Setting up a private fund .
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i am from SJAB and am an officer in this organisation. you know the restrictions of using the publics money/ thats so complicated. i am thinking of setting up a fund whereby out of the goodwill of the officers i have in my sch that we can come out with a little money everymonth to pool together. thn we can have money to organise activities for the kids and even support long term cip and such.
any such advice regarding setting up a fund especially the problems involved? like accounting for the money. and trust involved.
how do i convince them? thanks!!!!!!
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License from the Authorities to set up such a Fund will be needed, and they will vet and review the purpose of the Fund being set up, the Management Structure, those occupying the seats of Management, the sources of the funds, and how the funds are to be applied.
There is the Grey Area that will raise the suspicion of the authorities if the sources are not too clear, and the Fund may end up being caught in the complications of the laws governing "money laundering"; or the acts of disbursement maybe seen as a threat to the Ruling Party's narrow political interests in looking after Singaporeans.
After the various scandals in Private Charity following the NKF revelations, any more Private Funds that require the amassing of "Private Contributions" from the general Singaporean population will be stringently watched.
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You can start by convincing them to transfer them to my bank account....
