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While many not-for-profits excel in their primary roles and activities, they often struggle to keep abreast of relevant rules and regulations applicable to Charities and Institutions of a Public Character (IPCs) due to limited resources dedicated to these necessary functions.
Following the wake of recent events that drew public attention to mismanagement issues and lack of governance in charities and religious organisations, not-for-profits are now under greater scrutiny with the implementation of tighter regulatory requirements and increased transparency demands.
Dealing with Unique Challenges
Charged with juggling these new responsibilities, not-for-profits are forced to operate in a leaner manner and find more efficient ways to deploy manpower. This has resulted in a sharp rise in demand for experienced partners to alleviate strain and keep operations running smoothly.
How we support?
| Compliance | Advisory | Process Productivity | ||
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Audit
- Statutory audits
- Audit certifications (e.g. fundraising appeals, annual return of tax deductible receipts for IPCs, patient statistics, student muster)
Tax
- GST – compliance and advisory (e.g. assessment of GST registration liability)
- Customised GST workshops
- Assistance with application of International NPO status with EDB
Advisory
Risk management
- Personal data protection
- Internal audit and regulatory compliance
- Risk management framework development
- Corporate governance review
- Board evaluation
- Policies and procedures development
Corporate
- Corporate structure
- Committee structure
- Constitutional documents
Business Solutions
Corporate secretarial services
- Organisation setup (Society or Public Company Limited by Guarantee)
- Corporate secretarial and statutory compliance
Accounting
- Setup of accounting systems, processes and workflows
- Conversion of FRS to CAS
- Recurring administration and accounting services
Technology advisory and information technology
- Membership, grants and donor management system
- Non-profit events management system and self-help portal solution
- Automated donations
- Microsoft Office 365 (free subscription)
- Disaster recovery site services
- Azure cloud backup/managed cloud backup
- Cloud infrastructure as a service
- Anti-ransomware protection
- Next-generation firewall
Payroll
- Payroll outsourcing
- HR advisory
We have a dedicated not-for-profit team with experience working with numerous clients, including large societies and companies limited by guarantee, across diverse sectors with primary activities related to:
 | Education (public schools, institutes of higher learning) | ||
 | International non-profit organisations (e.g. inter-governmental organisations, non-governmental organisations) | ||
 | Religious activities | ||
 | Sports (national sports associations) | ||
 | Community and youth associations | ||
| Health (e.g. hospitals, clinics, health-related foundations) | |||
 | Arts and heritage | ||
 | Other non-profit or social objectives (e.g. clubs, clans, chambers of commerce) |
We track pressing trends and challenges encountered by not-for-profits and assess the implications for our clients. Combining in-depth knowledge with technical expertise, we deliver holistic solutions with real-world practicality.
- Dedicated not-for-profit team since 2007
- Extensive experience serving not-for-profit clients across many different sectors
- Expertise in the Singapore Financial Reporting Standards, the Charities Accounting Standard, and the Code of Governance for Charities and IPCs
- High partner, director and manager involvement
- End-to-end services and capabilities
- Expertise in compliance with legislation governing charities and IPCs
Key findings of the Charity Council Risk Management Survey 2017
- 50.9% of respondents do not have a formal approach to managing risk, or are unsure if a policy exists.
- 59.4% of respondents stated that they either do not understand or are unsure of the benefits of proper risk management.
- The survey discovered that respondents were not sure who is responsible for risk management – the Board, CEO or CFO, Audit Committee, Internal Audit, or Board Risk Committee.
- Charities placed the most importance on their finances and viewed IT risks as the least important. This is despite them operating in an increasingly digital world.
Top risks affecting charities
- Strategic risks
- Financial risks
- Operational risks
- IT risks
- Compliance risks
How we can help charities address the gaps identified in the survey
- Organise workshops to create risk awareness and promote accountability
- Develop Risk Management Manual that includes risk strategy, governance structure, policy, process and templates to institutionalise risk management in key decision-making process and to enable continuous reporting & monitoring
- Establish roles and responsibilities for Board, Committee, Management, Risk Function, and Internal Auditor
- Establish risk appetite statements, risk tolerance limits as well as set key risk indicators for effective monitoring
- Assess adequacy and effectiveness of risk mitigations
- Generate report of risk profile and action plan
Charities will receive:
- Risk management manual
- Register of risk universe
- Risk register of top risks and key indicators
- Risk heat maps
- Risk appetite and risk tolerance
- Summary risk Report for the board
Our approach
We rely on internationally-recognised enterprise risk management frameworks to help charities identify, analyse and manage risks.
- 3 Lines of Defense
- ISO 31000
- COSO ERM
Talk to our experts:
Uthaya C Ponnusamy
Partner & Industry Lead, Not-for-Profit Practice
T +65 6715 1378
[email protected]
Sovann Giang
Senior Director & Deputy Industry Lead, Not-for-Profit Practice
T +65 6594 7892
[email protected]
