In a spirit of transparency, accountability and record-keeping, IFFD has released Financial Statements for the year ending 2017. The statements were released on July 9 2018 and contains record of the transactions for its first year of existence. According to advice received, the statements are not required by law for organisations and companies of the type that IFFD is involved in, however, it was seen as a requirement for the internal functioning and accountability of the organisation.
The statements were not audited independently. IFFD tapped on its internal expertise and organised an internal team, led by Leadership member, Br. Bakali Birnam, an economic by profession. The statements were also seen by other financial experts members in IFFD (including a CA and Internal Auditor) before the Board approved them.
Highlights in the statements is that IFFD had received an amount of R121,950 in its first year of existence. Of this, R87,360 had been spent on its various functions - major expense being 2017 Iftaar which costed R36,000. Madrasah expenses came second at R24,000 and then Zakaat monies for Social Welfare Assistance. There was a surplus of R34,590 realised which, secretariat says, is meant for its monthly payments. IFFD recurring payments of R16,000 are spent on paying Sheikhs and running its Madrasahs. Zakaat monies are utilised for social welfare and bursary payments for the students.
The statement is available for download here