Alternative news in 1 day? (part 86) – Community Chest real donations down 28% – Tote Board’s accumulated surplus $3.8b?

I refer to the article “Welfare needs soar, but not giving” (Straits Times,  Mar 16).

Welfare needs soar, real donations dropped 28%?

It states that “Welfare needs have gone up nearly 70 per cent the last five years but donations have not kept up …

donations from the community have not grown in pace with the rise of social needs over the last few years …

“it received $42.6 million from companies, foundations and individuals in 2010, but expects to collect a total of $38.5 million for the current financial year ending this month”

This means that donations have dropped by about 10 per cent from five years ago.

In real terms after adjusting for inflation of about 16 per cent the last five years – donations have declined by about 28 per cent.

Tote Board accumulated surplus $3.8b?

“The Singapore Totalisator Board, which runs lotteries and football betting, has also stepped forward to fill the gap, tripling its donations to $50.9 million for the next financial year”

– According to the Tote Board’s annual report 2013  – it had a surplus for the year and accumulated surplus of $577 million and $3.8 billion, respectively.

Why does it need to accumulate so much surpluses?

Donated only $395m?

In contrast, the actual donations paid out (not donation commitments in future years) for the year was only $395 million.

Taxes to Government $1.5b?

Also, its annual contribution to Government (betting duties, income tax and contribution to the consolidated fund) was over $1.5 billion last year.

Leong Sze Hian

About the Author

Leong
Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.