The following research report by students of the Erasmus University is a result of the “Theory of Change” project, essentially validating the theoretical framework of Free Press Unlimited to determine whether or not it carries over into empirical studies. The majority of pathways seems to reflect quite positively in reality with the exception of a few. Moreover, the students take a closer look into the sustainability, particularly financially, of community radio stations (CRS) throughout Nepal and Indonesia. Ultimately, both CRS’s in Nepal and Indonesia face similar challenges regarding financial stability mainly due to a lack on insight into their financial status. In effect, the key lies in understanding how to effectively keep accounting records in order to not only have a clearer oversight of their financial patterns, but also efficiently carry out transactions.