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We introduce the Social Stock Exchange (SSE), by presenting its work, structure and brief history. The main goal of the SSE is to promote accountability and transparency in the relationship between the donors (Social Investors) and NGOs, which allows for a privileged access to data and information about the projects listed. Hence, this study exploits all the information made available by the SSE and constructs two original models in order to measure the effectiveness of the projects listed in the SSE in a transparent, verified and mensurable manner. Furthermore, these two measures are a first attempt to overcome two main challenges concerning the study and the practice of NGO/NPO effectiveness: the ambiguity of the term “effectiveness” and the lack of empirical evidence.