Zakat Foundation™ Pakistan is a charitable organization that was established in 1998 to alleviate poverty and empower vulnerable communities in Pakistan. The organization collects and distributes zakat and other charitable donations to provide relief and support to those in need. As a registered charity, Zakat Foundation™ Pakistan is required to comply with legal and financial regulations to ensure transparency and accountability.
Legal Documents:
The legal documents of Zakat Foundation™ Pakistan include the Memorandum of Association (MOA) and the Articles of Association (AOA). The MOA is a legal document that outlines the purpose and objectives of the organization, while the AOA provides the rules and regulations that govern the operations and management of the organization. These documents are registered with the Securities and Exchange Commission of Pakistan (SECP) and are legally binding.
In addition to the MOA and AOA, Zakat Foundation™ Pakistan is also required to comply with the Pakistan Charities Act 2013, which sets out the legal framework for the registration and regulation of charitable organizations in Pakistan. The act requires all charities to register with the SECP and to maintain proper records and accounts of their finances.
Financial Documents:
Zakat Foundation™ Pakistan is committed to financial transparency and accountability. The organization maintains a comprehensive financial management system and prepares annual financial statements that are audited by an independent auditor.
The financial statements include the income and expenditure statements, balance sheets, and cash flow statements. These statements provide a detailed overview of the organization's financial performance and position, including the sources of income and how the funds are utilized to achieve the organization's objectives.
In addition to the financial statements, Zakat Foundation™ Pakistan also prepares an annual report that provides an overview of the organization's activities, achievements, and impact. The report includes information on the projects and programs implemented by the organization, as well as the number of beneficiaries and the outcomes achieved.
Zakat Foundation™ Pakistan also has an internal audit department that conducts regular audits of the organization's operations and finances. The department ensures that the organization is compliant with legal and regulatory requirements, and that the funds are utilized efficiently and effectively.
Conclusion:
Zakat Foundation™ Pakistan is committed to transparency and accountability in its operations and finances. The organization complies with legal and regulatory requirements and maintains comprehensive financial records that are audited by independent auditors. The organization's financial statements and annual reports provide a detailed overview of the organization's financial performance and impact, while the internal audit department ensures that the organization's operations and finances are efficient and effective. This commitment to transparency and accountability is a testament to Zakat Foundation™ Pakistan's dedication to alleviating poverty and empowering vulnerable communities in Pakistan.
