The Charity Council has published its third issue of Charity
News. Themed "new beginnings", this issue covers topics related to improvements and new initiatives
in the charity sector. Find out how the National Kidney Foundation has moved on
since the saga in 2005, and learn more about the new Charity Council
initiative, INTouch visits. It also features common
mistakes that board members should avoid to maximise their effectiveness. Have
your say in the forum and stand to win attractive prizes!
(Updated:
31 Jan 2012)
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Guidance on Independent Examination
With the recent amendments to the Charities
(Accounts and Annual Report) Regulations, charities with annual income or
expenditure of $500,000 or below do not need to have their financial statements
audited. The office of the Commissioner of Charities has developed a Guidance
on Independent Examination together with a sample Independent
Examiner's Report
for Independent Examiner's adoption. This
Guidance is applicable for the examination of financial statements of
accounting periods ending on or after 1 March 2011.
(Updated:
23 Dec 2011)
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2012 Calendar with Submission Deadlines
The Charity Council has published a wall
calendar for 2012. This calendar lists the deadlines for submissions and
disclosures required by the Charities Unit and Sector Administrators. This easy
reference ensures that your charity will never forget another deadline!
Download
Charity Council's 2012 Calendar in low-resolution
(562KB) or high-resolution
(4.5MB).
(Updated:
15 Dec 2011)
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SMS Facility on Fundraising
A Short Messaging Service (SMS) facility is available to help members of
the public verify the authenticity of the fundraising activities they encounter
on public streets. These activities require either a House-to-House and
Street Collection license issued by the Singapore Police Force or a Collector's
Certificate of Authority issued by the National Council of Social
Service.
You can send a SMS query to 74688 (i.e. SGOVT), using the following
format "FR<space><license/certificate number or organisation name>". The facility will then send you a SMS reply indicating whether
the organisation has a valid
license or certificate.
(Updated:
9 Nov 2011)
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Change in Submission Date for Annual Return of Tax-Deductible
Donations
Institutions of a Public Character (IPCs) are currently required under
the IPC Regulations to submit their annual return to the Office of the
Commissioner of Charities or the relevant Sector Administrator by end February
the following year. This annual return is a summary of the IPC's
tax-deductible donations for the preceding calendar year. Starting from
2012, all IPCs have to submit these annual returns by end January each year,
the same as the submission deadline for
the detailed donation records to the Inland Revenue Authority of Singapore
(IRAS).
The change is reflected in the Charities
(Institutions of a Public Character) (Amendment) Regulations.
(Updated:
5 Sep 2011)
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Guidance on Charities Engaging in
Business Activities
As part of a wider effort to help charities improve their governance,
the Office of the Commissioner of Charities has issued guidance for charities
which are engaging or intend to engage in business activities. The
guidance aims to provide greater clarity to charities on when and how they may
engage in business activities. It also provides advice on when business
subsidiaries should be set up to conduct such activities.
Press
Release
Guidance
on Charities Engaging in Business Activities
(Updated:
22 Jul 2011)
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Accounting Template and Explanatory Notes for Charities Accounting
Standard (CAS)
The Office of the Commissioner of Charities
has developed the CAS Accounting Template to help charities and IPCs prepare
and present financial statements on an accrual basis. Charities and IPCs that need guidance on
preparing accounts based on the CAS can refer to the Accounting Template and
Explanatory Notes attached below.
Accounting
Template
Explanatory
Notes
(Updated:
11 Jul 2011)
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Press Release on Charities Accounting Standard
The Accounting Standards Council
(ASC) had issued today the Charities Accounting Standard (CAS), which is tailored to meet the needs of the
charity sector and its stakeholders. The
new standard will make financial reporting simpler and more relevant for
charities while enhancing disclosures for greater transparency. This latest initiative is also part of a
larger effort by the Office of the Commissioner of Charities to improve
governance and enhance public confidence in the charity sector.
Press
Release
Statement
of Applicability
Charities
Accounting Standard
(Updated:
24 Jun 2011)
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Responses to Public Consultation on Exposure Draft of Charities
Accounting Standard
The
Accounting Standards Council (ASC) and the Office of the Commissioner of
Charities (COC) would like to thank all respondents for their feedback. A
public consultation exercise was conducted from 23 Dec 2009 to 3 Mar 2010 to
seek views from the charity sector, the accounting professionals, and the
public on the Exposure Draft of Charities Accounting Standard (CAS) and its
application. The ASC and the Office of the COC have taken note of all
suggestions, fine-tuned the CAS, and ensured alignment with the FRS, where
appropriate. The response to the significant comments gathered during the
public consultation exercise is attached.
Response
on Public Consultation
(Updated:
24 Jun 2011)
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Commissioner of Charities Releases 2010 Annual Report
Total Tax Deductible Donations Increased 13% to $776 Million
The Commissioner of Charities (COC) has released its annual report for
the year ended 31 December 2010. The report provides an overview of the charity
sector as well as activities which the COC Office had undertaken in 2010. Key
highlights include an increase in charitable giving and efforts to strengthen
governance in charities, including amendments to the Charities Act.
Press
release
Commissioner
of Charities Annual Report 2010
(Updated:
17 Jun 2011)
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Submission of Governance Evaluation Checklist for Charities and IPCs
Since 2008, all charities and IPCs are
required to annually submit an online Governance Evaluation Checklist on the
Charity Portal. Following the release of the refined Code of Governance
for Charities and IPCs in January 2011, a new online checklist has also been
introduced since 1 April 2011. Charities and IPCs are now required to
submit their checklist within six months after the end of their respective
financial years. The assessment period will coincide with their financial year.
For
assistance on accessing the Charity Portal to submit the checklist, please
contact the Charities Unit at Tel: 6354 8543, Fax: 6259 7340, or email: MCYS_Charities@mcys.gov.sg.
(Updated:
21 Apr 2011)
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Amendments to the Charities Act and
Regulations
As part of our on-going efforts to develop a well-governed charity
sector that enjoys the confidence and support of the public, the Office of the
Commissioner of Charities has introduced a number of amendments to the
Charities Act which were approved by the Parliament on 22 November 2010.
These amendments aim to facilitate charities and charity board members in their
work, to better protect donors, and to maintain public confidence.
The key changes that took effect from 1 March 2011 are
summarised here.
(Updated:
15 Mar 2011)
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Charity
Profile Updates on the Charity Portal
Charities and IPCs
are reminded to update their organisational profile (e.g. change in Board
members or key position holders) on the Charity Portal within 7 days of any
changes. Charities and IPCs can also contact their respective Sector
Administrator for assistance to delete obsolete user access accounts.
(Updated:
15 Mar 2011)
