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					Updated as at 05/04/2011



SPECIAL ACCOUNT-FAQs


Why do I need Special Account?
National Arts Council (NAC) set up this scheme to help arts organisations in
their funds raising effort and to encourage greater public support for the arts.
Under the scheme, NAC acts as the Central Fund administrator of the
Support for the Arts Fund, to facilitate arts organisations to receive
tax-deductible donations.


ELIGIBILITY

How do I know if my organisation is eligible?
Organisations must be registered under the Charities Act to be eligible for the
Special Accounts Scheme. In addition, the organisation should be one of the
following:-

   Any bona fide arts society
   Any bona fide non-profit arts company
   Arts training institution registered in Singapore


APPLICATION PROCEDURES

How do I apply for this scheme?
Application should be made on the official form at least 3 months before the
account is expected to start operation. All completed forms should be
submitted together with:

   A copy of the applicant’s governing instrument (i.e. the constitution or the
    Memorandum & Articles of Association)
   A copy of applicant’s latest audited financial accounts
   A description of applicant’s services and programmes
   A description of any fund set up by the applicant for a specific project.
    Examples of specific project funds include a building fund, an anniversary
    fund or an endowment fund.


DONATIONS

Is there a minimum target amount of donation?
The minimum targeted amount of donation made through the Account should
be $20,000 per annum, or $60,000 accumulated over a period of
3 years, during the membership term.

If my donors donate computers, facilities, paintings, objects to my
organisation, are they eligible for the tax-exempt receipts?
No. Tax-exemption receipts are only eligible for outright cash or cheque
donation.


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Who do I need to pay out the cheque to?
All cheques should be made out to National Arts Council with the completed
tax-deduction form. Amount on cheque should be before deduction of
benefits.

Is there a deadline for submission of cheques?
You are to submit your cheques as soon as you have received them.

PLS NOTE: For cheques received on 30 December or later, we can only
issue tax-exempt receipts for the following year.

Where does the donation amount go to?
It will be channelled back to the Account Holder for his/her use.
Our GIRO dates are on the 10th, 20th and 30th of every month.

How will the tax-deductible receipts be sent?
The tax-deductible receipts will be sent back to the Account Holder for
forwarding to the donors.


MAINTENANCE OF ACCOUNTS

Do I need to maintain a list of donors?
Yes, This record must be available at all times for inspection by
NAC/Controller of Income Tax)

You need to maintain a record of the following:-
 Name of donor
 NRIC/FIN no. of donor (ROC no in the case of corporate donors)
 Actual amount or value of donation received
 Date donation is received
 Terms & Conditions under which donation is made (if any)
 Tax Deductible Receipt number

Do I need to post Financial & Non-Financial information on the website?
Yes, it’s part of IRAS’s requirements before opening a special account.

What if I don’t have a website?
You can send your financial & non-financial information to us and we will post
it on the NAC website for you.




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RENEWAL OF MEMBERSHIP

What is the duration of the membership?
Duration of the membership is 3 years. However, successful applications will
be placed on a 1-year probation period.

Can I still get my tax-deduction if my account has expired?
No tax deductible receipts will be issued after date of expiry. Application for
extension should be made at least 2 months before the expiry of the current
term.

For more information, pls contact Ms Anthea Neo at Tel: 6837 9513 / Email:
anthea_neo@nac.gov.sg.




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