Background
The Ministry of Education has an Education Central Fund, which has been designated as an Institution of Public Character (IPC). NP Fund was established on 1 Apr 2003 as a member of this Education Central Fund. Under this membership, the NP Fund is allowed to issue tax-deductible receipts to donors. Donations received by the Polytechnic are channelled to this Fund.
Objectives of the Fund
The objectives of the NP Fund are as follows:
- to receive gifts and donations for the advancement of education, including those that are for the setting up of Endowment Funds, the principal amounts of which will not be used;
- to provide financial assistance through bursaries and grants to enable needy and deserving students to pursue their studies at the Polytechnic;
- to recognise the achievements of outstanding Polytechnic students and graduates through award of scholarships and prizes;
- to encourage research and development and to provide for staff development so as to keep abreast of changing technologies in industry and commerce;
- to provide funds for the welfare and other social/educational activities of the students and staff of the Polytechnic;
- to promote Ngee Ann Polytechnic as a tertiary institution and a centre for polytechnic education in Singapore; and
- to provide for the construction and improvement to the buildings and facilities of Ngee Ann Polytechnic.
Management Committee
Our Council forms the Management Committee of NP Fund. The Chief Financial Officer (CFO) of the Polytechnic has been co-opted into the Management Committee as Treasurer of the Ngee Ann Polytechnic Fund. The Management Committee members who are the Council members, are eligible for re-appointments after the end of their current term. While the term of appointment for the Treasurer coincides with the terms of appointment of the Council, the Treasurer will not be re-appointed, in order to be in compliance with the code of Governance which stipulates a limit of 4 consecutive years for the Treasurer position. The position will be rotated between the Chief Financial Officer and the Deputy Director/Finance (Revenue). The Management Committee and the Treasurer are not remunerated for their services rendered to NP Fund.
In FY2021/2022, the Management Committee comprises the following members:
| Appointment | Name and Designation |
|---|---|
| Chairman | Mr Tang Kin Fei
Chairman, SIA Engineering Company Ltd |
| Deputy Chairman | Mr Willie Tan
Former Auditor-General, Auditor-General’s Office |
| Treasurer | Mrs Tay-Tok Seok Ling
Chief Financial Officer, Ngee Ann Polytechnic |
| Members | Members are the Council members of Ngee Ann Polytechnic |
Programmes and Activities
During the year, the key programmes and activities include the following:
- disbursements of scholarships, bursaries, grants and awards; and
- support of student development programmes.
Conflict of Interest Policy
The Management Committee of the Fund and key management personnel of the Polytechnic make yearly confirmation on related party transactions. For transactions where they are in a position of conflict of interests, they will declare their interests and abstain from any decision making.
In line with disclosure requirements by the Charity Council, the Governance Evaluation Checklist disclosing the extent of its compliance with Code can be found at the Charity Portal website https:// www.charities.gov.sg.
Reserve Policy
The reserve that the NP Fund has set aside provides financial stability and the means for the development and execution of the NP Fund’s principal activities.
The Management Committee of the NP Fund reviews the amount of reserve annually, in conjunction with the review of annual budgets of the fund, to ensure that they are adequate to fulfil the NP Fund’s continuing obligation.
Audited Financial Statements
The financial statements of NP Fund can be found in the charity portal website: https://www.charities.gov.sg