeted skills
Practice funding option research skills
Practice funding option research skills
- ExerciseLet's now open google and research for a funding option that fits your project. You have 15 minutes for that and you need to find at least 1 option and tell me why did you choose it.
- GuidanceIt is recommended to look for not only big foundations but also private donors (who are probably interested in the topic or support a certain region), small grants, NGOs that support a specific type of applicants etc.
- ExamplesFor example, if they are planning to write to a private donor, they better firstly research is interests. Maybe that person is from Tavush and he supports only his region. And their project is in Vayots Dzor.
Or they can look for NGOs that support women, people from Artsakh, Syunik youth, IT projects etc. (depending on their project sphere).
- Always be careful with payments and keep receipts, as you must report how you spend the money. Don't try to be sneaky when working with foundations because it's your first project; you build your reputation. If they trust you, they will support you more. If they don't trust you, they may spread negative information about you to other funds, so be very responsible when spending money.
- Some foundations support individuals, but you must understand that if you want to scale up your project, you will need a legal entity, and you will have to pay taxes. The easiest way is to open a private company, but please find a good accountant for you.
Trainer—
Part 2 - Future planning
Now let's think about what you'll do next.
You know how in fairy tales, everyone waits for marriage, and the story ends there?
In fact, marriage is a beginning. Like here :)
Let's imagine that you have achieved your result. What to do next?
Basically, you need to analyze and decide on 4 things.
You know how in fairy tales, everyone waits for marriage, and the story ends there?
In fact, marriage is a beginning. Like here :)
Let's imagine that you have achieved your result. What to do next?
Basically, you need to analyze and decide on 4 things.
- lessons learned for next time
- impact measurement
- dissemination of results to increase your reputation and share knowledge
- the decision to continue or stop
Trainer -
Discussion (brief)
How will you collect lessons learned?
Students should learn to take step-by-step notes on what went wrong and write down what they will do next time.
How will you measure your impact (on someone or something)?
Students should calculate the beneficiaries of the project: direct, indirect, current, long-term.
Do you plan to share your results and knowledge? How?
They will open an Instagram page, collect points and share with institutions that may be interested in sharing (eg, Climate Uturn, their school page, another institution they attend).
How will you decide if you want to continue this project?
How many resources do you need (your time, people, money) and do you have them? Are you inspired by the impact and can you take other things out of your schedule to do this project? Describe how you would make this decision.
Trainer—
About the last Reading material
As you read the next reading, you will fill in the description of your project, a survey consisting of about 10 questions.
This is your chance to ask us all your questions as this is the last week.
This is your chance to ask us all your questions as this is the last week.
The trainer opens the last reading material and shows everything to the students (the survey at the end of the reading material and explains its importance).
Trainer—
You must complete the survey at the end of the reading material no later than 24 hours before our next meeting. Because then we as a team have to read the descriptions of your projects and prepare recommendations for you.
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