iServe at the 4th Charity Council Governance Seminar

iServe participated in the 4th Charity Council Governance Seminar held on 25 Feb 2011. A booth was set up to introduce to the participating charities, iServe’s finance and accounting shared services which aims to relieve charities of common administrative process and allow them to focus more on delivering their strategic missions.

The event, held at the Health Promotion Board Auditorium for charity Board members and management staff, was organised by the Charity Council, with the theme “The Refined Code of Governance – What does it mean for you and your charity.” More than 200 charity representatives attended the seminar to better understand the refined Code of Governance and exchange practical advice with experts and peers on good governance practices.

Mrs Fang Ai Lian, Chairman of the Charity Council, shared in her opening address that over the last year, Charity Council has gained more experience from field visits with valuable feedbacks gathered from the ground.  Many of the charities which the Council has visited responded that the guidelines were unclear and some of the guidelines were irrelevant and difficult for small charitable organisations to comply.

With the refined new guidelines, Mrs Fang highlighted that there will be better flexibility and clarity to aid compliance by the charitable organisations. This will attract more and better qualified volunteers, Board members, donors which will in turn, improve public confidence in the charity sector.

Associate Professor Mak Yuen Teen, Chairman of Code of Governance Sub-committee, Charity Council, elaborated on the refined Code of Governance 2011 for charities and Institutions of a Public Character (IPCs).  The objective of the refinement is to make Code clearer, more relevant and easier for charities to adopt the guidelines.

With the launch of the refined Code of Governance on 19 January 2011, a new online checklist will be implemented from 1 April 2011. Charities and IPCs will be required to submit their checklist within six months after the end of their respective financial years. At least one submission is to be made within 2011.

Mr R. Dhinakaran, Governing Council Member, Singapore Institute of Management, shared on how the Singapore Institute of Management (SIM) adopt the governance and continue to use it to progress.   He mentioned that it is important to have a proper policy for volunteers and a sound financial management that ensures transparency and accountability. SIM is one of the best private universities in Singapore and is a good example of successful huge IPCs.

Mr Irving Low, Partner, KPMG Singapore, highlighted on the importance of governance and how it could improve and benefit charity organisations.  The aim is to achieve conformance and performance balance. Establish a sound internal control system, including documentation of policies and procedures are essential keys to improve accountability and audit.  Mr Low concluded that implementing good governance is an ongoing process which involves consistent monitoring and reviewing.

iServe is a Shared Services Programme, initiated by the Charity Council, to support the Charities/IPCS and NSAs in their Finance, Accounting and Payroll functions, so as to allow the  Charities/IPCS and NSAs to better focus on their core strategic missions.  By signing up for the iServe programme, Charities/IPCS and NSAs can be relieved of these administrative work, and enjoy value for money professional services by tapping on the economy of scale of the shared services.  They can also be assured that the services are performed in compliance with regulatory requirements and reporting standards, with enhanced level of governance.

For charities interested in outsourcing their finance, accounting and payroll operations,  please feel free to contact the iServe Team at 8139 3332 or send us an enquiry at http://iserve.sg/contact.html. For more information on iServe, please go to www.iserve.sg.

The seminar resources can be found below:
Topic 1: Refining the Code of Governance conducted by: Associate Professor Mak Yuen Teen
Topic 2: Applying the Refined Code conducted by: Mr R. Dhinakaran
Topic 3: How Governance Reviews Can Improve Your Charity conducted by: Mr Irving Low