Regulation Organizing the Management of Awqaf in Universities

1.Organizing the establishment and management of awqaf in universities.

2.Determining the financial and administrative responsibilities and authorities of managing the university awqaf.

3.Directing the university awqaf towards achieving the objectives of the university.

4.Fulfilling the necessary governance requirements for managing awqaf in universities.

1.Approving the strategy and general policies of the university awqaf.

2.Approving the internal regulations governing its operations.

3.Adopting the organizational structure of the university awqaf.

4.Approving the annual budget of the university awqaf.

5.Establishment of companies and subsidiaries affiliated with the university awqaf, or participation in the establishment or entry into companies as partners or shareholders, in accordance with the applicable legal procedures.

6.Approval of the establishment of branches for the university awqaf within the Kingdom.

7.Appointment of members for the Awqaf’ Council of Trustees.

8.Appointment of an external auditor for the accounts of the university awqaf.

9.Authorization of financial and accounting policies and procedures governing the university awqaf.

10.Approval of the final account and annual report of the university awqaf.

11.Absolving the chairman of the Awqaf Council and its members from liability for their work.

12.Setting and overseeing the salaries, benefits, and incentives for employees within the university awqaf.

1.Supervising the university awqaf and its management.

2.Overseeing the awqaf supervisors of the university and monitoring their work without interfering with the conditions set by the endower, if any.

3.Appointing supervisors for awqaf that do not have a designated supervisor from the endower, in accordance with the appointment conditions and procedures set by the General Authority of Awqaf (GAA).

4.Proposing the strategic plan, general policies, and internal regulations of the university awqaf.

5.Proposing the annual budget of the university awqaf.

6.Recommending the appointment of an external auditor for the university awqaf, based on the nomination of the audit committee.

7.Proposing financial and accounting policies as well as procedures for the university awqaf.

8.Deliberating on the final accounts and annual report of the university awqaf as part of the preparation for their approval by the University Awqaf Council.

9.Appointing a secretary-general for the Supervision Council and determining their financial rewards, benefits, duties, and rights, as well as the duration of their appointment.

10.Appointing a financial controller for the university awqaf.

11.Overseeing the investments of the university awqaf, monitoring their performance, and providing regular reports on these activities to the University Awqaf Council.

12.Proposing the establishment of companies and entities affiliated with the university awqaf or participating as a partner or shareholder in existing companies, in accordance with the applicable regulations.

13.Forming permanent committees within the university waqf, such as the audit committee.

14.Proposing the establishment of branches for the university waqf within the Kingdom.

15.Supervising the processes of registering awqaf, their assets, and their supervisors, renewing their registration periodically, and documenting any changes that occur in the university waqf or its assets, in compliance with the regulations and rules of the General Authority of Awqaf (GAA)

1.Approving the meeting agenda and proposed topics for discussion, while preserving the right of any council member to incorporate specific items into the agenda.

2.Summoning meetings of the council, presiding over them personally or designating a delegate to assume this responsibility.

3.Facilitating the active participation of all council members in the operations and activities of the council.

4.Ensuring that the council expeditiously addresses significant matters and reaches timely and pertinent decisions.

5.Ensuring that the council receives ample support and supplying it with all essential information to facilitate effective and judicious decision-making.

6.Ensuring the council’s adherence to all pertinent systems and statutes.

7.Signing contracts and agreements on behalf of the university awqaf, and representing it before judicial and other authorities, with the authority to delegate such responsibilities.

1.Attending the Council’s meetings and its subcommittees regularly and consistently.

2.Actively engaging in enhancing the management of the university awqaf and contributing to the realization of its objectives, while refraining from any actions that could detrimentally impact its reputation.

3.Contributing to the preparation of the university awqaf’ plans, programs, and projects.

4.Disclosing conflicts of interest.

5.Maintaining the confidentiality of the university awqaf.

6.Adhering to the decisions and directives issued by the Supervision Council.

1.Proposing plans and programs and executing them following their approval by the Supervision Council.

2.Compiling the annual budget of the university awqaf three months prior to the conclusion of the fiscal year, in preparation for its submission to the Supervision Council.

3.Assisting the Supervision Council in its functions and duties by conducting necessary studies, providing essential data and information for decision-making, and overseeing the execution of approved decisions.

4.Preparing for the meetings of the Supervision Council and its subcommittees.

5.Preparing the agenda for the Supervision Council meetings and disseminating it to members following its approval.

6.Notifying the relevant parties and following up on the decisions of the Supervision Council.

