SMA Charity Fund
   
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Corporate Governance and Reserves Policy

Governance in the charity refers to the systems and processes for managing the overall direction, effectiveness, supervision and accountability of an organisation. As a community organisation working for public benefit, SMACF is accountable to the public and it is our goal to continuously ensure that good governance practices for the effective performance and operation of SMACF is in place. Some of our policies are summarised below.
 
Board of Directors
We believe that a strong and experienced board of directors will be able to best serve the objectives and interests of SMACF. Our board of directors comprises individuals from diverse professional backgrounds who possess immense experience in governing charities and a keen interest in healthcare and medical education. The heterogeneity of the Board allows for robust discussion and a diversity of ideas, which would further advance the objectives and interests of SMACF. No member of the Board is paid for services to the SMACF in that capacity.
 
Conflict of interest and related party transactions
All board members and key management personnel of SMACF are required to read and understand the policy on conflicts of interest that are in place, and make full disclosure of any interests, relationships and holdings that could potentially result in a conflict of interest. When a situation with a conflict of interest arises, the conflicted party shall abstain from participating in the discussion and decision-making of that matter.
 
Reserves policy
In addition to reviewing our reserves on an ongoing basis, SMACF intends to maintain a sufficient level of reserves to allow it to continue its work and perform continuing obligations even when donations dry up during unforeseen circumstances. SMACF is in its fourth year of operation while new and current programmes develop and proceed.
 
Governance Evaluation Checklist
SMACF is required to evaluate its compliance to the Governance Evaluation Checklist introduced by the Charities Council of Singapore. 
 
Annual Report and Audited Financial Statements
The audited financial statements for the period ending 31 December 2016 and the Annual Report 2016 can be obtained from here.