Originally posted by snowwolfie:
3. Any rules and regulations that govern the registration, operation of the charity organizations and their use of the funds? What are the privileges that they can enjoy?
4. Other than fund raising from the public, what else channels do their fund come from? Internally how do they manage these funds?
70 / 30 guideline. Only 30% of the funds raised can be used for expenditure. The account books have to be audited yearly to ensure that the individual charity adheres to the rule. They have to submit audited account to renew their IPC and Charity status.
Why is IPC status impt? Only with IPC status, the charity can issue tax exempt receipt the donors.
Not sure what you mean by privilege. Maybe you're asking about the double tax deduction by IRAS??
In some cases, some IPCs get matching grants from the government. Eg. Zoo/Nightsafari and birdpark rec money from Ministry of Finance.
Hospitals get funds from Health Ministry for every $ they raise for the medical research.
National Arts Council gets money from Ministry of Arts.
Matching grants means ... the government gives money according to the fund raised. This means that it is not free money. The IPC has to work their butt out to raise money. Usually every $1 raise, Govt will give $1.
They can raise fund thru :
1) Fundraising activities. Get donations from public.
2) Cold calling corporate to get corporate sponsorship.
3) Govt grants (applicable to some only)
4) Calling up past supporters to get their continual support
5) Joint marketing with some non-charity organisation (Profit making companies) to establish a win-win situation. Eg. Insurance company working with a Charity . Every premium rec'd, the company will give the Charity a certain percentage in the form of donation. In return, the Charity will give their database of their existing donors to the Insurance company (upon permitted by the respective donors).
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