Financial Report

Introduction

  • This report provides a comprehensive financial overview of the Afghan Academy Mustafa Center Funeral Services Project, detailing sources of funds, loans, total expenses, and net project costs.
  • Purpose of the Financial Report
  • Ensures transparency and clarity regarding the project’s financial standing.
    Highlights the obligations and financial requirements for project completion.
  • Sources of Funding
  • The project funding is derived from owner contributions and community donations over several years.
  • Contributions and Donations
  • contributions (2012-2017): $1,129,136.00
    Donations and fundraising (2018-2024): $1,255,895.95
  • Total funding from donations and owner contributions: $2,385,031.95

Call for Support
Supporting the Funeral Project

  • The Afghan Academy Mustafa Center Funeral Services Project is a vital initiative for the community.
    Brick by Brick Initiative: Your support can help complete this much-needed facility. Each brick costs $48, and every donation contributes to achieving our goal.
  • Donors who contribute $2,500 or more will be recognized with a plaque inside the facility.
  • We encourage all community members to continue supporting this project to ensure its successful completion and long-term sustainability.
  • The objective is to construct a state-of-the-art funeral facility compliant with Sharia-based Islamic traditions.
    The facility will be located across from the Mustafa Center at 6839 Braddock Rd., Annandale, VA.
  • The cost of one brick is $48.
    A total of 54,000 bricks are needed, leading to an approximate construction cost of $2.6 million.
    Donors contributing $2,500 or more will have a plaque placed in their name inside the facility.

Expense of the Project
Total Project Expenses

The financial resources were allocated to various necessary expenditures for the project.


Breakdown of Expenses

  • Total operational and project-related costs paid by Mustafa Center: $5,270,758.70
    • Refundable Bond to the County: $404,600.00
  • Net Expense of the Project Calculation of Net Costs
    • The net project cost is determined after accounting for all funds, loans, and expenses.
    • Net Expense of the Project: $4,866, 158.70
    • This figure represents the total financial requirement to complete the project, covering both operational costs and loan obligations.

Loans Acquired

  • To manage additional expenses, the project secured loans under two main categories.
  • Types of Loans
    • Community Loan (Qardhul Hassan – Interest-Free): $1,385,726.75
    • Other Loan: $1,500,000.00
    • Total Loan Obligations: $2,885,726.75 (requires repayment)

Detailed Expense Breakdown (2012-2024)
Project Chronological breakdown of payments illustrates the financial commitments involved in the project

  • Historical Payments Overview
  • 2012-2013: $629,175.20 (Land purchase and initial fees)
  • 2014: $49,076.80 (Various fees and architectural costs)
  • 2015: $16,936.20 (Property taxes and site plan designs)
  • 2016: $105,257.10 (Insurance, architect fees, county fees)
  • 2017: $61,671.60 (Marketing and property taxes)
  • 2018: $25,628.10 (Marketing and insurance costs)
  • 2019: $1,436,796.50 (Contractor payments and fees)
  • 2020: $1,151,628.20 (Ongoing construction and operational costs)
  • 2021: $1,037,965.30 (Contractor payments)
  • 2022: $298,867.10 (Contractor and utility expenses)
  • 2023: $134,778.01 (Contractor fees and utility bills)
  • 2024: $322,978.45 (Ongoing landscaping and banking fees)

We encourage all community members to continue supporting this project to ensure its successful completion and long-term sustainability.

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