Zakat Foundation™ Azerbaijan (ZF-AZ) is a charitable organization that operates in Azerbaijan with a focus on providing assistance to those in need, particularly in the areas of education, healthcare, and social welfare. As a registered entity, ZF-AZ adheres to specific legal and financial requirements to ensure transparency and accountability in its operations.
Legal Documents:
Registration: ZF-AZ is registered as a non-governmental organization (NGO) with the Ministry of Justice of the Republic of Azerbaijan. The registration process involves providing detailed information about the organization's mission, goals, and structure. This document confirms the organization's legal standing and allows it to operate within the legal framework of Azerbaijan.
Charter: ZF-AZ has a charter that outlines its objectives, governance structure, and operational guidelines. The charter serves as a legal document that defines the organization's mission, strategies, and activities. It also specifies the rights and responsibilities of the board of directors, staff, and volunteers.
Memorandum of Association: This document highlights the key clauses and rules under which ZF-AZ operates. It provides details about the organization's aims, objectives, and responsibilities. The memorandum of association also includes information about membership, decision-making processes, and financial matters.
Tax Registration: ZF-AZ has obtained a tax identification number from the State Tax Service of Azerbaijan. This registration ensures that the organization complies with tax laws and regulations. It enables ZF-AZ to receive donations, issue tax receipts, and claim tax exemptions for eligible activities.
Financial Documents:
Annual Budget: ZF-AZ prepares an annual budget that outlines its projected income and expenses. The budget is based on anticipated donations, grants, and other sources of revenue. It provides a financial roadmap for the organization, ensuring proper allocation of resources to fulfill its mission.
Financial Statements: ZF-AZ generates financial statements, including income statements, balance sheets, and cash flow statements. These documents provide a comprehensive overview of the organization's financial performance and position. Financial statements are prepared in accordance with generally accepted accounting principles and audited by independent auditors for accuracy and transparency.
Annual Report: ZF-AZ publishes an annual report that summarizes its activities, achievements, and impact. This document highlights the organization's projects, partnerships, and financial performance during the reporting period. The annual report aims to inform stakeholders, donors, and the public about ZF-AZ's accomplishments and the effective use of funds.
External Audit: ZF-AZ undergoes an annual external audit by independent auditors. This audit ensures compliance with financial regulations, validates the accuracy of financial statements, and verifies the proper use of funds. The audit report provides an unbiased assessment of the organization's financial practices and enhances its credibility.
ZF-AZ is committed to maintaining the highest standards of transparency and accountability in its operations. The organization strictly adheres to legal requirements and financial regulations to ensure that all funds are utilized effectively for the benefit of the communities it serves. By providing detailed legal and financial documents, ZF-AZ demonstrates its commitment to transparency and builds trust among its stakeholders and donors.
