Tuesday, November 22, 2011

Tax Exemption for Mano Amiga donors

Mano Amiga Academy, inc. is proud to announce that it was recently granted by the Philippine Council for NGO Certification (PCNC), a certification for donee institution status.

The PCNC accreditation gives corporate and individual donors exemption from donor’s tax and allows the donated amount to the Foundation to be deducted from their taxable incomes. Based on the Philippine Tax Code, the cap for deductibility is 10% for individual donors and 5% for corporate donors. Only organizations with a successful track record for at least two years could apply for the status.

PCNC was established as a response to the growing number of “fly-by-night” foundations and those that are being used solely to avoid paying taxes.

Mano Amiga Academy received its accreditation after PCNC conducted a thorough review of its operations, finances and policies. PCNC also looked at the dif- ferent resources that the school had in place to ensure project sustainability.

“Acquiring our PCNC accreditation is an important milestone for Mano Amiga Academy because it helps attest to our legitimacy and professionalism as an organization,” Development Director Lynn Pinugu said. “My deepest gratitude goes to the Grupo Integer administrative team for helping us prepare the necessary requirements, as well as to the Mano Amiga staff, students, and families who had given powerful and inspiring testimonials all throughout the evaluation.”