CHC Kena Investigation!

[whorejinx]

When church or any organization gained a bit of strength PAP always shit in their pants. Their childish kiasu attitude will establish lots of hostile enemies for themselves. Which is good for their ending.

 

[lifeafter41]

I remember CHC collect more than 10% tithe; citing some old testament about giving additional 3% or something for musicians to "make music to God"

Beyond tithing, CHC also collects pledges (like for building church, buying sites, love gift and donations during services.

With people like Elim Chew and Jack Neo (who purportedly gave $18k/mth), it'll probably take them less than a year to raise $330 million.

I wonder if they open their books. It'll be interesting to see how much the pastors are paying themselves to "give up potentially successful careers to serve God".

Just for simple calculation, assuming members of 33000 consist of 1 family of 4, that would make 8250 family. With household incomes assuming at S$5,000 (i am sure it is higher that that, as those that attend CHC are normally quire well to do.) at 10% that would make S$500 * 8250 * 12 or almost 50million per year. Just imagine hoew much has been collected these many years they have been in existence.

S$310 million is peanuts in my view. It is good that the Commissioner of Charities is looking into this. It will be an eye opener to see in their books what is the final figures. Forumers here got any idea whichever big company is handling their accounts?.

 

[bic_cherry]

Regulation of large NON-IPC charities, is regulation lax?

Regulation of large NON-IPC charities, is regulation lax?

For an example of accounts of 'Institution of Public Character (IPC)' charity: 'Riding for the Disabled Association of Singapore (financial statement)' as an example of the application of 'Annual Online IPC Disclosure Template.doc'- see comment 8 on last page of guideline: "Related Party Transactions".
"Related Party Transactions refer to transactions between the IPC and another person where either person could have influence over the other. For example, if a board member of an IPC is related to a certain supplier of services for the IPC, the value of the transactions should be disclosed. Refer to the Financial
Reporting Standards for the full definition of Related Party Transactions."

True City Harvest Church is just an 'ordinary charity', not yet an IPC , but then again, shouldn't these 'Related Party Transactions' be listed too given the fact that all charities are income-tax-exempt and also given the fact that reserves of CHC: >>> RenCi/ AMKTHK Hosp (even if both are added together).

Balance Sheet: 'Total Funds and Liabilities'- 2009 unless otherwise stated
- Ang Mo Kio – Thye Hua Kwan Hospital, - Financial Information : $10,269,000
RenCi FINANCIAL STATEMENT: $51,134,000
- CHC FINANCIAL STATEMENTS: $111,099,000
- NKF, Financial Information (2008):$ 287,890,000


This is not an accusation of any wrong doing, just an example of what I think is lax disclosure requirements on part of CHC despite its not being an IPC, it is just a 'charity' after all (not a country club/ entertainment ctr that pays income tax/ GST)- albeit a very large one at that.

Comments to article of the same on my blog are welcomed.