Monday, May 23, 2005

TODAYonline-Fewer, less stringent recommendations for IPCs

TODAYonline: "Fewer, less stringent recommendations for IPCs
Govt accepts many suggestions about fundraising, disclosure

Tor Ching Li

AFTER nearly 18 months of handwringing, Singapore's some 870 Institutes of Public Character (IPCs) � non-profit organisations authorised to receive tax-deductible donations � can finally heave a collective sigh of relief.
Not only has the Council on Governance of IPCs (CGIPC) relaxed and reduced its stringent 'mandatory recommendations' for fundraising and disclosure procedures, the Ministry of Finance (MOF) has now approved most of its suggestions, modified some and adopted the rest as 'best practices' rather than law.
IPCs will have till Jan 1, 2007, to comply with the 19 recommendations � 15 of which refer to mandatory requirements and the rest, guidelines.

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