Singapore Charity Regulatory Framework. Modernising Charity Law Conference April 2009

Similar documents
Disclosure of Board and Management Matters

CHARITIES ACT 2014 ANNUAL REPORT FOR CHARITIES

Relate. Charities regulation in Ireland. What is a charity? May Contents

5. Current Registered Charity No. (if applicable) 6. Current Registration Expiry Date (if applicable)

Individual giving survey 2008

Registering and Maintaining Charitable Status. Prepared and presented by Bryan Millman BCHPCA s Conference 2016

TOWN OF MARYSTOWN Permissive Tax Exemption Policy

REGISTERED IRISH CHARITIES. Social and Economic Impact Report

11/06/2014. Philanthropy: Jersey as a Centre of Excellence. Introduction to philanthropy

GUIDELINES ON COMPANY LIMITED BY GUARANTEE. These Guidelines are issued pursuant to section 20C of the Companies Commission of Malaysia Act 2001.

Hong Kong QUICK FACTS. Legal forms of philanthropic organizations included in the law: Company Limited by Guarantee, Trust, Society

Corporate Governance Workshops

COMPARISON OF LEGAL STRUCTURES FOR SOCIAL ENTERPRISES 1

BERMUDA CHARITIES REGULATIONS 2014 BR 87 / 2014

BRIEFING FOR THE HOUSE OF COMMONS PUBLIC ADMINISTRATION SELECT COMMITTEE JULY Regulating charities: a landscape review

The prevention or relief of poverty. Supporting document for charity trustees

Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016

Application for Mandatory or Discretionary Rate Relief on Property Occupied by a Charitable or Voluntary Organisation

Charities: The New Law 2006 A Practical Guide to the Charities Acts

Charities Act 2006 Review call for evidence The definition of charity and the public benefit requirement

GUIDELINES ON COMPANY LIMITED BY GUARANTEE. These Guidelines are issued pursuant to section 20C of the Companies Commission of Malaysia Act 2001.

FACTSHEET. Reserves Policies for Charities July What are charity reserves? Why have a Reserves Policy?

September 19, Workshop Starting Your Own Business In Singapore

INTRODUCTION WHAT IS AN ELIGIBLE CHARITY? WHAT IS AN APPROVED BODY?

Charitable Enforcement and Protection of Charitable Assets Act. State of Maryland (2014)

GUIDELINES ON COMPANY LIMITED BY GUARANTEE. These guidelines are issued pursuant to s 20C of the Companies Commission of Malaysia Act 2001.

SCHEME OF DELEGATION FROM TRUSTEES TO GOVERNORS

Charity Retail Association campaign pack. Responding to the Charity Tax Commission s call for evidence

India QUICK FACTS. Legal forms of philanthropic organizations included in the law: Trust, Society, Limited Liability Company

SHARING SESSION ON CHARITY AUDIT The Do s and Don ts from the Perspective of an Auditor

The support provided to ratepayers through current business rates relief measures is detailed below;

UNIVERSITY OF ST ANDREWS GIFT ACCEPTANCE POLICY

Setting up and Registering as a Charity

Charities Law. Update April Charities Act 2009

England & Wales. I. Summary. A. Types of Organizations. Table of Contents

Charities and Benevolent Fundraising (Scotland) Regulations 2009 What this guide covers

Guidance by the Charity Commissioner on. the Operation of the Charities (Jersey) Law 2014 ( the Law ) Guidance Note 1: Introduction to the Guidance

TAX DEDUCTIBLE FUNDS THE OPTIONS AVAILABLE

GREATER INDIANA COMBINED FEDERAL CAMPAIGN

Fact Sheet: Investor Confidence Rating (ICR)

Impact Summary: New Zealand Memorial Museum Trust Le Quesnoy: tax benefits for monetary donations

The fund shall be managed in accordance with the relevant Acts, circulars and regulations (including any subsequent amendments thereto) under:

March, Stichting The Elba Charitable Foundation. Policy Plan

Kuwait QUICK FACTS. Average time established by law to register a philanthropic organization: 0-30 days

GUIDELINES ON THE ESTABLISHMENT OF LABUAN FOUNDATION INCLUDING ISLAMIC FOUNDATION

Asset protection. Nina Brewer, Senior Associate & Miriam Sadler, Lawyer

Charity Law and Governance

MOMENTUM COMMUNITY ECONOMIC DEVELOPMENT SOCIETY Financial Statements December 31, 2017

CORPORATE SOCIAL RESPONSIBILTY POLICY/ PSP PROJECTS LIMITED. Corporate social responsibility Policy PSP PROJECTS LTD

STANDARDS FOR CHARITABLE ACCOUNTABILITY. This policy was officially approved by the Board of Directors of SERES Global on October 30, 2016.

