The legal entity setup of the corporation is a crucial step in the transformation journey of KFSF&RC to be prepared for the future state as a Not for Profit Independent Foundation. The objective of this initiative is to put in place the key requirements that are necessary for KFSH&RC to commence its journey towards Not for Profit Independent Foundation.
Corporatization initiatives that are enablers to the transformation to be not-for-profit- independent foundation as follow:
Legal due diligence will ensure all legal activities are undertaken such as addressing all legal implication and considerations related to the transfer of assets, employees, and contracts. In addition, the assets of the General Organization need to be assessed and valued in order to be registered as Not for profit foundation.
Financial due diligence is a major element for any transformation program in which the assets should be reviewed and evaluated. The due diligence doesn’t only consist of assets valuation, it concerns more areas related to finance such as establishing an accounting system and monitoring revenue records in which sustainability is maintained. Establishing the accounting standards is a key requirement for the new foundation will be in place as we undergo this major transformation.
Learn about our other initiatives: