CYDF Project Proposal to Sinagtala '87 - Calantas Young Dreamers ...

10. Funding and Financial Management of Scholarship Program
The main source of financial support for the Project is the
general membership of the AUFCON Sinagtala’87 through their
annual dues and fundraising activities. The fund shall be deposited in
the official bank of the Foundation in Floridablanca as a Saving
Sub-Account for CYDFI-Sinagtala’87 Scholarship Program of the
Calantas Young Dreamers Foundation, Inc. of which, the following
are assigned signatories:
1. Designated Coordinator of CYDFI-Sinagtala’87 from AUF
College of Nursing
2. Rochelle Pingul-Calma (incoming Treasurer)
3. Chrisanta Mangalindan (CEO/President)
The said fund shall ONLY be used for the financial needs of
the CYDFI-Sinagtala’87 Scholars enrolled at AUF College of
Nursing. This same fund shall be subjected to “auditing by a CPA”
and be part of the total financial activity of the Foundation to be
reported to BIR when filing for its Annual Income Tax-Return in the
Philippines PRIOR to making final annual reports to SEC (Securities
and Exchange Commission in Manila).
Release of funds shall be scheduled in reference to the
determined financial activity of the scholar in the school, in
conjunction with notation of the Coordinator.
11. Fundraising Activities of Sinagtala’87 Membership
Since Calantas Young Dreamers Foundation, Inc. is a nonprofit
organization registered at the Securities and Exchange
Commission, it has the legal status to conduct business in the interest
and general welfare of the public where it chooses to direct its
attention and activities. Upon deciding to work in collaboration with
the Foundation, Sinagtala’87 can take legal shelter under the
umbrella of the Foundation and has to follow the directives
articulated in this document called “Protocol of Implementation”.
Incoming and Outgoing Revenue Activities of the Sinagtala’87
shall be monitored by CYDFI through annual CYDFI Fiscal Audit
done by a CPA (Certified Public Accountant) in compliance with
mandate from the BIR (Philippine Bureau of Internal Revenue) and
IRS (Internal Revenue Services when fully registered in California)
in filing of an Annual Income Tax-Return of the Foundation.
All financial activities must be authenticated with RECEIPTS
officially issued by the Foundation and/or with notes/statements
issued by an authorized representative of the Sinagtala’87 to those
especially making a tax-credit claim on their donation both in the
USA (IRS) and Philippines (BIR).
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