Arab Gulf Programme for Development

“Powers of the board the members of the board hold certain powers of election and approval in connection with the governance and decision making of the organization.”

“Board review of form 990 a complete copy of this form 990 was not provided to all members of the organization's governing body before filing the form. Representatives of the organization coordinated the preparation of this form 990 with the assistance of the organization's u.s. Legal counsel and accounting firm.”

“Public inspection the organization does not make its governing documents, conflict of interest policy, or financial statements available to the public.”

“Organization's mission the arab gulf programme for development's (agfund) mission establishes that, through the implementation of its programs, it will provide support to needy groups to help facilitate their full access to basic and fundamental social requirements, such as education and health care, under the umbrella of fair national and international laws that establish and preserve security and peace.”

“Microfinance banks - a vision of combating poverty. Provide support for microfinance banks assisting the poor in developing countries. By providing banking services to marginalized segments of arab countries, specifically women, youth, rural communities, and small to medium sized enterprises, agfund has become the first organization in the arab world to establish microfinance institutions for those without such financial resources. Agfund's microfinance service offerings include loans, savings, deposits, current accounts, health and cooperative insurance, remittances, and currency exchange. Over time, agfund's microfinance operations have expanded to include a technical support unit, which provides a means for sharing experiences between microfinancing institutions to improve, make known, and improve upon best practices.”

“Arab open university. In strategic partnership with the british open university, creation and support for the arab open university, a non-profit institution of higher education, to provide sophisticated higher education to the largest possible number of arab students while contributing to the development of practical solutions to issues of concern to the arab communities. Such issues involve unemployment, increasing demand for higher education, helping the poor to get their rights, and increasing the role of arab women in development mobility.”

“Other initiatives: lead initiatives focused on early childhood development, women's empowerment, youth empowerment, and the promotion of a civil society.”

“Write off of amount due from related party ($1,000,000)”

“These special purpose financial statements (the "financial statements") have been prepared according to the international financial reporting standards ("ifrs") as issued by the international accounting standards board ("iasb"), except for the treatment of employees' terminal benefits which has been accounted in accordance with the programme's by-laws, investment in arab open university and foundational contribution in some development projects which have been accounted for using the cost method not adopting the requirements of ifrs 9 - financial instruments as the programme's management believes that this treatment would be the most suitable accounting treatment considering the nature of the programme's activities. The financial statements have been prepared on historical cost basis, except for the investments which are stated at fair values though the statement of comprehensive revenue and expenses. The financial statements have been presented in us dollars (usd), which is the presentation and functional currency of the programme. The financial statements provide comparative information in respect of the previous period.”