CHARITIES ACT 2009 CONTENTS. Charities Regulatory Authority Regulation of Charitable Organisations 19-38

Donor-Advised Funds. Morgan Stanley Global Impact Funding Trust (GIFT)

PENSION PROTECTION ACT OF 2006 (H.R. 4) SUMMARY OF PROVISIONS RELATING TO CHARITABLE GIVING AND EXEMPT ORGANIZATIONS. by Michele A. W.

Discussion Document. Information Disclosure Regulations for Third-party Fundraisers Making Requests for Charitable Purposes

1.5 Community Service Financial Disbursement Policy

CONSULTATION DRAFT, 31/01/18. Guidance by the Charity Commissioner on the Operation of the Charities (Jersey) Law 2014

Cambridge University Press India Private Limited

Annual Report for the Year Ended 31 December 2017

Forms of Legal Incorporation of Non Profit Organizations. By CA R.Durai Rengaswamy Partner Sambandam Associates Chennai

BOARD RESOURCES COMMITTEE DESCRIPTIONS ADMINISTRATION AND FINANCE COMMITTEE CHARTER. Terms of Reference:

Personalised with your firms details. Charity News

Shoreline Neighborhood Association Presentation. City of Shoreline, Washington March 19, 2008

Australian Not For Profit Accountants Network Inc. ABN:

MAKE THE MOST OF YOUR DONOR ADVISED FUND

Managing charity assets and resources

INCOURAGE COMMUNITY FOUNDATION

Frequently Asked Questions - Charities

ISLE OF MAN CHARITIES CHECKLIST

STEP Israel Annual Conference

Public Ancillary Funds - Requirements

CODE OF ETHICS Training for Officials and Employees. Palm Beach County Commission on Ethics

Review of the Australian Charities and Not-for-profits Commission (ACNC) legislation The Treasury February 2018

FIT FOUNDATION BOARD OF DIRECTORS Roles and Responsibilities

1.1. increase the adult minimum wage from $16.50 to $17.70 per hour from 1 April 2019;

Canada QUICK FACTS. Five main social issues addressed by these organizations: Higher Education, Arts and Culture, Religion, Human Rights, Health

Managing Cash Flow and Reserves

Annual Filings: what to file & when

The Queen Elizabeth Hospital King s Lynn, Charitable Fund Registered Charity No Fundraising Policy (Charitable Fund)

Corporate Social Responsibility Policy. CORDS CABLE INDUSTRIES LIMITED (Approved by Board of Director s in their meeting held on April 01, 2015)

Tax incentives for giving to charities and other non-profit organisations

QUALIFYING FOR PUBLIC CHARITY STATUS: The Section 170(b)(1)(A)(vi) and 509(a)(1) Test and the Section 509(a)(2) Test

Mergers and closures. Guidance for charities on merging or closing their charity

QUANTUM ASSET MANAGEMENT COMPANY PRIVATE LIMITED

Donation and Gift Policy. Section 1 - Purpose. Section 2 - Glossary

MARYLAND 4-H LEADERS CLUB FINANCIAL HANDBOOK

TABUNG AMAL AIDILFITRI TRUST FUND (Constituted under a Trust Deed in the Republic of Singapore) AUDITED FINANCIAL STATEMENTS- 31 MARCH 2017

Code of Practice for the Governance of State Bodies Breda Rafter

Finance, Fundraising and Administration Policy

Checklist. 1) Do some background research

organisations and faith-based organisations.

The 2018 U.S. Trust Study of High Net Worth Philanthropy 1

DIRECTIVE ON OPERATIONS PROCUREMENT A. OVERRIDING OBJECTIVE B. DEFINITIONS

PLANNED GIVING: THE SECRET TO A SUCCESSFUL CAMPAIGN

Multiple Sclerosis Research Australia Limited. ACN Annual Financial Report for the Year Ended 30 June 2015 (Abridged version)

INOX LEISURE LIMITED CORPORATE SOCIAL RESPONSIBILITY POLICY

British Columbia s New Societies Act. What BC societies need to know about the changing legislation

Insurance & Reinsurance in Lebanon

Fort Morgan Head Start Program Design & Management: Program Governance

Raffle Lottery Licensing Package

The funding of supported accommodation

Transcription:

Singapore Charity Regulatory Framework Modernising Charity Law Conference 16-18 April 2009 1

Charities A charity is Defined under case law Advancement of religion Advancement of education Relief of poverty Other purposes beneficial to the community Meet other registration requirements About 1900 registered charities Benefits: Automatic income tax exemption & property tax exemption on premises used for exclusively charitable purposes 2

Institutions of a Public Character IPC is a status conferred onto a not-for-profit organisation of which donors will be granted income tax deductions for donations made to it. About 500 IPCs Generally IPCs have to be registered charities Beneficial to the community in Singapore as a whole & are not confined to sectional interests Benefit: 2.5 times tax deduction for cash donations & approved in-kind donations (i.e. computers, shares, artefacts, public sculptures, land & buildings) 3

