SINGAPORE: For the first time in a decade, the National Kidney Foundation (NKF) is in the red. In its latest fiscal year ending June 2009, NKF had a deficit of S$900,000.
The lack of donations and a dip in investment income were cited as reasons for the deficit.
S$18.5 million were received in donations, a 26 per cent or S$6.5
million drop from the previous fiscal year. Investment income dipped by
97.5 per cent from S$3 million to S$80,000.
NKF hopes donors will return with the end of the recession and will
nurture existing donors. Every year, NKF has a net increase of about
150 patients.
Expenses rose as the number of patients increased by 7.3 per cent
to hit 2,574. Subsidies and assistance also rose by 9.4 per cent to
S$22.3 million.
For this financial year, the organisation is setting aside S$24.5 million for assistance aid and subsidies.
Its reserves currently stands at S$270 million. NKF said it is able
to cope and will use the surplus from the previous years to tide over
the deficit.
Despite the deficit, NKF is still planning to build a new dialysis centre in Jurong.
- CNA/vm
uhmm i tink the 2nd paragraph completely sums up the reason behind it?
NKF says deficit will not affect operations
SINGAPORE: The National Kidney Foundation or NKF said its commitment to its patients will not be affected despite being in the red for the first time in a decade.
The organisation recently launched a S$10 million fund to
reimburse needy kidney donors for their medical and insurance expenses.
51-year-old Teo Eng Hong saw his wife of more than 10 years, Mdm Leow Cheok Hong suffer through four years of dialysis.
He had offered to donate one of his kidneys to her when she first had kidney failure but she rejected his offer.
Mr Teo said: “She was afraid that if I donated (my kidney) to her,
later on I might get some other disease. So I told her don't worry
about it, don't think about it.”
Mdm Leow wanted to wait for a kidney from a cadaver, but with an
average waiting time of nine years, Mr Teo insisted they go through
with the transplant operation.
When the NKF reimbursement scheme was announced earlier November,
the National University Hospital, where the transplant operation was to
be conducted, helped Mr Teo apply to the fund.
And Mr Teo said the financial assistance he'd been receiving has provided him with "a peace of mind".
So far, the fund has paid for Mr Teo's post-surgery checkup, and will continue to do so for the rest of his life.
The fund also covers potential loss of income up to S$5,000, as well as hospitalisation and surgical insurance premiums.
To provide an additional safety net for donors, NKF has joined
hands with NTUC Income, to come up with an insurance plan called the
Group Living Policy.
It will offer coverage of up to S$100,000.
Since the NKF reimbursement fund was launched at the start of this
month, it has received only one application. But NKF is hopeful that as
public awareness grows, more people will step forward to donate their
kidney.
NKF said its fund helps to remove financial impediments by potential donors.
But there are other obstacles to overcome.
Gerard Ee, chairman, National Kidney Foundation, said: "I think
fear, not understanding what it entails, what the operation is like,
how many hours it will take, how does the person feel after the
operation and what are the risks involved of developing something."
NKF also gave the reassurance that its reimbursement fund and other
operations will not be affected by the deficit it recorded in the
latest fiscal year.
And it said its long term interests are well protected by placing its investment capital with two fund managers.
Mr Ee added: "Apart from being capital protected, they also provide
a third part bank guarantee, so it’s absolutely safe. And why do we do
that and not put a fixed deposit or just buy government bonds at just
two per cent or 1-something per cent? This is potential of returns over
the next two, three years accumulatively for the fund manager to
outperform it while enjoying the absolute safety."
The organisation also plans to tap into its S$270 million reserves to make up the deficit.
- CNA/vm