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Statute Regulating Financial Affairs in Universities · Article 48

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The University Council may accept donations, grants, testaments, and awqaf. The Council may also accept donations associated with conditions or earmarked for specific purposes if the conditions or purposes are consistent with the mission of the University. These donations are deposited in a separate

Unofficial translation; refer to the original text in case of differences.

Law · Approved version 1 · Knowledge version effective from 2026-10-19

Source scope
Shared sources
Source type
Law
Reference
6/2
Issuing body
مجلس التعليم العالي
Issued on
1995-11-04
Edition
1

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Transcribed text

Article 48

Citation linkLink to this edition

The University Council may accept donations, grants, testaments, and awqaf. The Council may also accept donations associated with conditions or earmarked for specific purposes if the conditions or purposes are consistent with the mission of the University. These donations are deposited in a separate account from which disbursement is made for the purposes allocated to them in as per the following rules:

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1.These donations shall be deposited in a separate account in the name of the University in the Saudi Central Bank or in one of the local banks, provided that the balance of this account is carried forward annually.

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2.The donated assets and property are evaluated upon receipt.

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3.All donations, grants, testaments, and awqaf are recorded in a special register.

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4.Disbursement from donations, grants, testaments, and awqaf shall be in accordance with the following:

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a.If the donation, grant, testament, or waqf is in cash or an asset and the donor has specified how to make use of it, then it shall be used for the purposes specified by the donor.

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b.If the donation, grant, testament, or waqf is cash or an asset and the donor does not specify how it is to be used, the University Council shall determine its use.

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c.Disbursement from the separate account is done using official documents, and it is subject to the oversight of the Financial Controller.

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5.Disbursement from the separate account of one million Saudi riyals or less shall be made with the approval of the University President; amounts exceeding one million Saudi riyals require the approval of the University Council.

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6.The Financial Controller shall periodically examine and review the records of donations, grants, testaments, awqaf, and the separate account; and he shall submit a report thereon to the University President.

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7.At the end of each fiscal year, the external auditor must ensure that the donated assets and objects are registered as the University’s assets according to the generally accepted accounting rules, and the external auditor shall submit a report thereon to the University President.

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