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September 24, 2009

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Jiangsu reviews regulation on charity

THE legislature in Jiangsu Province is reviewing a draft regulation on charity, local authorities said yesterday in its provincial capital Nanjing.

If passed by the Standing Committee of the Jiangsu Provincial People's Congress, the regulation will be the first in China about charity.

The regulation stipulates that charity performances, contests, sales and auctions should be co-held by a charity organization, audited and under notarization. Funds raised should be made public. The raised funds, minus costs, must all go to charity, said Zhao Shunpan, an official with the Standing Committee of the Jiangsu Provincial People's Congress.

According to the draft, charity organizations should have an executive and a supervision mechanism to prevent depreciation of assets. They should provide the society with regular asset reports, as well as annual working reports and auditing reports. The charity activities should be held voluntarily.

Each year charity organizations should spend at least 70 percent of the previous year's gains on welfare, according to the regulation. Individuals who donate to charity organizations can get favorable tax policies.


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