One of the vital elements in financial management for NGO sector is transparency, including auditing report. MyCARE takes the responsibility to provide clear frameworks on how we manage public funds through our auditing report for the public to access.

Following is a brief explanation on MyCARE financial Management:

1. Each year MyCARE allocates 15% of the contribution fund¹ for management costs².
2. Accounts that are closed at year end (31st December) shows the final total amount of the actual cost management. The surplus from the cost saving will be allocated in the ‘Emergency and Investment Fund’ or Reserve Fund.³
3. The Emergency and Investment Fund is used for:
   • Fund cover for emergency campaign needs e.g: flood disaster, earthquake, tsunami. This fund will be allocated for immediate response and distribution purpose while on-going fundraising activities.
   • To be used for investment purpose to cover management cost. To date 15-20% of operating costs have been successfully covered as result of investment profits. As result, MyCARE manage to maintain the management cost around 7-8% per year. The fund for investment is also part of MyCARE long-term plan towards 100% of total disbursement from the contribution fund and 100% management cost fully covered from the investment profit.
4. This financial structure that has been practice for years and has enable MyCARE to disburse 85-88% of the donations for the beneficiaries to name a few in Palestine, Syria, Yemen every year.

Towards a better financial practice in NGO, in hope this brief explanation could portray a clear framework how MyCARE manages its public funds with full of responsibility and put transparency  as a top priority. MyCARE will continue to strive for a better financial management with transparency and integrity, and keep the trust from the public as our biggest responsibility for the benefit of those in dire need around the world.

Thank you for your support and trust over the years.

[1] No management costs are taken for Asnaf Family Fund (0%). The management cost for the Orphan Fund is set at 2.6% only.

[2] Refer to financial report NOTE 2 (k) under Revenue Recognition.

[3] Refer to financial report NOTE 2 (k) under Revenue Recognition

Related reports for reference::

1. MyCARE Audit Report 2019
2. MyCARE Audit Report 2020
3. MyCARE Audit Report 2021 
4. MyCARE Audit Report 2022
   
   

• Read this report in Bahasa

  Last update: 23 Sep 2024