Additional Requirements for IPC and Large Charities/IPCs
As your charity grows, you will need to take note of the additional requirements and obligations of IPCs and large charities/IPCs.
A large charity/IPC refers to one with
gross annual receipts of not less than $10 million in each of the last 2 financial years immediately preceding the current financial year. Such an institution will have to comply with additional rules relating to governing board members and auditors.
The additional rules include:
- Having at least 10 governing board members;
- Financial statements to be audited by auditors approved by the COC or your Sector Administrator (SA); and
- Auditor to be changed at least once every 5 years, with COC/SA’s approval. The application for approval can be submitted online via the Charity Portal.
The last 2 requirements are applicable to all IPCs, regardless of their financial size.