NYU Shanghai Education Development Foundation Procedure for the Internal Management of Vouchers for public welfare donations
Purpose of Procedure/目的
This purpose of this procedure is to ensure that the issuance and use of Unified Invoice of Donation for Public Welfare (“Donation Voucher”) by NYU Shanghai Education Development Foundation (“The Foundation”) are compliant with the relevant laws and regulations of the People’s Republic of China, including, but not limited to, the Law of the People's Republic of China on Donations for Public Welfare, the Interim Measures for the Use and Management of Vouchers for Public Welfare Donations.
Scope of Procedure/适用范围
This procedure applies to the issuance and use of Donation Voucher by The Foundation.
I. Purchase of Donation Voucher/捐赠票据领购
The Invoice Clerk must apply to the Finance Office in order to purchase new Donation Voucher. The Invoice Clerk will bring the completed Donation Voucher requisition form and the Fapiao purchasing books, to purchase Donation Voucher from the Finance Bureau.
II. Issuance of Donation Voucher/捐赠票据开具
The function department in The Foundation will share with The Foundation Accountant in writing or by email the duly signed Gift Agreement or any written confirmation with the donor, so upon notice, the Invoice Clerk will issue a Donation Voucher after confirming the following:
The monetary gift has been received in bank and gift in kind physically accepted by recipient.
If the donor is a natural person, the Donation Voucher should be addressed to his / her full name; if a legal entity, the Donation Voucher addressed to its official entity name.
Donation Voucher should be issued in the same month when the donation is recorded in accounting book.
The Invoice Clerk should follow the below instructions when issuing Donation Voucher:
• Each Donation Voucher shall refer to a single donation.
• The title of the Donation Voucher shall be confirmed with donor. Where there is no specific request on donor name on Donation Voucher, if the donor is a non-Chinese national, the name to be addressed to shall be in accordance with his / her identity (e.g. passport, driver’s license); if an overseas legal entity, it should be same as its entity name. Otherwise, Donation Voucher should be issued in Chinese.
• If the gift is by means of monetary, the actual currency and amount received should be recorded in Donation Voucher; if gift in kind is accepted, the category of gift in kind should be reflected and a checklist needs to be attached with confirmation of actual receipt by recipient.
• The Donation Voucher should be issued in strict accordance with the time limits, and procedures stipulated in the applicable regulations.
• The Donation Voucher should be in triplicate form - the first form is the Donation Voucher stub kept by the issuer, the second form is the Donation Voucher form provided to the donor and the third form is kept by the Finance Office for accounting records. The Donation Voucher issuer will retain the stub for future reference; the recipient will use the Donation Voucher form as the voucher for payment and tax deduction; and the Donation Voucher issuer will use the third form as a primitive voucher for book keeping.
III. Finance Seal/财务专用章
The Finance Office will be responsible for maintaining and safeguarding the Foundation’s Finance Seal. The original Donation Voucher will be double-checked by Foundation Accountant and be stamped with the Foundation’s Finance Seal. The Invoice Clerk will be responsible for updating Donation Voucher register book
IV. Donation Voucher Issued By Mistake/错误开具的捐赠票据
If a Donation Voucher is issued by mistake or rejected by the donor, it can be invalidated and re-issued after approval from Finance Office. The original Donation Voucher form should be returned to the Finance Office. After the Invoice Clerk checks, stamps “Void” seal on the original Donation Voucher and updates the Donation Voucher register book immediately, The Donation Voucher can be re-issued in accordance with the above mentioned steps.
V. Maintenance of Donation Voucher/发票保管
The Foundation Accountant will be responsible for maintaining and safeguarding Donation Voucher. Written report will be requested and provided to tax bureau on the day Donation Voucher is lost, and publish an announcement in the newspaper to clarify the lost Donation Voucher is invalid.
The Invoice Clerk should custodian Donation Voucher by following the requirement from the tax authority. The stubs of the Donation Voucher issued and the Donation Voucher register book should be kept permanently.
VI. Records of Donation Voucher/捐赠票据记录
The Invoice Clerk will be responsible for maintaining and safeguarding the Donation Voucher register book, which will be updated based on the actual usage, such as Donation Voucher number, status, title, and amount. Finance Office will review the Donation Voucher register regularly per internal control requirement.
Vouchers for public welfare donations (hereinafter referred to as the “donation vouchers”): refers to vouchers issued to natural persons, legal persons and other organizations making donations by the people's governments at all levels and their departments, public welfare institutions, public welfare social organizations and other public welfare organizations (hereinafter referred to as the “public welfare entities”) when they legally accept the public welfare donations under the principles of free will and gratuitousness.
Donation vouchers shall be valid certificates upon the strength of which donors making external donations apply for pre-tax deduction for donations according to relevant provisions of the state.
Invoice Clerk: The Invoice Clerk is an employee as designated by Finance Office.