Royal Dahir

TITLE IV

FINANCIAL ORGANIZATION

Article 25: The budget of the University is the annual document which forecasts, evaluates and authorizes the resources and expenditures of the University.

It shall be prepared, on an annual basis, by the President of the University and shall be discussed and approved by the Board of Trustees of the University.

The Board shall close the annual accounts of the University.

The President of the University shall execute the budget. However, he may not acquire or transfer the real estate of the University except with the consent of the Board.

Article 26: The resources of the University shall comprise:

• income from the activities of the University;
• income from the personal and real estate which make up the assets of the University;
• tuition and registration fees;
• contributions from national, international, private or public institutions;
• donations and legacies;
• Other forms of revenue.

The expenditures of the University shall notably include:

• operating costs of the University;
• equipment and investment costs.

Article 27: At the end of each financial year, the Board shall nominate two chartered accountants whose mission shall be to control the financial management of the University, the regularity and fairness of accounts and the sound enforcement of the professional principles applicable to non-profit making institutions.

They may take cognizance of the documents necessary for the fulfilment of their missions. They shall prepare a report on the audit operations they executed and shall formulate their remarks on the financial management of the University.

This report shall be appended to the annual activity report submitted to Our Majesty in accordance with Article 15 above.

Article 28: Al Akhawayn University shall be exempt from all import duties and taxes, applicable to materials tools and equipment goods acquired by the University directly or through the mediation of a leasing corporation, and which are necessary for the discharging of the missions assigned to it by this Dahir bearing law.

It shall likewise be exempt from value added tax on:

• the materials, tools and equipment goods stipulated in the foregoing paragraph, acquired locally by the University or through the mediation of a leasing corporation;
• the services it provides within the framework of the missions assigned to it by this Dahir bearing law.

Al Akhawayn University shall be exempt, in all its acts, activities or operations and the potential income therefrom, from all duties, taxes or any other national or local, current or future levy other than stipulated herein before.

Article 29: The amount or value of the donations granted to the University, in cash or in kind, by physical or moral persons, constitutes deductible expenses in accordance with the provisions of Article 7 (paragraph 9) of law no. 24-86 enacting a tax on companies, or of Article 9 (paragraph 1) of law no. 17-89 relating to the general income tax.

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