The Hong Kong Buddhist Association

Major source of income was donation
Surplus for the year excluding depreciation was about $22million, which was about 70% of government subvention ($34million)
Most of the government subvention was not spent during the year
Cash and investment in hand was about $573 million which can support 8 years operation
Invested in Equity Linked Note which was a high risk investment product
To make gain from investment was not the mission of the organization and the organization may want to explain the investment strategy to the public
Religious body originally was not on our rating priority list, however, we had users requesting us to perform the rating
No rating is available because of no disclosure of fund raising expense
Project expense, salaries and administrative cost were about 3%, 66% and 27% of total expenditure Project expense was mainly donation and subsidy
Salaries should have included front line staff costs
No estimation of front line staff cost was made because no disclosure of number of front line and administrative staffs
Schools under the organizations have separate independent audit reports and the figures were not included in this audit report

核查日期:Nov. 3, 2018

Rating
    
Fund Needs
   
Fund-raising efficiency
Fund-raising expenses
Project expense
Staff salaries
Administrative expenses
010

Suggestion

To explain the investment strategy
To state the number of front line staff

Charity Information

To promote Buddhism and charitable works </br> Services include education, medical treatment, youth services, elderly home, and burial services etc.

http://www.hkbuddhist.org/

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