Monday, November 23, 2009

NKF to dip into reserves

I wasn't quite sure what to make about the recent report about how the NKF suffered "one of its worst financial results in years". It ran into a deficit of some $900,000 and had to dip into its reserves.

I was tempted to feel sorry for it until I was reminded of the whopping size of its reserves. $270 million!!! This pretty much the same as when it ran into the TT Durai scandal in 2005. I couldn't help thinking that even if the charity couldn't ever do better than this recession year, and had to dip into into its reserves to the same degree for the next 100 years, there would still be a sizeable pile of cash in the bank.

By comparison, the Community Chest in 2007/8 raised $52 million and disbursed $49 million.
Annual Report 2007/2008

1 comment:

Anonymous said...

It just shows how capable TT Durai was in raising money while appointees find ways of losing it.

Reflective of our society in many ways.