
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)