"Financial Sustainability" emphasizes investing in "community initiatives" and diversifying sources of income
The Financial Sustainability Forum, organized by the Qassim Chamber of Commerce, in partnership with the Board of Directors of the region's civil society organizations, concluded yesterday afternoon, Monday, at the King Khalid Cultural Center in Buraidah, with the signing of a memorandum of understanding between the two parties; with the aim of enhancing fruitful cooperation, to achieve common goals in serving the non-profit sector.
The Secretary-General of the Qassim Chamber, Mr. Muhammad Al-Hanaya, indicated that one of the most important objectives of the agreement is to work on empowering associations, and enhancing the strategic partnership between the private sector and community initiatives, which enhances comprehensive development, enabling associations to achieve their mission efficiently and effectively.
Al-Hanaya confirmed, during his inauguration of the forum sessions; that the Chamber is moving forward with its partners towards enhancing the requirements of financial sustainability, adding that this forum addresses what His Royal Highness Prince Dr. Faisal bin Mishaal bin Saud bin Abdulaziz, Governor of Qassim Region, is keen on in terms of controlling work and improving its components, which ensures the achievement of goals and targets.
While the Vice President of the Council of Civil Associations in Qassim, Eng. Abdul Aziz Al-Mahous, indicated during his intervention in the forum, that the Council of Associations seeks to achieve common goals with counterparts and relevant parties; to build financial sustainability that ensures the continuity of institutional work, which benefits the beneficiary.
The first session of the forum was entitled "Financial Sustainability and its Impact on Supporting Associations" and addressed the concepts and foundations of financial sustainability for charitable associations, the factors that help establish and sustain sustainability, and talk about the experience of financial sustainability for some entities, and how to benefit from local and available capabilities and data; in order to achieve the highest levels of sufficiency and financial independence, and the importance of "planning" and the necessity of diversifying sources of income, to contribute to building an organized institutional work.
While the second session of the forum addressed "Social Investment as a Tool for Achieving Financial Sustainability", it discussed the importance of investing in social opportunities in achieving success for financial sustainability, and explaining the aspects that enhance the success of social investment in building a sustainable financial system, with the necessity of diversifying sources of income for civil society organizations. It also discussed facts and figures at the level of global experiences in social investment, and their reflection in the success of financial sustainability. The meeting concluded with an open discussion, through which participants discussed the concerns and aspirations that tell the reality of civil society organizations, their sustainable financial goals, and the professional and developmental impact of such meetings that tell stories and experiences that have come a long way in organization, structure, and mission.
