PROCEDURES ON DONATIONS/FUNDING

Receipts of Donations

  1. SBCBEFI receives donations to finance its various projects, e.g

 

Scholarships, improvement/construction of facilities, community development, faculty development, assistance for victims of calamities, etc.

  1. Official receipt of SBCBEFI is issued upon receipt of donation.
  2. Corresponding Certificate of Donation (CoD) is submitted to the Bureau of Internal Revenue (BIR) with copy received by BIR
  3. Copy of CoD duly received by BIR is given to the Donor to support the Donors’ claim of deductible expense for income tax purposes.
  4. All receipts of SBCBEFI are deposited to its authorized depository bank.

 

Funding/Disbursements

  1. SBCBEFI receives requests for funding of activities for its authorized projects (as stated in no. 1 above).
  2. Check(s) are issued for requisitions with approval from the CEO

 

Note:

  1. All disbursements are made through issuance of checks.
  2. Donations intended for particular activities are properly noted and monitored.
  3. Approved projects with funding from donations intended for particular activities are given priorities on the use of said funds.

     

    SBCBEFI is accredited by the Philippine Council for NGO Certification (PCNC) registered with the Bureau of Internal Revenue (BIR). As a Donee Institution, donations to SBCBEFI are deductible business expenses for tax purposes.

    Donors will be issued Official Receipts and Donation Certificate duly received by BIR.

     

     

    SEC Registration No. CN200313486
    BIR Registration No. IRC0000122298
    TIN 225-102-172-000NV

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