7.Managing the administrative and financial affairs of the Supervision Council.

1.Opening bank accounts with the approval of the chairman of the Supervision Council and conducting financial transactions related to the university awqaf, and issuing disbursement orders after they are approved by the financial controller of the university awqaf.

2.Supervising the staff of the General Secretariat, according to the granted powers and the statutes and regulations in force.

3.Issuing regular reports to the Supervision Council detailing the advancements in the operations and investments of the university awqaf.

4.Coordinating with internal entities within the university to advance the interests of the university awqaf.

5.Providing the General Authority of Awqaf (GAA) with a copy of the approved final account after its approval by the University Awqaf Council.

6.Any other tasks determined by the Supervision Council.

1.Government funds for the waqf.

2.Returns obtained from awqaf investments.

3.Revenues from activities established by the waqf.

4.Donations, grants, bequests, and wills.

5.Subsidiary awqaf to the waqf.

6.The portion of the university’s revenues allocated to the waqf.

7.University lands allocated to the awqaf after coordination between the university and the State Properties General Authority (SPGA).

8.Support provided to the awqaf by donors.

1.Regular maintenance and refurbishment of the university awqaf, given priority over other disbursements, at a rate not exceeding (15%) of the annual net income. Emergency maintenance of the university waqf takes priority over all other disbursements and beneficiaries without adherence to this percentage.

2.General administrative and operational expenses of managing the university awqaf, not exceeding (20%) of the annual net income.

3.Remuneration for the Chairman of the Supervision Council, its members, and the Secretary for each session in the amount of SAR (1,000), with an annual limit not exceeding SAR (12,000).

4.Remuneration for members of the Supervision Council, with the total remuneration for the Chairman and members of the Supervision Council not exceeding (5%) of the annual net income, divided equally among them, and the annual remuneration for each individual not exceeding SAR (250,000).

5.A percentage not exceeding (25%) of the annual net income from investments is returned to the asset of the university awqaf and invested for the development of the university waqf assets. The assets that result from such investment are treated as part of these awqaf, subject to the provisions of this statute.

1.Establishing companies, participating in their establishment, or becoming a partner or shareholder in them, in adherence to the prescribed regulatory procedures.

2.Short-term or long-term investments in various fields, including commercial, service, industrial, real estate, technological, financial, banking, medical, food, and pharmaceutical sectors.

1.The university waqf is mandated to maintain an accounting system that aligns with the university’s applicable systems and statutes, in addition to the financial and accounting policies and procedures sanctioned for the university waqf. This system is required to encompass all aspects of internal audit and aid in generating the requisite reports for the management of the university waqf and relevant authorities.

2.Each waqf shall have a financial record and subsidiary records to document the expenses, revenues, and balances of the university awqaf.

1.The Supervision Council shall establish an Audit Committee for the University Awqaf, which shall be a subsidiary and under its supervision to supervise the work of the external auditors of the awqaf.

2.The University Awqaf Council is responsible for formulating comprehensive guidelines governing the operations of the Audit Committee for the University Waqf. These rules will delineate the committee’s tasks, objectives, powers, and outline its relationship with the external auditors, the Supervision Council, and its Secretariat.

1.The University Awqaf Council shall appoint an external auditor for a term of one fiscal year, renewable for a maximum duration not exceeding three years.

2.The external auditor shall have access to all records, documents, request data, and clarifications that they deem necessary to perform their duties, and the relevant authorities of the university shall cooperate with them.

3.If the external auditor is not being enabled to perform their duties, he shall document this in a report submitted to the Chairman of the Waqf Audit Committee for a prompt decision in this regard. A copy of this report shall also be provided to the Chairman of the Supervision Council.

4.The external auditor shall submit a report on the accounts of the University Awqaf to the Audit Committee for the University Awqaf every three months.

5.If any embezzlement or activities endangering the funds of the University Awqaf are identified, the external auditor is obligated to promptly report such findings to the Chairman of the Awqaf Audit Committee for necessary actions. Additionally, copies of the report must be submitted to the Chairman of the University Awqaf Council and the Chairman of the Supervision Council.

6.The external auditor shall review and audit the annual final financial statement of the awqaf, including the financial position, within a maximum period of two months before the end of the fiscal year, and submit it to the Supervision Council for discussion prior to submitting it to the University Awqaf Council within a maximum period of one month. He shall also provide a report with his judgement about the financial position of the University Awqaf and their satisfaction with any clarifications or information requested from the General Secretariat.