Non-profit charities are organizations that exist to help the public. They are created solely for charitable purposes and usually get their funding from donations, either from individuals or businesses. The money they receive is used for activities that help those in need, as well as for their everyday operations. Because of this, charities need audit services to make sure their financial records are properly managed. Audit firms provide these charity audit services in Singapore, following the best accounting and financial practices.
All registered charities and Institutions of a Public Character (IPCs) automatically receive tax exemptions. If a property is used for charitable purposes, it may also qualify for full or partial property tax exemption upon application, which is reviewed by the Comptroller of Property Tax. When donors contribute to registered IPCs, they receive tax exemption receipts that can be used to claim tax relief on their tax assessments. This encourages IPCs to uphold high standards of regulatory compliance and governance.
Like other registered organizations, charities and IPCs must have their accounts audited to ensure they follow the guidelines set by the Inter-Ministry Committee (IMC) on the Regulation of Charities and IPCs. These guidelines require IPCs to comply with Financial Reporting Standards (FRS) and Recommended Accounting Practices (RAP) 6 issued by the Institute of Certified Public Accountants of Singapore. Audits help ensure that best accounting practices are followed. Since donors have a right to know how their contributions are used, charity audits promote transparency and accountability, helping to prevent misuse of funds.
Funding Period: April 1, 2022 – March 31, 2027
The Charity Capability Fund (CCF) aims to boost productivity, improve operational efficiency, and enhance governance and management capabilities in exempt and registered charities and Institutions of a Public Character (IPCs).
If you want to start a non-profit organization in Singapore, it’s a good idea to seek professional assistance. A professional services firm can guide you through the registration process and help you meet ongoing compliance requirements.
Clooud Consulting specializes in setting up non-profit organizations and foundations with different charitable goals. Whether your focus is on humanitarian work, conservation, supporting underprivileged families, or tackling environmental issues, we have the expertise to help you. Contact us for a quote!
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