Question & AnswerQ&A (SEC)
Only non-stock non-profit corporations organized for charitable, religious, educational, professional, cultural, literary, scientific purposes, civic services, or similar purposes are allowed to use the word "Foundation" as part of their corporate name.
The proposed Foundation must have an initial capital contribution of at least Fifty Thousand Pesos (P50,000.00) at the time of incorporation.
It must be evidenced by a Certificate of Bank Deposit.
Yes, public fund raising initiated by the Foundation may be conducted subject to applicable laws, rules, and regulations implemented by the appropriate government agency.
All registered Foundations must submit a cash flow statement in the form prescribed by the Commission, which shall form part of the annual financial statements required of non-stock corporations.
Failure to comply may render the corporation liable to pay a fine of not less than One Thousand Pesos (P1,000.00) but not more than Ten Thousand Pesos (P10,000.00) as determined by the Commission.
The Commission may, after due notice and hearing, suspend and/or revoke the registration of the corporation.
These rules were promulgated pursuant to the powers vested in the Commission under Section 143 of the Corporation Code.
The rules took effect immediately after their publication in two newspapers of general circulation.
Failure to submit the required cash flow statement is a violation that may subject the Foundation to fines and other penalties including possible suspension or revocation of its registration.