The Online Financial Summary (OFS) provides a summary of the key financial information of a charity. All charities whose financial statements are required to be audited by a public accountant must submit the OFS. However, the following charities do not need to submit the OFS:
The OFS is submitted as part of charities’ submission of Annual Reports (including financial statements and the appropriate Governance Evaluation Checklist) within 6 months from the end of each financial year of a charity. The OFS should be approved by the governing board members of a charity prior to submission to the Commissioner of Charities via the Charity Portal.
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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Governance Evaluation Checklist