January 29, 2020
Akademos Society is a not-for-profit incorporated association providing financial assistance to students facing economic and social disadvantage. To this end, Akademos runs three programs: Akademos Scholarship; Kids Off The Streets; and Akademos Supplementary Learning Classes. At Akademos, we are committed to our core principles of transparency and accountability. In practice this means that we keep our donors, supporters and members of the wider community informed about our operations and significant financial matters on a regular basis; that we are open to audit requests from our supporters and relevant community organisations; and that we are fully accountable for our decisions.
The generosity of Akademos supporters coupled with our effective fundraising campaign and particular attention to financial sustainability of the organisation have resulted in Akademos Society achieving a surplus of $12,631 in the financial year (FY) 2018–19 (2017–18: $1,662).
In FY 2018–19, our total revenue more than doubled from the last year — this was possible due to our successful annual donation campaign which included appeals on our social media pages and website, business door–knocking, approaching community organisations and attending community held events. The increase in revenue is largely driven by a substantial increase in contributions received from community organisations and community businesses, which has been been possible due to the recognition of Akademos’ work by members of the community. Akademos board has already identified priority areas where this surplus will be allocated to in FY 2019–20, including adding a new supplementary learning class in Dashti Barchi, Kabul which commenced in January 2020 and has already enrolled more than 20 students. In addition to this, contributions from the board members also increased by 58%, and the number of regular and one-off donors increased by four and 20 contributors respectively. In line with our budgeted revenues, our operating expenses also increased by 51% for the year. 97% of the expenses were direct financial assistance provided to 30 students and four teachers in our different programs, and financial support provided through our grants program. A detailed breakdown of all revenues and expenses are provided in the Notes to the Financial Report section of this report.
Akademos board unanimously approved the 2018-19 financial report on 18/12/2019.
Please download the full report here.