China Releases Draft Rules on Foundations

Published: April 25, 2012

China has released a draft of new rules on foundations for public comment by May 3. These draft rules cover some urgent problems in management of foundations and their assets, including donation agreements and donor wishes; receipts for donations given to foundations; treatment of non-cash, corporate, emergency, reconstruction and other forms of donations; improving foundations’ internal systems on use of funds and expenses; limits on foundation operating expenses; treatment of foundation income and endowments; and strengthening foundation transparency.