Zakat Foundation™ is a Saudi Arabian charitable organization that has been providing vital assistance to the less fortunate in society for over 15 years. The foundation's mission is to relieve poverty, suffering, and distress, while promoting sustainable social and economic development in Saudi Arabia and beyond.
In 2006, Zakat Foundation™ released its annual report, which highlighted the organization's activities, achievements, and financial performance during the year. The report revealed that the foundation had continued to grow and expand its operations, reaching out to more people in need and providing them with essential services and support.
The report started by providing an overview of the organization's structure and governance, highlighting the board of directors' roles and responsibilities, as well as the executive management team's functions. It also described the foundation's core values, which include integrity, transparency, accountability, and professionalism.
The report then went on to detail the foundation's programs and projects, which included:
Zakat Distribution: This program aimed to provide financial assistance to eligible individuals and families who were struggling to meet their basic needs, such as food, shelter, healthcare, and education. In 2006, the foundation distributed over 10 million Saudi riyals to more than 12,000 beneficiaries.
Ramadan Campaign: This project focused on providing food and other essentials to needy families during the holy month of Ramadan. The campaign reached out to over 50,000 people in various parts of Saudi Arabia.
Medical Assistance: This program provided medical care and treatment to individuals who could not afford it. In 2006, the foundation spent over 2 million Saudi riyals on medical assistance, benefiting more than 3,000 patients.
Education Support: This initiative aimed to provide education opportunities to disadvantaged children, including orphans and refugees. The foundation offered scholarships, school supplies, and other educational resources to over 1,500 students in 2006.
Social Welfare: This program focused on providing social services to vulnerable groups, such as the elderly, disabled, and widows. The foundation organized various activities and events to improve their quality of life, such as health screenings, recreational outings, and financial assistance.
The report also highlighted the foundation's partnerships and collaborations with other organizations, such as government agencies, NGOs, and corporate entities. These partnerships enabled the foundation to leverage resources, expertise, and networks to maximize its impact and reach.
In terms of financial performance, the report showed that the foundation had a strong financial position, with total revenues of over 17 million Saudi riyals and total expenses of over 14 million Saudi riyals. The foundation's sources of revenue included donations from individuals, corporations, and government entities, as well as investment income and Zakat collections.
The report also provided a breakdown of the foundation's expenses, showing that the majority of its expenditures went towards program services (80%) rather than administrative or fundraising costs. This demonstrated the foundation's commitment to maximizing its resources for the benefit of its beneficiaries.
Overall, Zakat Foundation™'s annual report for 2006 demonstrated the organization's dedication to its mission and the impact it had on the lives of thousands of individuals and families in Saudi Arabia. The report also showed the foundation's strong financial management and transparency, providing donors and stakeholders with the confidence that their contributions were being used effectively and efficiently.
