The College, represented by the Community Responsibility Unit, organized a training program titled “Foundations of the Accounting System for Charitable Associations”, as part of its efforts to enhance professional knowledge and support financial governance within the nonprofit sector.
The program addressed the importance of charitable associations as nonprofit institutions and their role in serving the community. It also reviewed the differences between government, private, and nonprofit organizations, in addition to discussing the project for developing accounting standards for nonprofit institutions in the Kingdom of Saudi Arabia. The program further clarified the concepts of restricted and unrestricted funds and the accounting methods for handling them, and explored the principles of revenue and expense accounting in accordance with recognized professional practices. It concluded with an explanation of the steps involved in preparing financial statements for charitable associations in a way that promotes transparency and compliance with standards.
This program is part of a series of initiatives through which the College aims to develop the capabilities of workers in the nonprofit sector and enhance the quality of financial practices, contributing to the sustainability of these institutions and supporting their developmental role in society.
