Which sectors are getting funding from Tote Board?

As a broad-based grantmaker, Tote Board works closely with key partners to identify needs and administer grants in six key sectors: Arts & Culture, Community Development, Education, Health, Social Service and Sports.

Is Tote Board a government agency?

1988. Singapore Totalisator Board (the Board) was established on 1 January as a statutory board under the purview of the Ministry of Finance (MOF).

Where does Singapore Pools money go?

the Tote Board
As a fully-owned subsidiary of the Tote Board, all surplus generated from Singapore Pools’ operations are channelled to our parent for the funding of worthy causes in the arts, community development, charity, education, health and sports sectors.

What is cultural matching fund?

Established by MCCY, the Cultural Matching Fund (CMF) provides dollar-for-dollar matching grants for private cash donations to registered charities in the arts and heritage sector. The CMF aims to encourage giving to our arts and heritage sector.

What is Bicentennial Community Fund?

Announced in Singapore Budget 2019, the $200M Bicentennial Community Fund (BCF) is a one-off initiative that provides dollar-for-dollar matching for donations to IPCs, up to a cap of $400,000.

What is a tote board used for?

A tote board (or totalisator/totalizator) is a numeric or alphanumeric display used to convey information, typically at a race track (to display the odds or payoffs for each horse) or at a telethon (to display the total amount donated to the charitable organization sponsoring the event).

Is lottery taxable in Singapore?

You’ll be glad to know that in Singapore, lottery winnings are tax-exempt, so you’ll get to keep every dollar of your prize money.

How do you account for donations received?

For-Profit Accounting Journal Entry In the for-profit world, a company receiving a donated asset will record the donation as a debit to “Fixed Asset” and a credit to “Contribution Revenue.” This records the asset on the company’s books and also records revenue from receiving the donation.

How does the state fund the arts in Singapore?

FINANCIAL MODEL BEHIND THE ARTS They operate on a financial model where income comes from three main sources: State grants, philanthropic or public donations and sponsorships, and earned income from ticket sales, art sales and activities such as school and public workshops.