FINANCIAL RISKS OF FUNDRAISING ACTIVITIES IN THE FINANCIAL MANAGEMENT SYSTEM OF TERRITORIAL COMMUNITIES

Анотація

Abstract. The article examines the theoretical and applied aspects of financial risks associated with fundraising activities within the financial management system of territorial communities. The purpose of the study is to substantiate the use of fundraising as a tool for attracting grant, donor, charitable, and investment resources under the conditions of decentralization, martial law, and the post-war recovery of Ukraine. Contemporary scientific approaches to defining the role of fundraising in ensuring the financial capacity of territorial communities are analyzed, and the insufficient development of the risk-oriented dimension of managing attracted resources is identified. The essence of financial risks in fundraising activities of territorial communities is clarified as the probability of adverse events that may lead to financial losses, reduced budget security, and deterioration of the financial sustainability of a community. A model of a territorial community fundraising strategy is proposed, integrating strategic planning, a communication system, resource mobilization instruments, monitoring, reporting, and a risk management system. A classification of financial risks associated with fundraising activities according to project implementation phases is developed, including the fundraising phase, project implementation phase, and post-project phase. The main types of risks are identified, including underfunding risk, currency risk, risk of misuse of funds, budget overrun risk, reputational risk, and the risk of failure to meet co-financing requirements. The impact of financial risks on budget security, investment attractiveness, and the socio-economic development of territorial communities is investigated. As a result, a scientific and methodological approach to managing financial risks in fundraising activities is proposed, which includes the formation of a risk register, the application of a risk assessment matrix, the creation of financial reserves, the strengthening of internal control mechanisms, and the integration of risk management into the community's financial management system. It is proved that effective financial risk management is a necessary condition for ensuring the financial sustainability of territorial communities and improving the efficiency of the use of attracted extra-budgetary resources. Keywords: fundraising, territorial communities, financial risks, risk management, financial sustainability, financial security, local self-government, grant funding, donor resources, financial management.

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