tag:blogger.com,1999:blog-249142036245875345.post8153372776670617932..comments2022-11-01T19:09:29.708+08:00Comments on News Clips: Megachurches' tax status bears scrutinyUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-249142036245875345.post-42536766421991683382010-04-23T01:45:24.328+08:002010-04-23T01:45:24.328+08:00It is not the case that CHC is "not yet"...It is not the case that CHC is "not yet" an IPC. By the criteria for being an IPC, it would never be an IPC. Which is good, because as an IPC, it would be able to give tax-exemption for donations received. <br /><br />As a charity, all that is recognised is that it is in a "business" that don't usually make money. Usually. <br /><br />As a religious charity, it provides its followers with spiritual guidance, and perhaps hope. What it does is no different from other religious organisations does. The Buddha Tooth Relic Temple in Chinatown was built with donations from Buddhists, for example.<br /><br />But it does what it does very well. To the point where it may not need the charity status. Or perhaps, its business ventures should be separately managed by a corporation or company registered to carry out secular transactions, with the CHC as a shareholder in whole or in part - in order to separate the church business from their investments.<br /><br />Personally, I think all religion is fraudulent. But for most people, they need to believe and they need religion. And we cannot protect them from themselves.El Lobo Locohttps://www.blogger.com/profile/15175480795509003725noreply@blogger.comtag:blogger.com,1999:blog-249142036245875345.post-5883467110713525532010-04-02T20:08:39.995+08:002010-04-02T20:08:39.995+08:00http://just-my-observation.blogspot.com/2010/04/re...http://just-my-observation.blogspot.com/2010/04/regulation-of-large-non-ipc-charities.html<br /><br />Regulation of large NON-IPC charities, is regulation lax?<br /><br />For an example of accounts of 'Institution of Public Character (IPC)' charity: 'Riding for the Disabled Association of Singapore (financial statement)' as an example of the application of 'Annual Online IPC Disclosure Template.doc'- see comment 8 on last page of guideline: "Related Party Transactions".<br />"Related Party Transactions refer to transactions between the IPC and another person where either person could have influence over the other. For example, if a board member of an IPC is related to a certain supplier of services for the IPC, the value of the transactions should be disclosed. Refer to the Financial<br />Reporting Standards for the full definition of Related Party Transactions."<br /><br />True City Harvest Church is just an 'ordinary charity', not yet an IPC , but then again, shouldn't these 'Related Party Transactions' be listed too given the fact that all charities are income-tax-exempt and also given the fact that reserves of CHC: >>> RenCi/ AMKTHK Hosp (even if both are added together).<br /><br />Balance Sheet: 'Total Funds and Liabilities'- 2009 unless otherwise stated<br />- Ang Mo Kio – Thye Hua Kwan Hospital, - Financial Information : $10,269,000<br />RenCi FINANCIAL STATEMENT: $51,134,000<br />- CHC FINANCIAL STATEMENTS: $111,099,000<br />- NKF, Financial Information (2008):$ 287,890,000<br /><br /><br />This is not an accusation of any wrong doing, just an example of what I think is lax disclosure requirements on part of CHC despite its not being an IPC, it is just a 'charity' after all (not a country club/ entertainment ctr that pays income tax/ GST)- albeit a very large one at that.<br /><br />Comments to article of the same on my blog - http://just-my-observation.blogspot.com/2010/04/regulation-of-large-non-ipc-charities.html, are welcomed.bic_cherryhttps://www.blogger.com/profile/09871337938998320826noreply@blogger.com