SINGAPORE: For the first time in a decade, NKF is in the red. In its latest fiscal year ending June 2009, NKF had a deficit of S$900,000.
The lack of donations and a dip in investment income were cited as reasons for the deficit.
S$18.5 million were received in donations, a 26 percent or S$6.5 million, decrease from the previous fiscal year.
Investment income dipped by 97.5 per cent from S$3 million to S$80,000.
NKF hopes donors will return with the end of the recession and will nurture existing donors.
Every year, NKF has a net increase of 150 patients.
But expenses were up with the number of patients increasing by 7.3 per cent to hit 2,574.
Subsidies and assistance also rose by 9.4 per cent to S$22.3 million.
For this financial year, it's setting aside S$24.5 million for assistance aid and subsidies.
Its reserves is currently at S$270 million.
NKF said it's able to cope and will use the surplus from the previous years to tide over the deficit.
Despite this, it's still planning to build a new dialysis centre in Jurong.
$900k? No big deal, that's only 1 1/2 peanut.