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Financials & Policies

New Incentives believes in transparent communication with all stakeholders, and we ensure the availability of relevant and reliable information about our work. Timely and open disclosure of our financial performance to donors is essential to achieving New Incentives’ mission.

Financial Performance Against Benchmarks

New Incentives values opportunities for continuous improvement and carries out frequent performance measurements.

To this end, we attempt to maximize a variety of key performance indicators, such as the number of conditional cash transfers for immunizations made in a given period, the number of new infants enrolled in the cash incentives program, and the total cost to serve these infants.

New Incentives frequently measures its performance against financial benchmarks.  Among them, we carefully monitor the Cost Per Infant metric, calculated as:
[Total Expenditure Including Cash Transfers] / [Total Number of Infants Served] for the given period.  

Simply put, Cost Per Infant measures the efficiency of our spending on delivering cash incentives for childhood vaccinations. The less New Incentives spends on administration, transportation, staffing, and fundraising, etc. relative to the number of infants served, the lower this ratio will be.

It is important to note that New Incentives includes all expenditures, not simply overhead, to calculate efficiency, as we target cost efficiency in all areas. As such, cost efficiency not only includes field operations but also administration of the All Babies program.

The following chart presents our 2022 year-to-date performance in Cost Per Infant.  To date, New Incentives has reduced its Cost Per Infant, mainly due to:
(i) realizing economies of scale as the program expands,
(ii) favorable foreign exchange rates, and
(iii) scaling of systems and application of technology.

The composition of New Incentives’ expenditure is varied, but a large portion of spending is targeted towards the actual delivery of cash to infants’ caregivers:
   • Salaries to hire field staff, 
   • Transportation, 
   • Staff communications equipment, and
   • Stakeholder engagement, among others.

2021 Financials

Total Revenue


Total Expenses


Financial Statements and 990s