(My Paper, Page A4, Dec 23, 2011)
ELEVEN years after its inception, the Straits Times School Pocket Money Fund (SPMF) will finally become a full- fledged charity when it receives Institution of a Public Character (IPC) status next month.
The fund became a charity last month and, once it gets IPC status, it will enjoy greater autonomy when conducting fund-raising programmes and managing its finances.
The SPMF will have to abide by the code of governance and regulations that apply to other charities.
The new status means the fund is authorised to receive tax-deductible donations and issue tax-exemption receipts to donors directly.
The SPMF started out as a community project, which meant that donations had to be received through the National Council of Social Service (NCSS). Tax-exemption receipts were also issued by the NCSS to the fund's donors.
The donated funds were disbursed through the NCSS' network of voluntary welfare organisations and family-service centres to help needy students with their daily school-related expenses.
Source: My Paper © Singapore Press Holdings Limited. Reproduced with permission