CYDF First Awarded Certificate of Charitable Organization
On 2nd September, 2016 CYDF was awarded by Ministry of Civil Affairs the Certificate of Registration as a charitable organization and Certificate for Public Solicitation among the first 16 organizations.
The Charity Law is China's first national-level legislation governing its charitable sector. Promulgated on March 16, 2016, the Charity Law establishes a comprehensive regulatory system for Chinese philanthropic development, and will help promote charitable activities and social progress. Ministry of Civil Affairs issued Measures for Recognizing Charitable Organizations and Administrative Measures for Public Solicitation of Charitable Organizations. The two measures clarify how foundations, social organizations and community service agencies are recognized to be charitable organizations and qualified to solicit donations.
According to the newly Charity Law, Charity organizations should be recognized by authorities before they solicit public donations. Charitable organizations making investments to maintain or increase the value of their financial assets shall abide by the principles of lawfulness, security and effectiveness, and the income made through the investment shall be used for charitable purposes. Charitable organizations shall register donations for the records, strictly manage them and use the funds for specific purposes. The formal identification of charitable organizations makes the healthy competition available and qualifies more institutions to be public solicitor.