Yet another CDC funding project
According to the Straits Times news report “Central CDC launches $250,000 fund to encourage community projects” (Feb 10) – “A $250,000 fund to encourage community initiatives was launched on Tuesday by the Central Singapore Community Development Council (CDC).
Central Singapore CDC serves more than 900,000 residents in the Bishan, Toa Payoh, Ang Mo Kio, Moulmein, Whampoa, Sengkang and Tanjong Pagar areas.”
CDCs raised $11.8m of donations
The CDCs annual report 2013 (page 39) says that $11.8 million of donations were raised for the financial year 2013.
$51m of reserves
Its reserves (accumulated surplus) was $51 million.
CDCs compete with VWOs for donations
Since the CDCs changed its policy a few years ago to start raising its own funds by asking for donations – it has been competing with Voluntary Welfare Organisations (VWOs) for much needed and limited charity dollars.
More than $20b surplus, but can’t give $11.8m
As the Government has a cash Budget surplus in excess of $20 billion (under IMF fiscal reporting guidelines) every year in recent years – why can’t it just give the $11.8 million to the CDCs which serve the entire population of Singaporeans?
Also, why do the CDCs need to accumulate reserves?
Tote Board reserves increase to $4.1b
According to the Totalisator Board’s 2013/14 annual report (page 38) – it had accumulated surpluses of $4.1 billion as of 31 March 2014, which is an increase of $800 million or 24 per cent from two years’ ago – of $3.3 billion on 31 March 2012.
Why is it that the Tote Board keeps accumulating more surpluses?
Annual surplus more than donations
Its surplus for the year was $433 million (page 37) against total donations of only $397 million (page 29).
In other words, it accumulated more money in the year as surplus, than the total donations disbursed.
Why Govt, Tote Board so stingy?
If the Government does not give the $11.8 million to the CDCs – why can’t the Tote Board give the money instead of accumulating an annual surplus of $433 million?
Although outstanding donation commitments was $2.3 billion – it has always had annual revenues which exceed donations and expenditure to accumulate surpluses.
Accumulate, accumulate!
This fixation of accumulating surpluses in Singapore must be reviewed. After all, similar tote boards all over the world channel relatively much more to help the needy.
Win battles lose war
TRS Contributor