Zakat Foundation™ is a non-profit organization that focuses on providing relief to individuals and communities in need through the Islamic practice of Zakat. Zakat is one of the five pillars of Islam and is the act of donating a portion of one's wealth to those in need. The foundation is committed to transparency and accountability, and as such, has a variety of legal and financial documents available to the public.
Legal Documents
One of the most important legal documents for any non-profit organization is the Articles of Incorporation. This document outlines the purpose and structure of the organization, as well as the responsibilities and limitations of the board of directors. Zakat Foundation™'s Articles of Incorporation were filed in the state of Illinois in 2001, and they have been amended several times since then.
Another key legal document is the organization's Bylaws. These documents provide more detail about the structure and governance of the organization, including the roles and responsibilities of the board of directors and officers, the process for making decisions and amending the bylaws, and the rules for holding meetings. The Zakat Foundation™'s Bylaws were last updated in 2017.
The organization also has a Conflict of Interest Policy, which requires all board members and officers to disclose any conflicts of interest they may have and to recuse themselves from any decisions that may be affected by those conflicts. This policy helps ensure that the organization's decision-making process is fair and transparent.
Financial Documents
The Zakat Foundation™'s financial documents are also available to the public, and they provide insight into the organization's finances and how donations are being used. One important document is the organization's Form 990, which is filed annually with the Internal Revenue Service (IRS). This document provides information about the organization's income, expenses, assets, and liabilities, as well as details about the salaries and compensation of the organization's officers and employees.
The organization also has an annual report, which provides an overview of the organization's activities and achievements for the previous year. This report includes information about the programs and services the organization provides, as well as financial information such as the amount of donations received and how those funds were used.
In addition to these documents, the Zakat Foundation™ also undergoes an annual audit, which is conducted by an independent accounting firm. The results of this audit are also available to the public, and they provide an additional level of transparency and accountability.
Conclusion
The Zakat Foundation™ is committed to transparency and accountability, and its legal and financial documents reflect this commitment. By making these documents available to the public, the organization is able to demonstrate its financial responsibility and help donors make informed decisions about where to donate their funds.
