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New rules to root out foul plays of charities
By Dong Zhen |
April 17, 2012, Tuesday
|
Online Edition
Online Edition
CHARITIES in Shanghai will have to hire professional firms to audit their financial accounts each year and those failing to comply with the new rule will face penalties and criminal investigation.
As domestic charity organizations were hit by a spate of scandals last year, Shanghai legislators are working on new rules to supervise fund-raising activities of local charities.
To close loopholes and spot foul plays, all charities must hire licensed auditors to check how their funds are used, according to a draft of Shanghai Regulations on Fund-raising.
The organizations are obliged to publish the income of a fund-raising event within 15 days. Fund managers must also publish the details of their assets, including earnings from bank interests and expenditures at least twice a year.
Fund managers guilty of embezzlement or abusing charity assets for personal gains will face criminal charges, according to the draft rules.
The Municipal Civil Affairs Bureau will run a hotline for people to report foul plays in fundraising activities.
As domestic charity organizations were hit by a spate of scandals last year, Shanghai legislators are working on new rules to supervise fund-raising activities of local charities.
To close loopholes and spot foul plays, all charities must hire licensed auditors to check how their funds are used, according to a draft of Shanghai Regulations on Fund-raising.
The organizations are obliged to publish the income of a fund-raising event within 15 days. Fund managers must also publish the details of their assets, including earnings from bank interests and expenditures at least twice a year.
Fund managers guilty of embezzlement or abusing charity assets for personal gains will face criminal charges, according to the draft rules.
The Municipal Civil Affairs Bureau will run a hotline for people to report foul plays in fundraising activities.
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