What is Financial System?
It is the exchange of funds (from donors to organization and then to departments) and a set of processes and procedures used by an organization’s management to Exercise Financial Control & Accountability. These measures include Recording, Verification and Timely Reporting of Transactions that affect revenues, expenditures, assets, and liabilities.
Objectives of the Proposed Financial System
- To devise a centralized mechanism of funds collection, budgeting, record keeping, accountability, donors retention and expansion according to the needs of ISOPAK keeping in view the professional, technical and legal aspects
- To decide to opt for only those means and sources of funding which are beneficial for ISO & to stop any possible loopholes
- To launch financial projects
- To ensure the capacity building and welfare of Human Resource related to financial system
- To devise ways to enhance the structure of bodies working for finance according to the long term planning of financial system
The system will ensure that ISO Pak eventually move towards the goal of financial stability, self sufficiency and self dependency.
- Professional work environment for reporting, feedback and accountability through a well establish institution and its office
- The system will synchronize with Al-Mustafa Trust, departments, institutions and other stake holders for effective budgeting and funds allocation
- The Institution through this financial system will prove as the backbone of ISO Pak and help the youth in paving solid path for the divine revolution of Imam e Zaman a.s.
The financial system of ISO Pak will rely on certain projects that will be executed in a professional manner and monitored by CFC. The projects will throw in an effective way to raise the income which would enable the system to move towards sustainability, progressive development in the financial strength of organization and ultimately to achieve the objective of supporting organizational policies and other projects with strong monetary backup.
Following are some of the projects to start with:
- Al-Mustafa Box Project (Collection of funds through Boxes)
- Nasiran e Imamia Project (Collection of funds from donors)
- Income Generating Projects (Hostels, Academies, Other businesses)
- Project Based Collection Project (From X-ISOs living abroad)
- Collection of Skins, Fitra and Crops Project
Note: All projects are the part of Financial Income Generation Program.