Previous Regulatory Framework Ministry of Finance Commissioner of Charities (COC) Comptroller of Income Tax Assisted by 11 Central Fund Administrators - Have the industry knowledge to better evaluate IPC applications & assess the effectiveness of their services & programmes Regulate the charities under the Charities Act Regulate the Institutions of a Public Character under the Income Tax Act 4

Major Policy Change The COC, which earlier reported to the Minister for Finance, focused on tax issues related to charities & IPCs. Trend: Increasing number & diversity of charities, Greater public expectation towards charities being more transparent & accountable Need to ensure continued growth of the charitable sector & maintain public confidence Hence need to go beyond tax issues to focus on the governance of charities & IPCs 5

Major Policy Change Greater powers given to COC to act for protection of charities & public interest Make orders on the application of the property of a charity under certain circumstances Prohibit, stop or restrict public fund-raising by a charity or person so as to protect public interest Regulate the conduct of public fund-raising Tighten registration of charities Increase the composition sums 6

New Regulatory Model (from Sep 2006) Commissioner of Charities (COC) (Under the purview of Ministry of Community Development, Youth and Sports) 6 Sector Administrators (Overseeing charities and IPCs under their sectors purview) Charities & IPCs that do not fall under any of the 6 Sector Administrators Ministry of Information, Communications and the Arts : Arts and Heritage Ministry of Education : Education Ministry of Health: Healthcare National Council of Social Service : Social Service / Welfare People's Association : Community Singapore Sports Council : Sports Charity Council Led by people sector representatives Objectives Promoter Promote good governance standards & best practices in the charity sector Enabler Help build the capabilities of charities to enable them to comply with regulatory requirements & to be more accountable to the public Advisor Advise the COC on key regulatory issues & proposals that have broadranging impact on the charity sector 7

Guiding Principles Nurture a charitable sector that remains driven by the community; basic set of rules will not be onerous & stifle volunteerism, but will be enforced strictly to maintain public confidence. Boards of charities & IPCs are ultimately responsible for the charities & should take ownership to improve their governance. Self-regulation within the charity sector; greater disclosure to promote informed giving by the public. Regulatory framework should not be one-size-fits-all. 8

Vision & Strategies Vision A well-governed and thriving charity sector with strong public support Strategies (1) Ensure regulatory compliance (2) Promote good governance & best practices (3) Be a proactive charity advisory 9

Strategy 1: Ensure Regulatory Compliance COC will regulate charities & IPCs, with the help of Sector Administrators Monitor thru annual reports & financial statements Track the delivery of services/programmes/activities to ensure that the charities deliver benefits to achieve the charitable purposes Ensure resources are used for charitable purposes Conduct audit on large charities & IPCs Risk-based approach priority is to assess regulatory compliance of large charities & IPCs first Investigate into complaints 10

Strategy 1: Ensure Regulatory Compliance COC also regulates fund-raising in Singapore: Foreign charitable causes A permit is required Conditions imposed to ensure proper solicitation & usage of donations Local charitable causes Set of fund-raising guidelines for any persons conducting public fund-raising appeals Police permit for House-to-house & Street Collections; other permits if required 11

Strategy 2: Promote Good Governance & Best Practices Code of Governance Sets out the principles & best practices in key areas of governance & management Required online submission to regulators on extent of compliance with the Code Field Visits Helps regulators to understand the charities business & advise them on ways to improve their governance Funding Support $45m capability fund to co-fund cost of capability-building in charities through use of ICT, consultancy & training 12

Strategy 3: Be a Proactive Charity Advisory Charity Council Led by people sector to promote good governance & best practices Also advises the COC on key regulatory issues & proposals which may have broad-ranging impact on charity sector Released its inaugural Charity Governance Report in Feb 2009 Charity Portal One-stop online portal to facilitate e-registration of charities/ IPCs One-stop resource for charities, donors & general public to obtain information on charities, charity regulations, regulatory guidance, etc. 13

Positive Outcomes Achieved Governance Evaluation Checklist 81% (1,500) charities & IPCs have submitted Median governance evaluation score is 87% State of governance in charity sector is good, above expectations Public confidence in charities are rising Public Confidence Public confidence in charities has increased from 83% in 2006 to 90% in 2008 *Source: NVPC Individual Giving Survey 2008 14

Upcoming Changes to Charities Act Provide clarity on the roles & responsibilities of board members & protect them from personal liability if they have acted honestly and in good faith Provide power to regulate IPCs more effectively Enhance regulatory oversight on fund-raising, including requiring any fundraisers, not just charities & IPCs, to furnish the COC with information necessary for the investigation into complaints pertaining to fund-raising Streamline accounting standards & reports to make them more relevant for charities to improve disclosure & transparency 15