Friday, February 27, 2026

Pakistan Fedrel Union of Journalists

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FINANCIAL POLICY

PAKISTAN FEDERAL UNION OF JOURNALISTS (PFUJ)

Status: Non-Profit Organization
Purpose: To ensure transparency, accountability, prudent financial management, and compliance with applicable laws of Pakistan.

1. PURPOSE AND SCOPE

This Financial Policy establishes rules and procedures for managing the financial affairs of the Pakistan Federal Union of Journalists (PFUJ). It applies to all office bearers, employees, committees, and any person handling PFUJ funds.

2. GUIDING PRINCIPLES

The financial management of PFUJ shall strictly adhere to the objectives, principles, and democratic spirit enshrined in the PFUJ Constitution. All financial decisions shall support: Protection of journalists’ rights and welfare Independence of PFUJ as a representative trade union, Democratic decision making through elected bodies Transparency and collective accountability

3. SOURCES OF FUNDS

PFUJ funds may be generated from: Membership fees and subscriptions, Donations, grants, and contributions (local or international, where legally permissible), Training programs, workshops, and events, Interest or income from approved investments, Any other lawful source approved by the Executive Committee.

4. BANK ACCOUNTS AND CASH MANAGEMENT

  • All PFUJ funds shall be kept in scheduled banks approved by the Executive Committee.
  • Bank accounts shall be opened in the name of PFUJ only.
  • Cash transactions shall be minimized and discouraged.
  • A petty cash system may be maintained with a fixed ceiling approved by the Executive Committee.

5. AUTHORIZED SIGNATORIES

In accordance with the PFUJ Constitution and decisions of its elected bodies: PFUJ bank accounts shall be operated jointly by any two of the following elected office bearers: President, Secretary General and Treasurer. No single office bearer shall be authorized to operate bank accounts independently. Change of signatories shall take effect immediately after constitutional elections or notification by PFUJ Secretariat.

6. BUDGETING AND CONSTITUTIONAL APPROVAL

  • An annual budget shall be prepared by the Treasurer in consultation with the Secretary General.
  • The proposed budget shall be placed before the Executive Committee / Federal Executive Council as provided in the PFUJ Constitution.
  • Final approval shall rest with the competent constitutional forum.
  • Expenditures outside the approved budget shall require prior constitutional approval.

7. EXPENDITURE POLICY

  • All expenditures must align with PFUJ’s objectives and approved activities.
  • Payments shall be supported by proper documentation (invoices, receipts, contracts).
  • Advance payments shall be adjusted with receipts within a specified time.
  • No personal or political expenditure is allowed from PFUJ funds.

8. PROCUREMENT POLICY

  • Goods and services shall be procured on a competitive basis where feasible.
  • For significant expenditures, at least two or three quotations should be obtained.
  • Conflict of interest must be avoided in procurement decisions.

9. TRAVEL, ALLOWANCES, AND ADVANCES

  • Travel and accommodation expenses shall be reimbursed as per approved rates.
  • Travel advances must be settled within 7–14 days after completion of travel.
  • Unadjusted advances may be recovered or adjusted against future payments.

10. GRANTS AND DONOR FUNDS MANAGEMENT

  • Donor funds shall be used strictly for approved purposes.
  • Separate records (and bank accounts where required) shall be maintained for donor-funded projects.
  • Financial reporting to donors shall be timely and accurate.

11. ACCOUNTING AND RECORD KEEPING

  • PFUJ shall maintain proper books of accounts using accepted accounting standards.
  • Records shall include vouchers, receipts, bank statements, and contracts.
  • Financial records shall be retained for a minimum of 7 years.

12. FINANCIAL REPORTING AND DEMOCRATIC OVERSIGHT

  • Periodic financial statements shall be prepared by the Treasurer and shared with the Secretary General.
  • An annual audited financial report shall be presented to the Executive Committee and the General Body/Council as required under the PFUJ Constitution.
  • Members shall have the right to review financial reports in line with constitutional provisions.

13. AUDIT

  • PFUJ accounts shall be audited annually by a qualified external auditor.
  • The auditor shall be appointed by the Executive Committee or General Council.
  • Audit reports shall be shared with members and donors, where required.

14. INTERNAL CONTROLS

  • Segregation of financial duties shall be ensured.
  • Regular bank reconciliations shall be conducted.
  • Any financial irregularity shall be reported immediately to the Executive Committee.

15. CONFLICT OF INTEREST

  • Office-bearers and staff must disclose any conflict of interest.
  • No person shall benefit personally from PFUJ funds or contracts.

16. ASSET MANAGEMENT

  • All assets purchased by PFUJ shall be recorded in an asset register.
  • Assets shall be used only for organizational purposes.
  • Disposal of assets shall require Executive Committee approval.

17. COMPLIANCE AND LEGAL OBLIGATIONS

PFUJ shall comply with: Applicable laws of Pakistan, Tax and regulatory requirements (if applicable), Donor rules and reporting standards

18. AMENDMENTS (CONSTITUTIONAL PROCEDURE)

This Financial Policy may only be amended in accordance with the procedure laid down in the PFUJ Constitution, through approval of the competent elected body.

19. APPROVAL

This Financial Policy is approved by the Executive Committee of the Pakistan Federal Union of Journalists (PFUJ).

Approved on:
President: RANA MUHAMMAD AZEEM
Secretary General: SHAKEEL AHMED
Treasurer: SHERBANO