Article 16. Financial reporting and audit of the Endowment Fund of the Law on Endowment Funds and Endowment Funds (Endowments)

Home / RLA / Article 16. Financial reporting and audit of the Endowment Fund of the Law on Endowment Funds and Endowment Funds (Endowments)

1. The procedure for accounting and financial reporting of the endowment fund is established by the legislation of the Republic of Kazakhstan on accounting, financial reporting and international financial reporting standards.

2. The Endowment Fund maintains accounting records and submits financial statements separately for its own funds and assets of the endowment fund (endowment capital) in accordance with the procedure established by the legislation of the Republic of Kazakhstan.

Accounting and preparation of financial statements are carried out by the executive body.

3. The Executive Body annually submits to the Board of Trustees annual financial statements for the past year, the audit of which was conducted in accordance with the legislation of the Republic of Kazakhstan on auditing, for its approval.

4. The Endowment Fund is obliged to publish annually on its official Internet resource annual financial statements, an audit report, a report on the implementation of charitable programs of endowment funds (endowment funds), a report on the use of its own funds of the endowment fund and assets of the endowment fund (endowment capital) and a report on administrative and management expenses of the endowment fund within thirty calendar days after their approval by the Board of Trustees.

5. The Endowment Fund is required to conduct an independent audit of the annual financial statements.

The Law of the Republic of Kazakhstan dated June 30, 2025 No. 199-VIII SAM.

This Law regulates public relations that arise during the creation, management and liquidation of endowment funds, the formation, replenishment, and dissolution of endowment funds (endowment funds) and the use of their investment income, and the trust management of assets of endowment funds (endowment funds).

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Republic of Kazakhstan

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