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Financials

New Incentives believes in honest and efficient 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 highly values the opportunities for continuous improvement that follow from frequent performance measurement.  

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 administrative, 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 expenditure, 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 and funding the All Babies program.

The following chart presents our 2021 year-to-date performance in Cost Per Infant. The chart demonstrates that the benchmark (shown in red) is not a single number but rather a target that adjusts based on the number of infants we serve as well as other cost drivers.  To date, New Incentives has consistently outperformed this benchmark, mainly due to:
(i) scaling of systems and application of technology, and 
(ii) favorable foreign exchange rates.

Figure 1: Cost per Infant in 2021 benchmark (red) adjusts based on the number of infants served and other cost drivers. New Incentives’ actual cost per infant (blue) has consistently outperformed the cost per infant benchmark (red).

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.

Statement of Activities for New Incentives

Year Ended December 31, 2020

2020

Operating Revenues

Foundation and Private Grants

18,873,472

Individual Contributions

63,482

Interest and Other Income

6,096

Total Operating Revenues

18,943,050
Operating Expenses

Conditional Cash Transfers

636,955

Staffing, Mandatory Contributions, Taxes

1,043,281

Field Activities and Transportation

240,441

Field Supplies

55,265

Stakeholder Relations

22,595

Communications and Technology

75,296

Office Expenses and Accessories

10,476

Accounting, Legal, Insurance and other expenses

123,232

Total Operating Expenses

2,207,511
Net Assets, End of Year
$ 18,309,760

Operational Performance Data

Since the inception of the New Incentives - All Babies Are Equal (NI-ABAE) initiative in 2017 until 2020, New Incentives has enrolled 264,556 infants and has issued 1,030,840 cash transfers after verifying vaccinations. In 2020 alone, New Incentives enrolled 70,709 infants and issued 323,836 cash transfers after verifying vaccinations.

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