ANNUAL REPORT 2010 / 2011 - MINDS

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FINANCE AND INVESTMENT COMMITTEE (FIC) Seated from left to right: Mr Keh Eng Song, Mr Kenneth Chua, Ms Lai Aun Leng Standing from left to right: Mr Boo Chong Han, Mr Cheo Hock Chin, Mr Ong Wee Gee, Mr Justin Lim Chairman Members Chief Executive Officer Finance Director Mr Kenneth Chua Mr Ong Wee Gee Mr Justin Lim Mr Boo Chong Han Mr Cheo Hock Chin Mr Keh Eng Song Ms Lai Aun Leng MILESTONES AND ACHIEVEMENTS Electronic Payment System The manual cheque system was successfully migrated to an electronic payment system (the DBS Integrated Direct Electronic Access Link), to enhance the efficiency of the payment process in MINDS. The new web-based system provides 24/7 access to MINDS’ cash position, raises financial responsiveness to clients’ needs, frees up manpower to other priority areas in MINDS and reduces paper usage. Rigorous security features are in place to ensure the integrity of the transactions. Investments In treasury management, FIC aims to maximise returns on investments within acceptable risk levels. The investment planning approach is based on asset allocation, and diversification of investments to minimise risk. Investments are placed in high grade bonds and fixed deposits with reputable financial institutions. Within these parameters, the average rate of return on our surplus funds improved over the previous year, and no losses were sustained. Electronic Purchasing Software Module Enhancement The e-purchasing system was refined to improve documentation standards, transparency and accountability at all levels. The FIC will continue to promote sound governance among operational staff in MINDS. 28 MINDS ANNUAL REPORT 2010 / 2011
Capital Management FIC oversaw the budgeting processes in MINDS. The annual budget for 2010 was discussed, endorsed and adopted by EXCO. In spite of the challenges of rising employment costs and inflation, spending had been prudent. FY 2011/12 WORKPLAN Continuous Improvement of Financial Processes The FIC is committed to raise the efficiency and effectiveness of Finance operations in MINDS. Wherever possible, system checks are incorporated into existing accounting or payment systems to reduce incidence of human errors or oversight. Electronic Banking Other functionalities within the electronic payment system IDEAL will be explored to further automate and simplify workflow and processes. Examples of new functionalities for consideration include Telegraphic transfers, MEPS (MAS Electronic Payment System), Giro collection, payroll, and payment processes for trainee allowances. Budget FIC will continue to ensure responsible budgeting, that sufficient capital is maintained to meet liabilities and fund activities, and regular budget reviews and reminders to staff to uphold their positions of trust in the conservation and expenditure of funds. Upgrade Accounting System MINDS’ external reports are mandated by the regulatory bodies and the local Financial Reporting Standards. In view of the upcoming issue of the Charity Accounting Standards by Accounting Standards Committee, the current accounting system will be configured and codified for compliance with the new reporting requirements. FIC would explore providing adequate project and job costing through the accounting system to manage the social enterprise contracts. Finance Manual Review Financial policies will continue to be reviewed and refined. A rigorous approval process for these reviews would be put in place to ensure compliance with financial and operating procedures and minimise the possibility of fraud. Investments In light of market volatility (eg. the civil war and political unrest in the Middle East that caused oil prices to escalate, and Japan’s disasters), risk appetite would continue to be conservative, with emphasis on capital preservation, stable returns and modest growth potential on portfolios. Market developments would be closely monitored and adjustments made on portfolios accordingly. Compliance with Revised Code of Governance and other Statutory Regulations Both the refined Code of Governance for Charities and IPCs and the amendments to the Charities Act were issued in 2011. In the spirit of upholding donor confidence in MINDS, FIC will continue to observe the regulations and continually improve corporate governance within MINDS. MINDS ANNUAL REPORT 2010 / 2011 29
Page 1 and 2: ANNUAL REPORT 2010 / 2011
Page 3 and 4: CONTENTS 02 Principal Officials ...
Page 5 and 6: Patron Vice-Patron Dr Cheong Choong
Page 7 and 8: Standing from left to right: Ms Pre
Page 9 and 10: PRESIDENT’S REVIEW In recognition
Page 11 and 12: GOVERNANCE EVALUATION CHECKLIST FOR
Page 13 and 14: S/N Description Code ID Response Re
Page 15 and 16: The Schools had a vibrant year, hig
Page 17 and 18: The transition programme for gradua
Page 19 and 20: SOCIAL ENTERPRISE & EMPLOYMENT DEVE
Page 21 and 22: The Woodlands Employment Developmen
Page 23 and 24: RESIDENTIAL, TRAINING & DEVELOPMENT
Page 25 and 26: Community Group Home 3 male and 2 f
Page 27 and 28: ehaviour at home. Support was given
Page 29: planning or representing clients’
Page 33 and 34: HUMAN RESOURCE COMMITTEE Standing f
Page 35 and 36: IT COMMITTEE Seated from left to ri
Page 37 and 38: Saradha Anantharaman Ms Saradha Ana
Page 39 and 40: Hong Kong & Shanghai Banking Corpor
Page 41 and 42: BUILDING & FACILITIES COMMITTEE Sta
Page 43 and 44: MINDS eNews MINDS’ electronic sta
Page 45 and 46: all the stretching and exercises, t
Page 47 and 48: NUS. The project groups banded toge
Page 49 and 50: MOVEMENT FOR THE INTELLECTUALLY DIS

ANNUAL REPORT 2010 / 2011 - MINDS

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