The third sector has been much discussed lately. As a form of enriching or even collaborating with the development of this theme, this work proposes alternatives to the difficulties found when evaluating and capitalizing propositions on social actions. Research on the subject is increasingly gaining more importance, given the recent focus and interest on sustainability; The present study proposes a model for the evaluation of Non-Profit Organizations through the investor’s point of view. Therefore, it aims to provide a clearer vision of the relevant criteria used by investors when deciding to invest on this kind of organization. The results show a similar scenario to previous related researches, as the ones published by IPEA (2006) and IBGE (2008), discussing the tendency towards structuring in the third sector and verifying the negligence of the government in regard to this sector. The criteria found during the research show that the investor, even without well-structured methods or tools, analyzes possible investments through various points of view, overcoming the lack of a standardized methodology for the evaluation of the Non-Profit Organizations and social projects.