Financial Strategy

Scope

The Financial Strategy of ELSA is a financial management tool in ELSA, complementary to the Strategic Plan in ELSA, that serves the purpose of guiding and establishing the limits of Budgets and all the instruments of short-term financial planning.

The main goal of a Financial Strategy is to establish a long-term plan that will support boards in defining the use of resources and how to make them grow in the interest of the association. Also, the Financial Strategy of an ELSA Group represents a collection of ideas and actions that determines the long-term outcome of each group.

The Financial Strategy of ELSA International is composed of 3 stages: 

Implementation Procedure

Describing the way that the Financial Strategy must be adapted and maintained 

Focus

The fundraising and expenditure focus of the respective Financial Strategy 

Execution

Specifying the focus part on a technical level by determining the ratios, or individual amounts of the income or expenses stated, exposing which measures should be taken.

Financial Strategy of ELSA 2019-2022

Important Targets:

Partnerships: a prominent source of income for ELSA. 

Membership Fee: not be considered as a common source of income. 

Advertising shall become a reliable source of income of ELSA. 

Grants shall represent at least 50% of its income, be eligible to the One-off structural grant of the European Youth Foundation and aim to have staff funded by grants. 

Professionalisation: the sustainability of the association shall be ensured through consulting professionals.

Marketing: investments shall be made to make the marketing tools and production of the association more professional. 

A reserve shall be reconstituted equal to 50% of the annual income to solve liquidity issues.

Allowances: shall be provided with a legal and decent income to the members of the International Board of ELSA. 

Auditing: A consistent auditing system shall be set up, with the chance of having transition and external auditing.


Projects