NDFD reports $765, 000 surplus for 2015
The National Development Foundation of Dominica (NDFD) has reported surplus of seven hundred and sixty-five thousand dollars ($765, 000) for 2015.
Its Chairman, Oliver Henderson reported on the organization’s overall performance for the last year during its thirty-fourth annual general meeting on Thursday 23 September 2016.
The NDFD, a non-profit development institution established in 1981, has poverty reduction and human resource development at the national level by mobilizing funds for the provision of credit, training and technical support primarily to the micro, small and medium size enterprises as its mission statement.
The organization’s balance sheet, at 31 December 2015, showed an increase in assets of more than one million dollars which was many due to growth in loan portfolio.
“The liabilities show an increase of six hundred and ninety thousand dollars. Revenue for the period also show a slight increase over the previous year while expenses decreased, as we said we keep our expenses as low as possible,” Henderson reported.
“This resulted in an operating surplus of seven hundred and sixty five thousand dollars. From this performance we made provision for loan losses of $371, 680 and we also wrote off some bad debts of $10, 835,” he added.
Henderson told the AGM, this financial performance is important to note as it has contributed towards the stability of the Foundation, and has put the organization in a position to continue delivering on our services to the micro, small and medium size enterprise sector.
“It must be underscored that having a strong and financially stable MSME sector is an important aspect of economy development, not only in Dominica but in the region in general, in the whole OECS, which lends itself towards profitably take a business owners while creating sustainable jobs,” Henderson noted.
In addition to recording a surplus of seven hundred and sixty-five thousand dollars for the 2015 reporting year, Henderson said the organization contributed to creating and sustaining over six hundred and ninety jobs.
“The data for the year 2015 suggest that a total of three hundred and forty three business received funding…This is the milestone resulting in the total of six hundred and ninety seven jobs create and or sustained…So the evidence is there that we are and have been contributing to the economy of this country,” Henderson said.
The NDFD is governed by a voluntary board of directors of at least seven members with knowledge and experience in various disciplines drawn from established private and public institutions.