Zakat Foundation™ Bahrain is a non-profit organization that operates in the Kingdom of Bahrain. The organization is dedicated to providing support and assistance to the poor and needy in Bahrain, as well as to other parts of the world. In order to carry out its mission, Zakat Foundation™ Bahrain must adhere to a number of legal and financial regulations. This article will discuss some of the key legal and financial documents that Zakat Foundation™ Bahrain must comply with.
Legal Documents
Memorandum and Articles of Association
The Memorandum and Articles of Association is a document that sets out the rules and regulations that govern the operation of a company or organization. It outlines the objectives of the organization, the powers of its directors, and the procedures for conducting its affairs. Zakat Foundation™ Bahrain must have a Memorandum and Articles of Association that is compliant with the laws and regulations of Bahrain.
Registration Certificate
Zakat Foundation™ Bahrain must be registered with the Ministry of Labour and Social Development in Bahrain. The registration certificate is a legal document that confirms the organization's registration and its compliance with the regulations set out by the Ministry.
Audited Financial Statements
Zakat Foundation™ Bahrain must submit audited financial statements to the Ministry of Labour and Social Development on an annual basis. These statements must be prepared in accordance with International Financial Reporting Standards (IFRS) and must provide a clear and accurate picture of the organization's financial position.
Tax Exemption Certificate
As a non-profit organization, Zakat Foundation™ Bahrain is exempt from paying certain taxes. In order to benefit from these exemptions, the organization must obtain a tax exemption certificate from the Ministry of Finance in Bahrain. This certificate confirms that Zakat Foundation™ Bahrain is exempt from paying income tax, capital gains tax, and other taxes.
Financial Documents
Annual Budget
Zakat Foundation™ Bahrain must prepare an annual budget that outlines the organization's income and expenses for the upcoming year. The budget must be realistic and must take into account the organization's fundraising efforts and the needs of the beneficiaries it serves.
Financial Policies and Procedures Manual
Zakat Foundation™ Bahrain must have a financial policies and procedures manual that outlines the rules and procedures for managing the organization's finances. This manual should cover topics such as accounting practices, budgeting, and financial reporting.
Donor Agreements
Zakat Foundation™ Bahrain must have donor agreements in place for all donations it receives. These agreements should outline the terms and conditions of the donation, including any restrictions on how the funds can be used.
Annual Report
Zakat Foundation™ Bahrain must prepare an annual report that provides a detailed summary of the organization's activities and achievements for the year. The report should also include financial statements and other relevant information that demonstrates the organization's impact and effectiveness.
Conclusion
Zakat Foundation™ Bahrain is a non-profit organization that is dedicated to providing support and assistance to the poor and needy in Bahrain and other parts of the world. In order to carry out its mission, the organization must comply with a number of legal and financial regulations. These include having a compliant Memorandum and Articles of Association, a registration certificate, audited financial statements, a tax exemption certificate, an annual budget, a financial policies and procedures manual, donor agreements, and an annual report. By adhering to these regulations, Zakat Foundation™ Bahrain can ensure that it operates in a transparent and accountable manner, and can continue to serve its beneficiaries effectively.
