This study focused on governance and financial sustainability of NGOs in South Africa. The primary objective of the study was to evaluate existing governance and financial arrangements of NGOs with the view to developing alternative approaches to governance and financial arrangements with specific reference to lessons of experiences for South African NGOs. The secondary objectives of the study were to firstly develop a historical perspective on trends and tendencies of NGO funding in South Africa. A second objective was to provide a theoretical overview of the financial management and governance arrangements of NGOs. The study thirdly examined options for funding arrangements for NGOs in South Africa. A comparative case assessment of selected NGOs was provided. Research findings forwarded was used to develop a set of conclusions and recommendations for the improved funding and governance of NGOs in South Africa in general.