ST: Charities earned nearly $5b in 2005
-
Wed, Dec 12, 2007
The Straits Times
WHEN it comes to charity, size does matter.
Charities earned close to $5 billion in 2005, according to the latest figures out yesterday, and 64 large groups took home over three-quarters of the total.
The number of large charities, with annual incomes of over $10 million, has been growing in recent years.
There were 47 of them in 2002. Three years later, there were 64, going by the latest annual report of the Commissioner of Charities released yesterday.
And just who are these mega-charities?
Checks by The Straits Times found that religious groups as well as those in the education and health-care sectors ranked among the top. They include:
SingHealth Foundation, whose income in 2005 was $46.9 million, of which $46.5 million came from donations.
National Kidney Foundation (NKF), which earned $98 million in 2005, of which about 60 per cent were from donations.
Singapore Management University Endowment Fund, which had $47 million in 2005 and $116 million last year.
City Harvest Church, which earned $26 million in 2005, of which $25 million were donations from its congregation.
Overall, charities earned $4.97 billion in 2005, more than the $4.35 billion in 2004.
Their income includes donations, grants and fees from services provided.
Commenting on the strong earnings, a veteran of the scene, NKF chairman Gerard Ee, said that it shows that there is money out there for the taking.
'It's up to charities to communicate their causes clearly, to show good governance, to attract donors,' he added.
The 2006 annual report, which captured the financial numbers reported by charities in 2005, also highlighted other key developments in the sector last year.
For example, 80 new charities were set up last year, while 12 closed shop, bringing the total to 1,875 charities as of December last year.
Half of the charities are religious groups such as churches and temples. The rest include groups providing welfare, health and educational services.
Last year also saw significant changes to the regulatory landscape for charities, after the NKF scandal broke in 2005.
For example, a full-time Commissioner, Mr Low Puk Yeong, was appointed. A new Charities Unit was set up.
The Commissioner was also given more powers to protect public interest when the Charities Act was amended to allow the Commissioner to reject 'suspect' groups wanting to register as a charity.
Seventeen charities also went through governance reviews carried out by the Commissioner and agencies such as the Health Ministry, to assess and help them improve the way they are run.
The Commissioner also investigated one group - Youth Challenge. The Commissioner found serious lapses and 'many irregularities' in how the charity was run and gave it six months to tighten operations.
Under new leadership, Youth Challenge has since put its house in order. -
yet singaporeans keep complaining they have no money.
so who are the donors???
-
KNN if these charities had bothered investing this money, they would generate monthly income liao - no need always to ask the public for donations!
-
They'd rather spend it on golden toilet bowlsOriginally posted by :KNN if these charities had bothered investing this money, they would generate monthly income liao - no need always to ask the public for donations! -
-
Risk-free investment ?Originally posted by :KNN if these charities had bothered investing this money, they would generate monthly income liao - no need always to ask the public for donations! -
the govt knows s'poreans are rich.......Originally posted by dragg:yet singaporeans keep complaining they have no money.
so who are the donors??? -
Its a lot of money for charity. cannot image the amount in the government hands... its easy to misplace money of this kind of quantity...
-
i think most of us can see it already. no need to imagine de.Originally posted by mistyblue:Its a lot of money for charity. cannot image the amount in the government hands... its easy to misplace money of this kind of quantity... -
So you did not donate?Originally posted by dragg:yet singaporeans keep complaining they have no money.
so who are the donors??? -
Working in a charity organisation & found that this year the donation has gone down by alot
Trying very hard to keep up as the finance personnel in charge of 5 centres
-
there are even people who are using charity as MLM biz
A friend of mine lost money in the scheme -
whoa, NKF the biggest earner followed by CHC.
-
no wonder gst increaseOriginally posted by de_middle:the govt knows s'poreans are rich....... -
I dun understand why the reporter had to use a term such as 'earned' in the sentence ...
Wat was he/she trying to imply?
That charity organisations are like private fund raising/management organisations? only that it enjoys tax free breaks?
That donators who donated money to them are big time suckers??
So when charities get to 'earn' siginificantly lesser next year, please ask th ST reporter to revert back to this article.. -
not a single cent after the nkf crap came to light...Originally posted by mistyblue:So you did not donate?
-
Well NKF gave the charities a bad name.Originally posted by dragg:not a single cent after the nkf crap came to light...
Then again, taxes, and various ways our money is being sucked up by the govt will are not being channel back to help people. Seems that it all goes back to lining coffers and pockets. -
investing in bonds? or suzhou project?Originally posted by :KNN if these charities had bothered investing this money, they would generate monthly income liao - no need always to ask the public for donations!