November 27, 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 four programs: Akademos Scholarship; Kids Off The Streets; Akademos Study Grants 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.
In FY 2019–20, our total revenue increased by 19% from last year — this was driven by a substantial increase in the number of people giving one-off donations through the annual donation campaign, partially offset by slight decrease in donations received from regular donors and contribitions from community organisations and businesses. The increase also demonstrates recognition of Akademos’ work by members of the community. The Akademos board has already identified priority areas where this surplus will be allocated to in FY 2020–21. This includes awarding of Akademos Study Grant to Masooma Moravej to complete her tertiary education at Alberoni University in Kabul.
Furthermore, the board is consulting with Rahila Foundation and Afghanistan Human Rights and Democracy Organization (AHRDO) to better resource our existing supplementary learning classes and provide support to students in other areas of need. In line with revenues, our operating expenses also increased by 13% for the year. 95% of the expenses were direct financial assistance provided to 33 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.
The 2019-20 financial report was unanimously approved by Akademos board and executive members.