Town Hall Meeting V: Accounting for Good

Transcription

1 Charity Council, Centre for Social Development Asia (CSDA), and Institute of Singapore Chartered Accountants (ISCA) cordially invites you to a Town Hall Meeting V: Accounting for Good 17 May 2017, Wednesday, 9.30am to 2pm

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7 Accounting Firms with Booths Today RSM RHT Management Services Pte Ltd Kudos CAS Public Accounting Corporation Lo Hock Ling & Co. Town Hall Meeting V (17 May 2017)

8 Charity Council, Centre for Social Development Asia (CSDA), and Institute of Singapore Chartered Accountants (ISCA) cordially invite you to Town Hall Meeting V: Accounting for Good 17 May 2017, Wednesday, 9.30am to 2pm

9 Welcome Address Mr Gerard Ee Chairman Charity Council Town Hall Meeting V (17 May 2017)

10 ISCA Sharing Mr Kon Yin Tong Vice-President Institute of Singapore Chartered Accountants Town Hall Meeting V (17 May 2017)

11 Presentation: Accounting for Good Professor Teo Chee Khiang NUS Business School Town Hall Meeting V (17 May 2017)

12 ACCOUNTING FOR GOOD Professor Teo Chee Khiang Professor (Practice) NUS Business School (Accounting Department) 12 Town Hall Meeting V 17 May 2017 Copyright National University of Singapore. All Rights Reserved.

13 Authors Dr Isabel Sim Dr Isabel Sim is a Senior Research Fellow at the Department of Social Work, Faculty of Arts and Social Sciences, National University of Singapore as well as Director (Projects), Centre for Social Development Asia. She obtained her PhD in Finance from The University of Western Australia in Assoc Prof Alfred Loh Dr Alfred Loh (FCA, Singapore; FCPA, Australia) is an Associate Professor in the Department of Accounting at NUS Business School. He served as the Head of the Department of Accounting from 2007 to He obtained his PhD from The University of Western Australia. Prof Teo Chee Khiang Professor (Practice) Teo Chee Khiang is a Fellow Chartered Accountant of Singapore, Fellow CPA of Australia, and serves on the Board of Governors at the Institute of Internal Auditors, Singapore. He had extensive public sector audit experience as well as consulted with the World Bank. He currently teaches in the Department of Accounting at NUS Business School. 13 Town Hall Meeting V 17 May 2017 Copyright National University of Singapore. All Rights Reserved.

14 A project in collaboration with: Supported by: 14 Town Hall Meeting V 17 May 2017 Copyright National University of Singapore. All Rights Reserved.

15 Acknowledgements Institute of Singapore Chartered Accountants (ISCA) Ms Jennifer Toh Ms Pauline Chee Ms Lim Ju May Ms Chia Suat Ning Charity Council Secretariat Ms Sim Hui Ting Ms Kelly Teo Ms Eileen Chow Ms Theresa Lee Chartered Institute of Management Accountants (CIMA) Ms Shavonne Sim Ms Paige Liaw Centre for Social Development Asia (CSDA) - Staff Mr Vincent Yang (till Nov 2016) Ms Tan Shi Hui Centre for Social Development Asia (CSDA) Research Assistant Mr Lam Mingjun Centre for Social Development Asia (CSDA) Research Interns Ms Chan Wing Yan Ms Claribel Low Ms Gong Yuan Mr Koh Luwen Ms Persa Chowdhury Ms Wang Qiqi Contributors Chapter 1 Mr Gerard Ee (President, ISCA & Chairman, Charity Council) Chapter 2 Mr Ang Hao Yao (Chairman, SATA CommHealth) Chapter 3 Ms Woo E-Sah (Audit Partner, RSM Chio Lim LLP) Chapter 4 Mr Natarajan Subramaniam (Board Member, AWWA Ltd) Ms Lilian Tay (CEO, Shared Services for Charities) Chapter 5 Mr Ang Chee Wee (Director of Corporate Services and Resource Development, National Kidney Foundation (NKF)) Chapter 6 Mrs Leung Yee Ping (Executive Director, Young Women s Christian Association (YWCA)) Chapter 7 Mr Edmund Wan (President, Handicaps Welfare Association (HWA)) 15 Town Hall Meeting V 17 May 2017 Copyright National University of Singapore. All Rights Reserved.

