Operation principles of the For A Better Life Foundation in Vietnam

Operation principles of the For A Better Life Foundation in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. Operation principles of the For A Better Life Foundation in Vietnam

The principles, scope of activities, and legal status of the For A Better Life Foundation in Vietnam are as follows:

- The Fund is formed from the initial contributions of the founders and self-generates on the basis of fundraising, receiving grants, and voluntary contributions from domestic and foreign organizations and individuals in accordance with Vietnamese law to carry out activities in accordance with the Fund's Charter.

The Fund operates on the following principles:

+ Not for profit purposes;

+ Voluntarily, self-financing, and self-responsibility before law with the Fund's assets;

+ Being public and transparent about the Fund's revenues, expenditures, finances, and assets;

The Fund operates in accordance with the Charter recognized by the Minister of Home Affairs, complies with the law, and is under the state management of the Ministry of Home Affairs and related ministries and branches in the fields in which it operates in accordance with the law;

+ Not dividing the Fund's assets during the Fund's operation.

- The Fund operates nationwide.

- The Fund has legal status, a seal, and a separate account at the bank as prescribed by law.

- It is strictly forbidden to take advantage of the Fund's activities to perform the following acts:

+ Affecting the reputation of the State, agencies, organizations, individuals, and communities; harming national interests, security, national defense, and the great national unity bloc.

+ Infringing upon social ethics, fine customs, customs, traditions, national identity, beliefs, and religions.

+ Self-interest, financial fraud during the establishment of the fund and its operation.

+Money laundering, terrorist financing, and illegal activities.

+ Forging, erasing, transferring, leasing, lending, pledging, or mortgaging the fund establishment license in any form.

(Article 3 of the Charter (amended and supplemented) of the For A Better Life Foundation promulgated together with Decision 845/QD-BNV in 2022)

2. Rights and obligations of the For A Better Life Foundation in Vietnam

- Organizing and operating according to the Charter recognized by the Ministry of Home Affairs and relevant laws.

- Funds operating in any field must be subject to the state management of the state management agency in charge of that industry or field.

- Mobilizing donations and sponsorships for the Fund; receiving property sponsored, donated, or donated by domestic and foreign individuals and organizations or in other forms in accordance with the Foundation's principles and purposes and the provisions of law.

- Making donations strictly according to the authorization of authorized individuals and organizations and the principles and purposes of the Fund.

- Establishing a affiliated legal entity according to the provisions of law; organize activities in accordance with the law to preserve and grow the Fund's assets.

- Storing and be responsible for providing adequate records, vouchers and documents on assets and finance of the Fund; resolutions and minutes on the Fund's activities to competent state agencies in accordance with law.

- Using assets and finances thriftily and effectively in accordance with the principles and purposes of the Fund; paying taxes, fees, and charges; and implementing accounting, auditing, and statistical regimes in accordance with law.

- Having the right to make complaints and denunciations according to the provisions of law. To settle complaints and denunciations within the Fund in accordance with the law, the Fund's Charter and report settlement results to competent state agencies.

- Subject to the inspection, examination, and supervision of state agencies, donor individuals, and the community in accordance with the law.

- Annually, the Fund must report on its organization, operation, and financial situation to the Ministry of Home Affairs, the Ministry of Finance, and management agencies on the sectors and fields of operation of the Fund and the People's Committee of the province where the Fund is located before December 31; The Foundation makes its contributions publicly available by March 31.

- The Fund may have relationships with individuals and organizations to mobilize donations, mobilize funding for the Fund, or fund specific schemes and projects of the Fund as prescribed by law.

- Relations with localities, organizations, and individuals in need of assistance to develop projects and fund projects according to the Fund's operating principles and purposes.

- When changing the head office or the Director of the Fund, the Fund must report in writing to the Ministry of Home Affairs, the Ministry of Labor, War Invalids, and Social Affairs, and relevant state management agencies.

- Exercise other rights and obligations as prescribed by law.

(Article 6 of the Charter (amended and supplemented) of the For A Better Life Foundation promulgated together with Decision 845/QD-BNV in 2022)

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