International Buddhist Progress Society (Hong Kong)

Major source of income was public donation and was mainly for designated purpose
Fair fund raising efficiency
Cost of raising every $100 was about $29
Fund raising expense was about 11% of total expenditure
Programmes, salaries and administrative expense were about 19%, 10% and 16% of total expenditure
Most expenditure (42%) was ‘impairment loss on amount due from a subsidiary’ which was amounted to $7 million dollars
Breakdown of project expenses to different countries were clearly stated on the audit report
The organisation is the mother company, and should own all the assets of the subsidiary ultimately, however, the public has no way to understand the property trading or the activities of the subsidiary
With such a significant amount of impairment loss on amount due from a subsidiary, public would questions where the donation go and whether there will be more impairment loss in the future
Recorded a surplus
Cash in hand can support operation for 22 months
However, cash net the current liabilities would leave no money for operation
Cash in hand is less than the amount of designated fund and part of the fund could have be used in other ways

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 nature and reason of the ‘impairment loss on amount due from a subsidiary’
To mention how the organization use the designated fund

Charity Information

To promote Buddhism, Chinese culture and charitable works </br> To help mentally disable people and elderly and hold various activities </br> To assit in building primary schools in China and set up scholarships

http://www.ibps.org.hk/

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