Zakat Foundation™ Pakistan is a non-profit organization that operates in Pakistan. Its mission is to provide assistance to the needy and deserving people of the country. The organization is registered with the government of Pakistan and is fully compliant with all legal and financial regulations.
In this article, we will discuss the legal and financial documents of Zakat Foundation™ Pakistan and how they ensure the organization's transparency and accountability.
Legal Documents:
Zakat Foundation™ Pakistan is registered with the Securities and Exchange Commission of Pakistan (SECP) under Section 42 of the Companies Act, 2017. This means that the organization is a non-profit company and operates exclusively for charitable purposes. The SECP regulates and oversees the activities of Zakat Foundation™ Pakistan, ensuring that the organization complies with all legal requirements.
Zakat Foundation™ Pakistan is also registered with the Federal Board of Revenue (FBR) and the Directorate of Social Welfare and Bait-ul-Maal. These registrations ensure that the organization is eligible to receive donations and tax exemptions under the Income Tax Ordinance, 2001.
The organization also has a constitution that outlines its purpose, governance structure, and procedures for decision-making. The constitution ensures that the organization operates in a transparent and accountable manner and provides a framework for resolving conflicts and disputes.
Financial Documents:
Zakat Foundation™ Pakistan maintains comprehensive financial records and prepares annual financial statements. The organization's financial statements are audited by an independent auditor who is appointed by the board of directors. The auditor examines the organization's financial records and provides an opinion on the accuracy and completeness of the financial statements.
The organization's financial statements include a balance sheet, income statement, and cash flow statement. These statements provide a detailed overview of the organization's financial performance and position. The financial statements also include notes that explain the significant accounting policies and assumptions used in preparing the statements.
Zakat Foundation™ Pakistan also has a system of internal controls that ensures the accuracy and reliability of its financial records. The organization has established policies and procedures for financial management, including the handling of cash, bank accounts, and other financial transactions. These policies and procedures are regularly reviewed and updated to ensure that they remain effective.
Transparency and Accountability:
Zakat Foundation™ Pakistan is committed to transparency and accountability in all its operations. The organization regularly publishes its annual report, which provides an overview of its activities, achievements, and financial performance. The annual report also includes a detailed breakdown of the organization's expenses and how donations are utilized.
The organization also has a website that provides information about its activities, programs, and financial performance. The website includes a donation portal where individuals can donate to the organization and receive a receipt for tax purposes.
Conclusion:
Zakat Foundation™ Pakistan is a non-profit organization that operates in Pakistan. The organization is registered with the government of Pakistan and is fully compliant with all legal and financial regulations. The organization's legal and financial documents ensure transparency and accountability in its operations, providing donors and stakeholders with confidence in its ability to deliver its charitable mission.
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