1997 News Story

General Assembly of King Faisal Charitable Foundation

On behalf of Chairman of the Board of Trustees of the King Faisal Charitable Foundation Prince Abdullah Al-Faisal, Governor of Asir Province Prince Khalid Al-Faisal who is its Director-General, yesterday chaired the Foundation's 20th General Assembly, which approved, among other items on its agenda, the proposed budget for 1998.  The auditor's report shows that the Foundation's revenues for 1996 amounted to SR 84.09 million (U.S. $ 22.4 million) which includes SR 57.49 million (U.S. $ 15.3 million) from investment in addition to SR 3.1 million (U.S. $ 0.83 million) in cash donations from citizens and SR 23.5 million (U.S. $ 6.27 million) from capital revenues.  During 1996 a total of SR 42.19 million (U.S. $ 11.25 million) was spent on charitable programs including the King Faisal International Prize and the expenses of the King Faisal Center for Research and Islamic Studies, as well as grants, contributions, scholarships and funding for the King Faisal schools.  For the first nine months of 1997, revenues amounted to SR 38.24 million (U.S. $ 10.2 million), with cash donations from citizens accounting for SR 1.44 million (U.S. $ 0.38 million) of this.  To date, SR 28.87 million (U.S. $ 7.62 million) have been spent this year.  For 1998, the projected figure for revenues is estimated at SR 50.48 million (U.S. $ 13.46).