His Excellency, Engineer Ahmed bin Suleiman Al-Rajhi, the Minister of Human Resources and Social Development, participated today in the "Volunteer with Your Expertise" initiative as part of the activities celebrating Saudi and Global Volunteer Day. During the discussion, the topic of financial sustainability in associations and non-profit institutions was explored with specialists in the non-profit sector.
Minister Al-Rajhi addressed components of financial sustainability, including providing financial and human capacities for the organization, resource management, cost management, and planning for the sustainability of services. He pointed out that the National Center for Non-Profit Development offers five programs to enhance the financial sustainability of organizations. These programs include supporting government services, governance, capacity building, establishing the Social Investment Unit, and electronic services.
His Excellency emphasized that financial sustainability in associations and non-profit institutions requires adherence to governance standards, proper financial statement submission, accurate accounting entry registration, revenue classification, raising awareness of regulations, enhancing expenditure efficiency, sharing experiences, and promoting diversified investments. He also stressed the importance of designing high-quality products, initiatives, and services, marketing them, supporting training programs, and financial planning for the future.
