Please see article below. How can investment income dip 97% from $3m to only $80K with a reserve of $270m? This is ridiculous!
The only way this could have happened is NKF must have bought some high risk investments and got burned. (maybe subprime stuff?)
If one invests in blue chips with $270m of capital, surely dividends would alone be more than $80K! Don't tell me there is another Cowboy Durai sitting on the board. Donations are from the public and this is totally unacceptable. The 80K amount is not even sufficient to cover inflation!
Majority of the investment should have been held in soverign bonds or bank deposits and this would not have happened.
Looks like NKF is still in as deep a sh*t as before when most people would have thought otherwise. I was dumbfounded when I read the article.
What I don't like is journalists who write things using their arses to do the thinking. No one could have missed the ridiculous $80K investment kachang income and any journalist who is truly serving public interest here would have probed into this.
Instead, the journalist wrote the article in a way to appeal for more donations. Look at the title of the article! I hate to see people getting conned into donating to NKF without knowing how NKF mishandled $270m of public donations. Please spread the word that NKF is still as screwed up as before.
NKF S$900,000 in the red - its first deficit in 10 years
By Lynda Hong, Channel NewsAsia | Posted: 17 November 2009 2122 hrs
SINGAPORE: For the first time in a decade, the National Kidney Foundation (NKF) is in the red. In its latest fiscal year ending June 2009, NKF had a deficit of S$900,000.
The lack of donations and a dip in investment income were cited as reasons for the deficit.
S$18.5 million were received in donations, a 26 per cent or S$6.5 million drop from the previous fiscal year. Investment income dipped by 97.5 per cent from S$3 million to S$80,000.
NKF hopes donors will return with the end of the recession and will nurture existing donors. Every year, NKF has a net increase of about 150 patients.
Expenses rose as the number of patients increased by 7.3 per cent to hit 2,574. Subsidies and assistance also rose by 9.4 per cent to S$22.3 million.
For this financial year, the organisation is setting aside S$24.5 million for assistance aid and subsidies.
Its reserves currently stands at S$270 million. NKF said it is able to cope and will use the surplus from the previous years to tide over the deficit.
Despite the deficit, NKF is still planning to build a new dialysis centre in Jurong. - CNA/vm
The only way this could have happened is NKF must have bought some high risk investments and got burned. (maybe subprime stuff?)
If one invests in blue chips with $270m of capital, surely dividends would alone be more than $80K! Don't tell me there is another Cowboy Durai sitting on the board. Donations are from the public and this is totally unacceptable. The 80K amount is not even sufficient to cover inflation!
Majority of the investment should have been held in soverign bonds or bank deposits and this would not have happened.
Looks like NKF is still in as deep a sh*t as before when most people would have thought otherwise. I was dumbfounded when I read the article.
What I don't like is journalists who write things using their arses to do the thinking. No one could have missed the ridiculous $80K investment kachang income and any journalist who is truly serving public interest here would have probed into this.
Instead, the journalist wrote the article in a way to appeal for more donations. Look at the title of the article! I hate to see people getting conned into donating to NKF without knowing how NKF mishandled $270m of public donations. Please spread the word that NKF is still as screwed up as before.
NKF S$900,000 in the red - its first deficit in 10 years
By Lynda Hong, Channel NewsAsia | Posted: 17 November 2009 2122 hrs
SINGAPORE: For the first time in a decade, the National Kidney Foundation (NKF) is in the red. In its latest fiscal year ending June 2009, NKF had a deficit of S$900,000.
The lack of donations and a dip in investment income were cited as reasons for the deficit.
S$18.5 million were received in donations, a 26 per cent or S$6.5 million drop from the previous fiscal year. Investment income dipped by 97.5 per cent from S$3 million to S$80,000.
NKF hopes donors will return with the end of the recession and will nurture existing donors. Every year, NKF has a net increase of about 150 patients.
Expenses rose as the number of patients increased by 7.3 per cent to hit 2,574. Subsidies and assistance also rose by 9.4 per cent to S$22.3 million.
For this financial year, the organisation is setting aside S$24.5 million for assistance aid and subsidies.
Its reserves currently stands at S$270 million. NKF said it is able to cope and will use the surplus from the previous years to tide over the deficit.
Despite the deficit, NKF is still planning to build a new dialysis centre in Jurong. - CNA/vm
