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Partnership in foundations

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1 Partnership in foundations on Sun Jul 20, 2014 12:56 am


Arresto Menor
I am the president of a foundation here in the Philippines, and our sponsors are from different countries, but our major sponsors are from Australia where the foundation originated, the founder was also from there and she is one of the foundations incorporator.

We mainly provide educational sponsorships, and most of the kids we support goes to the school of his in-laws, every time they sent money to the foundation, they gave us the breakdown on where to use the money, but since not all of the sponsors from other countries like malaysia, norway and etc. is not updated in paying their sponsorship amount, we diverted some of the funds to where it is necessary. The school reported us to them and they wanted the foundation to be closed and give them all of its property to the school not just for payment but because they dont trust us now.

Since we dont follow their instruction, they want to file a case against us,   I think its MALVERSATION OF PUBLIC FUNDS or STAFA.

We are legally operating in Philippines, with SEC registration.

Do you  think its applicable?
I would appreciate your reply.


Last edited by Srlforbes on Sun Jul 20, 2014 1:10 am; edited 1 time in total

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2 Re: Partnership in foundations on Sun Jul 20, 2014 12:59 am


Arresto Menor
Just to add, the school gave a wrong statement of account to our major sponsor which is Australia..

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