Article 17 of the Saudi Endowments Authority Law
المادة 17 من نظام الهيئة العامة للأوقاف
The article makes the Authority's financial year the State's financial year, with the exception that its first financial year starts from the date the law takes effect.
Official text (Arabic)
This article has not been amended since the law was issued.
السنة المالية للهيئة هي السنة المالية للدولة، واستثناءً من ذلك تبدأ السنة المالية الأولى من تاريخ نفاذ هذا النظام.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 17 explained in plain English
This is a short organizational article that sets the Authority's financial year, and it contains two provisions:
- The rule: the Authority's financial year is the State's financial year. The Authority's budget and accounts therefore follow the same financial calendar as the general budget.
- The exception: the Authority's first financial year starts from the date this law takes effect, not from the start of the State's financial year. This is a transitional provision that deals with the law having started to apply during a financial year.
Why the provision matters: aligning the financial year with the State's makes it easier to prepare the budget and the final account and to reconcile them with the general budget.
This article comes between Article 16, which separates the endowments' accounts from the Authority's accounts and sets where their funds are deposited, and Article 18, which requires the Authority to set a financial and accounting system for endowments it supervises or manages, and a guidance system for others, and refers the organization of accounts, revenues, expenses, the budget and the final account to the financial regulations.
The article does not state the start or end date of the State's financial year; that depends on what the State decides.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 17 of the Saudi Endowments Authority Law
What is the financial year of the Authority of Endowments?
It is the State's financial year.
When did the Authority's first financial year start?
The first financial year started from the date the Authority's law took effect, as an exception to the general rule.
More articles on Authority Finances and Endowment Accounts
- Article 13
The article sets the objectives of the internal control and audit committee: protecting the Authority's funds, sound control, accurate financial data and verifying compliance with the laws, and refers the details to the control and audit regulations.
تهدف لجنة الرقابة والمراجعة الداخلية إلى حماية أموال الهيئة وممتلكاتها، وضمان سلامة أنظمة الرقابة الداخلية وفاعليتها، ودقة البيانات المالية والسجلات المحاسبية و
- Article 14
The article allows the Authority a fee for managing endowments that have another supervisor, set by the Board after agreement with the endower or supervisor, at no more than 10% of the endowments' net annual income.
تحصل الهيئة على مقابل أتعاب نظير إدارتها للأوقاف التي لها ناظرٌ غيرها وعُهد إليها إدارتها، ويحدد المجلس هذا المقابل بعد الاتفاق مع الواقف أو الناظر، على ألا تزي
- Article 16
The article requires the Authority to keep separate accounts and a separate budget for endowments it supervises or manages, separate accounts for the endowments of the Two Holy Mosques, and to deposit endowment funds in separate accounts at the Saudi Arabian Monetary Agency or licensed banks.
1- تحتفظ الهيئة بحسابات خاصة للأوقاف التي تكون ناظرة عليها أو مديرة لها؛ تكون مستقلة عن حساباتها، وبميزانية خاصة بها. 2 - تحتفظ الهيئة بحسابات خاصة بأوقاف الحرم
- Article 18
The article requires the Authority to set an accounting and financial system for endowments it administers or manages, an advisory system for others to help administrators, and refers financial matters to the Authority's financial regulations.
1- تضع الهيئة نظاماً ماليًّا محاسبيًّا للأوقاف التي تكون ناظرة عليها أو مديرة لها؛ يتوافق مع طبيعتها، ويضمن حفظ أموال الأوقاف واستثماراتها، وفقاً لما يقرره هذا
- Article 19
The article sets the sources of the Authority's independent budget, including up to 10% of the net income of endowments it supervises, management fees and the annual government grant, and how its funds are deposited and spent.
1 - تكون للهيئة ميزانية مستقلة تصدر سنويًّا، وتتكون إيراداتها من المصادر الآتية: أ - نسبة يحددها المجلس لا تتجاوز (10٪) من صافي الدخل السنوي للأوقاف التي تكون ا
- Article 20
The article requires the Board to appoint one or more licensed auditors to audit the accounts of the endowments and the Authority, with joint liability, reporting to the Board and a copy to the General Auditing Bureau.
مع عدم الإخلال بحق ديوان المراقبة العامة في الرقابة على حسابات الهيئة؛ يعين المجلس مراجع حسابات (أو أكثر) من الأشخاص ذوي الصفة الطبيعية أو الاعتبارية المرخص لهم
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.