The Securities and Exchange Commission has issued SEC Memorandum Circular No. 15, Series of 2016, which provides guidelines to foundations on the submission of the Sworn Statement (SS) of its President and Treasurer and the Certificate of Existence of Program/Activity (COEP).
The Circular provides the following:
- Only foundations receiving funds from any Philippine government agency, or any department, bureau or office of the national government, or any of its branches or instrumentalities, or any political subdivision or its instrumentalities thereof, as well as any government-owned or controlled corporation, including its subsidiaries, or other self-governing Board or Commission of the government, or those who received donations/grants/contributions in the amount of at least Php500,000 in one or aggregate transaction per donor/grantor/contributor, are required to submit the SS and COEP.
- Foundations not receiving government funds or donations within the aforesaid threshold may dispense with the requirement of SS and COEP. However, they must submit a Certification stating that they have not received government funds nor received donations/grants/contributions within the said threshold for their operations. The said Certification shall also include a statement that there is no action or proceeding which has been filed or is pending before any Court involving an intra-corporate dispute and/or claim by any person or group against the Foundation, its duly elected Trustees and/or corporate officers. A template of the Certification is attached to the Circular.
Download the circular here.