Financial Status
The Hong Kong AIDS Foundation is a registered charitable institution which depends on funding and donations. According to the annual reports of year 2002-2005, the Foundation received funding mainly from the AIDS Trust Fund, donations and income from the seed fund. The greatest contribution in terms of monetary value comes from the seed fund, in which the capital donation came from the Hong Kong SAR Government and The Hong Kong Jockey Club. The Foundation has a continued annual trend of current expenses exceeding current income and therefore relies on the income brought by the seed fund as well as investments which contributes to surpluses at the end of March throughout the years. The top three donors were AIDS Trust Fund (愛滋病信託基金委員會), Maryknoll China Service and Levi Strauss & Co.in the year 2004-2005. Also, the Foundation is exempted from Hong Kong profits tax as it is a registered charitable institution. The fund is mainly spent on various projects and activities, library development, education and publicity programs and other administrative costs like salaries for full-time staff. The percentage of expenses spent on staff and allowances has remained high throughout the years - 69% of the total amount of expenditure was allocated under the category of staff and allowances in the year 2005. It is Mr Stephen W.T. Liu, JP who guides and gives advises to the Finance Committee.
Read more about this topic: Hong Kong Aids Foundation
Famous quotes containing the words financial and/or status:
“A theory of the middle class: that it is not to be determined by its financial situation but rather by its relation to government. That is, one could shade down from an actual ruling or governing class to a class hopelessly out of relation to government, thinking of gov’t as beyond its control, of itself as wholly controlled by gov’t. Somewhere in between and in gradations is the group that has the sense that gov’t exists for it, and shapes its consciousness accordingly.”
—Lionel Trilling (1905–1975)
“screenwriter
Policemen so cherish their status as keepers of the peace and protectors of the public that they have occasionally been known to beat to death those citizens or groups who question that status.”
—David Mamet (b. 1947)