16 16 Town Hall Meeting V 17 May 2017 Copyright National University of Singapore. All Rights Reserved.

17 Background to this book One of Charities most important asset is TRUST To earn this trust, Charities have to be financially accountable by keeping accurate and up-to-date financial records, managing their finances well, and complying with the law. Surveys conducted in previous Town Hall meeting found many Charities need help in: eg Accounting Budgeting Cost Accounting Reserves and Investment Management 17 Town Hall Meeting V 17 May 2017 Copyright National University of Singapore. All Rights Reserved.

18 Accountants can do good by helping Charities to do good better. 18 Copyright National University of Singapore. All Rights Reserved.

19 19 Town Hall Meeting V 17 May 2017 Copyright National University of Singapore. All Rights Reserved.

20 20 Town Hall Meeting V 17 May 2017 Copyright National University of Singapore. All Rights Reserved.

21 Purpose of this book This book introduces to the accountants areas where they can volunteer their expertise in Charities It also serves as a basic reference manual for boards, management and staff working in Charity sector to improve the Charity s financial management. 21 Town Hall Meeting V 17 May 2017 Copyright National University of Singapore. All Rights Reserved.

22 Overview of Book Provides an overview on accounting for Charities Guide for Charities on how to improve their accountability, transparency and financial management Highlight areas where accountants can volunteer their expertise and services in the charity sector 22 Town Hall Meeting V 17 May 2017 Copyright National University of Singapore. All Rights Reserved.

23 Book Chapters Chapter 1 Helping Charities do Good Better - What Accountants Can Do Chapter 2 The Regulatory Framework of Charities (Part 1) Chapter 3 The Regulatory Framework of Charities (Part 2) Chapter 4 Chapter 5 Chapter 6 Chapter 7 Risk Management, Internal Controls, Internal Audit Full-Cost Accounting in the Charity Sector Cash Flow Management in Charities Reserves and Investment Management in Charities 23 Town Hall Meeting V 17 May 2017 Copyright National University of Singapore. All Rights Reserved.

24 How can accountants help? Preparing cash flows Drawing up a proper budget Conducting internal audits Conducting risk management Implementing fullcost accounting system Adopting suitable investment strategies Compliance with legal requirements and accounting standards 24 Town Hall Meeting V 17 May 2017 Copyright National University of Singapore. All Rights Reserved. 1 Commissioner of Charities. (2015). Commissioner of Charitties Annual Report: For the Year Ended 31 December 2014; eport%202014_published.pdf

25 Future Initiatives Thought Leadership Book Handbook Conference in Town Hall Meeting V 17 May 2017 Copyright National University of Singapore. All Rights Reserved. 1 Commissioner of Charities. (2015). Commissioner of Charitties Annual Report: For the Year Ended 31 December 2014; eport%202014_published.pdf

26 Thank You 26 Town Hall Meeting V 17 May 2017 Copyright National University of Singapore. All Rights Reserved.

27 Sharing Session Mr Tay Woon Teck Partner, RSM Singapore Town Hall Meeting V (17 May 2017)

28 17 May 2017 Tay Woon Teck, Risk Advisory, RSM

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45 Panel Conversation Mr Gerard Ee Ms Lilian Tay Ms Choo Mr Alfred Tan Chairman, Charity Council Former CEO Shared Services for Charities Shiu Ling CEO Assisi Hospice CEO Singapore Children s Society Town Hall Meeting V (17 May 2017)

46 Moderator Mr Tay Woon Teck Partner RSM Singapore Town Hall Meeting IV (2 Nov 2016) Town Hall Meeting V (17 May 2017)

47 This session uses Pigeonhole Live for interactive Q&A. 3. Enter passcode: TOWNHALL5 POWERED BY:

48 Panel Conversation Town Hall Meeting IV (2 Nov 2016)

49 Ms Winifred Loh Director CNPL Sharing Centre for Non Profit Leadership (CNPL) Town Hall Meeting V (17 May 2017)

50 Board atch Volunteering Winifred Loh, Director

51 We are committed to supporting and strengthening the community of givers, makers, leaders, servants, dreamers and do-ers who together, will do the good we can do through our initiatives, programmes and network. Together, we will build a city of good. #cityofgood

