FARO NEWS LETTER – 2013
Let me share with you this progress update of FARO for 2012 and YTD 2013.
We regret that we have been unable to keep you posted of our activities on a regular basis. The good news is that we continue to be active and make progress at all of our BPO centers, including the addition of a fourth BPO in Jaffna this year. We also launched a mentorship program with the assistance of two volunteer civic leaders for providing hands on guidance to the young associates at Mahavilachchiya and Seenigama in developing their entrepreneurial skills in managing their BPO’s.
Our financial picture continues to be strong, as confirmed by the KPMG audited financial statements for FY ending 31.12.2012.The Endowment Fund balance increased by Rs 426,591 to end the year with Rs 2,782,447,reflecting the gross contributions that we have received from you up to now. Your principal donation is invested in this fund without any deduction and we only utilize the interest income arising from this fund to pay for our operating expenses . Being an all volunteer organization our expenses are minimal with very little overhead. A summary of our audited financials for the past six years is available in our site re – designed web site www.farolanka.org .
We will continue to ensure that every dollar you give us is invested effectively in meeting our long term goal of alleviating rural poverty by providing sustainable career opportunities for the rural youth in Sri Lanka. We continue to seek your financial support to replicate our successful BPO model to more rural locations in the country, just as we have done this year by adding a second BPO site in Jaffna for the rehabilitees of the civil war. We need to build up our Endowment Fund to at least Rs 5 million so that we could afford a full time Projects Manager who could fill in the current void and provide stronger support for our projects. Every dollar you send us is fully invested and help create a few more career opportunities for our rural youth. Do continue to send in your donations following the steps explained in our web site.
Projects Update
Mahavilachchiya (Ontime Technologies Pvt Ltd)
This is our first rural Business Process Outsourcing (BPO) entity that celebrated its fifth anniversary last year (2012).Like all of our BPO models, this is an independently owned legal entity of the rural youth in the area, processing out sourced accounting functions to a blue chip company in Colombo (John Keells group).In 2012 the Associates of this entity generic india levitraachieved a record turnover of Rs 3.4 million, and shared the net revenues from this income exclusively amongst its 17 members, in addition to been rewarded with a 40% dividend payout from the years net profit. The picture below shows its Associates taking a break from their hectic work schedule, visiting Kandy on an annual picnic, and displaying the camaraderie that is reminiscent of all our BPO groups.
Seenigama (Seenigama Technologies Pvt Ltd)
This BPO commenced operations in 2010, providing career opportunities to youth that were badly affected by the 2004 Tsunami. Starting with six data processing operators, the company today has fifteen owner associates. This BPO is sponsored by John Keells, The Foundation of Goodness and FARO. Charts below show the significant revenue growth (75% in 2012) and a 99% accuracy rate in the work they do (a critical benchmark in this business) at Seenigma.
Uduvil (EA BPO PVT Ltd)
Eliza Agnew BPO Center, located in the premises of the Uduvil Girls College, was our first venture into the North at the conclusion of the Civil War. This BPO has five Associates providing accounting out sourced services to Hayleys Inc and four Associates working for CeylonSoft in varied fields, including web designing. During 2013 we plan to scale the Hayleys operation to accommodate more Associates, as the Associates get greater confidence in their work and improve in their accuracy. Shown below is a recent picture of EABPO’s Associates at work in their office in Uduvil.
Jaffna BPO Technologies Pvt Ltd
This is the second BPO that was started this year in the North. It is a John Keells initiative that we support for increasing the coverage under our business model for the needy rural youth. This BPO has been established around a group of rehabilitees from the civil war looking to re-enter civilian society after completing a Government rehabilitation program. We have five rehabilitees working in the BPO right now with plans to increase the number as they progress. Shown below are pictures of the first group of Associates at work in their office that is located in Jaffna Town.
We want to take this opportunity to recognize and thank our several sponsors for their ongoing support for continuing to help us with our mission. These include our Founding Promoters, FJ&G De Sarams (attorney and Secretary), KPMG (auditors), ICTA (multiple grantor), our Project Partners The Foundation of Goodness and the Uduvil Girls College, and finally our two Business Partner that provide the all-important work to our BPO, John Keells Company and the Hayleys Group.