Decree No. 30/2012/ND-CP dated April 12, 2012 of the Government on the organization and operation of social funds and charity funds

FUND FOUNDING BOARD MUST HAVE AT LEAST THREE FOUNDING MEMBERS

This is the contents regulated under the Decree No. 30/2012/ND-CP dated April 12, 2012 of the Government on the organization and operation of social funds and charity funds.

Specifically, founding members shall set up a fund founding board, composed of at least three members, including the head, deputy head and founding members (instead of two members according to the previous regulations).

The fund founding board shall compile a dossier of application for a fund establishment license and send it to a competent state agency. And for a fund established by Vietnamese citizens or organizations, it shall assure an amount of contributed assets converted into Vietnam dong being five billion for funds operating nationwide or in more than one province; one billion for funds operation within a province; one hundred million for funds operation within a district; and twenty million for funds operation within a commune.

The fund is used to pay expenses for the provision of public services, implementation of scientific research schemes and targets programs and projects ordered by the State; to finance programs and projects of humanitarian and charity purposes, for promoting the development of culture, education, healthcare, physical training and sports and science or for other social purposes for community development in accordance with funds’ charters.