52 SKILLS-BASED VOLUNTEERISM

53 1 in 3 would like to volunteer skills Of which, 1 in 3 would like to offer skills related to general services and administration (e.g. cooking, despatch, cleaning, transport, clerical, etc.) Main 2014 Interest in skill based volunteering Yes 32% General services and administration (e.g. cooking, despatch, cleaning, transport, clerical) Human services (e.g. befriending, mentoring, running errands) Professional services (e.g. legal, finance, communication / PR / event management, IT, management) Sports / Recreation (e.g. coach, referee) Performing and visual arts & entertainment (e.g. acting, stage crew, singing, dancing, painting, photography) General art & craft Don t Know 9% No 59% Health related (e.g. nursing, therapy) Skilled trades (e.g. carpenter, electrician, hairdresser) Property-related (e.g. minor repair / maintenance work, looking after property) Green efforts (e.g. gardening, environment protection, recycling) Volunteer co-ordination (e.g. train, brief, lead volunteers in activity) Education related (e.g. tuition, reading, life skills, library services, parents teachers associations) No preference Q31. Would you like to use your skills e.g. sports, performing arts, professional services, cooking to volunteer? Base (2014): All respondents, n = 1,828 Q32. You mentioned that you would like to use your skills e.g. sports, performing arts, professional services, cooking to volunteer,what is one skill that you would like to offer most? Base: All respondents who would like to use their skills, n=577

54 WAYS OF GIVING VOLUNTEERS (%) 0% 20% 40% 60% 80% 100% Hands-on/ manual volunteering 64 Pro-bono services 23 General skill-based volunteering15 Board service 11 Partnered with other corporate, government, non-profit organizations and/or individuals to meet community 0 needs Advocacy 0 Avg Weighted Base size Volunteers only: n=30 B1: There are many ways of giving. Which of the following way(s) of giving did your company in Singapore undertake in the past fiscal year? 5 4

55 ABOUT CENTRE FOR NON-PROFIT LEADERSHIP

56 About CNPL MISSION To advocate planned leadership and to nurture leadership capability for the non-profit sector. VISIO N Transforming the non-profit sector through effective, committed and passionate leaders.

57 Our Work SOURCE PEOPLE SEARCH DEVELOP LEADERSHIP DEVELOPMENT ALIGN ORGANISATION DEVELOPMENT Objective Identify best fit candidates for board renewal and leadership pipeline Cultivate and nurture leadership capabilities for better Board performance Strengthen leadership capacity to enhance board effectiveness and NPO impact Approach Develop and build Strong Relationships with NPO Leaders and Corporate Professionals Design sustainable and purposeful learning journeys through collaboration and partnerships Establish thought partnerships with NPO Leaders based on evidence and expertise Solutions ExpertMatch Leaders Lab Social Leadership Singapore Leadership Alumni Leadership on Track

58 SOURCE

59 Source Overview of BOARDMatch / EXPERTMatch

60 Source The Matching Process

61 Chemistr y Source 5 C s of Effective Matching Do you..? have a cause/sector that you are passionate about want to engage with and make a difference in the community have prior experience in a volunteer leadership role have specific skills/expertise for a volunteer leadership role know the type of volunteer leadership role you want to undertake have clear objectives for pursuing a volunteer leadership role have the capacity for a long-term volunteer leadership role have the time to fulfil ongoing volunteer leadership duties and responsibilities want to be part of a team environment that may be diverse have good interpersonal and communication skills

62 Source Successful Matches * *Data as of 1 March 2017

63 Source Matching Benefits 1. Bring diversity and renewal to your NPO boards and project committees 2. Role model good governance with an independent sourcing channel 3. Get access to a network of highly experienced and committed leaders 4. Gain best-practice knowledge from varying sectors and industries 5. Leverage on CNPL s insights and experience in capacity building 6. Complimentary to all NPOs and volunteer leaders

64 Source Testimonials CNPL s BoardMatch is a valuable resource a pool of talent built up over years of diligence and meticulous work. CNPL helps to match these volunteers with charities where they can contribute Poh Kiang HCA Hospice Care Dr Tan President, CNPL s BoardMatch program connected me to Singapore Gymnastics where I contribute my Management Accountancy skills to the sporting community. BoardMatch Volunteers do make various positive contributions in many organisations. I believe these volunteers engaged by CNPL are able to assist non-profit organisations achieve their strategic objectives and bring corporate governance to the next level. Mr Stephen Lim Treasurer, Singapore Gymnastics "Very happy with BoardMatch! CNPL took time to understand my needs, shared the companies' perspective and their requirements, and ensured a win-win situation! Thank you CNPL!" Mr Vaidyanath Swamy Board Member, World Toilet Organization

