The Online Financial Summary (OFS) was first introduced in 2007 for IPCs to post a summary of their financial information on the Charity Portal for public viewing.
As part of the Office of the COC’s on-going efforts to help charities improve their accountability and transparency and to enhance public confidence in the charity sector, this requirement was extended to all externally audited charities as part of their Annual Reports with effect from January 2013. These include all charities set-up as companies, charities with IPC status and all other charities with annual income/expenditure over $500,000. Self-funded grantmakers are excluded from the above reporting requirement.
Click here to view a sample OFS.
To allow the Office of the COC to strengthen oversight of the funds that charities remit or apply for overseas purposes, charities are required to provide information about overseas expenditure, capital outlay, as well as remittance of funds as agents that were spent in, remitted to or benefitting locations outside Singapore. Such reporting will include the total quantum of financial resources applied overseas as well as the list of countries in which the overseas expenditure/capital outlay/remittance of funds are applied/remitted to, or where the overseas beneficiaries and partners are located. The names of overseas recipients will need to be disclosed in relation to overseas remittance of funds made by charities as agents.
The reporting requirement applies to all charities which are required to complete the OFS. Self-funded grantmakers are also excluded from the above reporting requirement.
Charities may refer to the following documents for further information:
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