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Maal FAQ
Does the rate for MKA Chanda change every year?
No. The rate can only be changed by the National MKA Shura with the approval of Hadhrat Khalifatul Masih (aba). The current rate was last changed in 2002 by the National MKA Shura and approved by Hadhrat Khalifatul Masih V (aba). You can use the Caluculator to compute your Chanda.
Can I pay directly to the Center?
It's preffered that you pay to your local Majlis. If you live in a remote area or may not be aware of you Majlis, please contact us so we can point you in the right direction. Some members have paid to their local Jamaat finance office instead of the local MKA finance office. This causes two problems: This activity doesn't show up in our report and the local Majlis doesn't get to keep its local share.
Are my donations tax-deductible?
Yes. You can request a record of your Chanda payments from the local Nazim Maal.
Why do I have to submit my budget for the following year several months in advance?
This is a fairly long and complicated process. In order for us to build our Expense Budget, we need to know our expected Income Budget. The Inomce/Expense Budget has to be presented to the National Shura and after its approval, it must be submitted to Khalifatul Masih (aba) for approval. The National Shura typically meets in the summer (usually at the time of the National Ijtema), so the budgets have to be prepared by May. We ask the local Qaideen/Nazimeen to start the process in April, so we enough time to aggregate and format the budgets.
What is the Fiscal Year?
It is our accounting year. The year begins in November and concludes in October. Typically, FY 2007 refers to the time period between November 2006 and October 2007.
What are some important dates to keep in mind?
- November 1
- Beginning of Fiscal Year.
- December 31
- End of Waqf-e-Jadid Year
- April 30
- Mid-point of our Fiscal Year. Should have 90% of Ijtema Fund and over 60% overall collected by this point.
- May
- Must submit Income budgets before the end of the month.
- July
- Typically when our National Shura convenes.
- September
- Should have around 95% collection.
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