New rules to root out foul plays of charities

By Dong Zhen | April 17, 2012, Tuesday |

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.

Metro

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

New rules to root out foul plays of charities

Email this to your friend