65 Reach Us Website Address THE CENTRAL, 6 EU TONG SEN STREET #04-88 SINGAPORE

66 Thank You! Any Questions?

67 Closing Address Dr Ian Selby Vice President of Research and Development Chartered Institute of Management Accountants (CIMA) Town Hall Meeting IV (2 Nov 2016) Town Hall Meeting V (17 May 2017)

68 Charity Council, Centre for Social Development Asia (CSDA), and Institute of Singapore Chartered Accountants (ISCA) cordially invite you to Town Hall Meeting V: Accounting for Good 17 May 2017, Wednesday, 9.30am to 2pm

69 CorpPass Sharing Town Hall Meeting IV (2 Nov 2016) Town Hall Meeting V (17 May 2017)

70 An Introduction to CorpPass 17 May 2017

71 What is CorpPass? CorpPass is a new digital identity for corporate users. IDENTIFIES WHO YOU ARE CorpPass is your identity when you transact with government agencies. IDENTIFIES YOUR ENTITY CorpPass identifies the entity or business you are transacting for. IDENTIFIES YOUR ROLE AS A USER CorpPass identifies your role when you are transacting with an digital service.

72 How does my entity set up CorpPass? 3 key steps to get started: Step 1: Check Your Entity s Eligibility Step 2: Identify Your CorpPass Role Step 3: Register & Set Up CorpPass

73 Step 1: Check your entity s eligibility Is your entity eligible for CorpPass? AVAILABLE NOW! AVAILABLE IN 2018 NOT ELIGIBLE Local Entities with Unique Entity Number (UEN) Foreign Entities Local Entities without Unique Entity Number (UEN) Locally registered organisations that have been issued a UEN by ACRA or other issuance agency Overseas organisations without a local UEN *Availability of CorpPass login is subject to provision by agency s digital services Note: Currently, only SingPass holders can use CorpPass. Non-SingPass holders will be able to use CorpPass in Local entities or individuals operating in Singapore but not issued a UEN [An entity may obtain a UEN by registering with an appropriate UEN issuance agency.]

74 Step 2: Identify your CorpPass Role Which is your CorpPass Role? Choose CorpPass Admin(s) Internal decision made offline. Creates CorpPass User Account(s) Registered Officer Person(s) registered with the entity s UEN For example, this could be one of Governing Board Members of the Charity Does not need to create a CorpPass account, unless he choose to be a CorpPass Admin CorpPass Admin Starts the CorpPass registration for entity Manages entity s CorpPass Maximum of 2 Admin accounts per entity CorpPass User Logs in with CorpPass to transact for entity No limit to the number of CorpPass Users per entity

75 Overview of CorpPass Setup Identify your entity type: One Man Shop I am the only user who transacts for my entity. CorpPass Admin is the RO Complex Entity My entity has multiple users who access different digital services. CorpPass Admin is not the RO 1 REGISTERS FOR CORPPASS ADMIN REGISTERS RO APPROVES ADMIN CREATES USERS SELECTS DIGITAL SERVICES ASSIGNS DIGITAL SERVICES END END

76 CorpPass System Demo

77 Where can you get support? Self-Help Materials CorpPass Helpdesk? Step-by-step User Guides Video Guides Frequently Asked Questions (FAQs) Tel: (+65) Mondays to Fridays: 8:00am 8:00pm Saturdays: 8:00am 2:00pm Closed on Sundays & Public Holidays CorpPass Business Centre By appointment only us at with the subject title Request for appointment. Please state the nature of your enquiry with your preferred date and time. The CorpPass Team will reach out to confirm the scheduled appointment via .

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79 Contact Us Please help us to fill in the evaluation form Please visit this site for the book, Accounting For Good : er/accounting_for_good Town Hall Meeting V (17 May 2017)

80 Accounting Firms with Booths Today RSM RHT Management Services Pte Ltd Kudos CAS Public Accounting Corporation Lo Hock Ling & Co. Town Hall Meeting V (17 May 2017)

81 Charity Council, Centre for Social Development Asia (CSDA), and Institute of Singapore Chartered Accountants (ISCA) cordially invite you to Town Hall Meeting V: Accounting for Good 17 May 2017, Wednesday, 9.30am to 2pm