The National Development Foundation of Dominica (NDFD) is reporting an increase in assets of more than $1 million for December 31st 2015.
Chairman of the Board of NDFD, Oliver Henderson made the announcement at the 34th Annual General Meeting (AGM) on Thursday night.
“Our overall performance for December 31st 2015 our balance sheet showed an increase in assets of more than $1 million,” he revealed. “This was mainly due to growth in the loan portfolio.”
According to him, liabilities show an increase of $690,000 and revenue for the period also showed a slight increase over the previous year.
“This resulted in an operating surplus of $765,000,” Henderson stated. “From this performance, we made provision for loan loss of $371,000 and we also wrote off some bad debts of $10,835.”
He went on to say that the financial performance and position is important to note and has put the company in a position to continue delivering services to the sector.
“These figures are signs that all the financial indicators point to the desired directions,” he noted. “This movement in assets, as well as the cash position, is encouraging and despite these positive impacts on its performance and position we are able to finance our services…”
Is there an asset register available online so the public can see what exactly these assets are?
Kudos to the founders for their vision in starting this organization and for the hard work and contributions of board members, executive directors and staff over the years. Best wishes for continued success.
What an NGO! Still going from strength to strength more than 34 years after commencement.