Songtsen's financial integrity
Songtsen guarantees the highest standards of financial accountability. It is committed to meeting the needs of the Tibetan community and culture as efficiently as possible, and to using all donated funds for its stated objectives.
Songtsen’s administration is carried out by volunteers, as are most of its project activities. Where staff are paid for their work, their salaries or fees are covered by specific sponsorship or grants (see, for example, the sponsorship of Padmakara's administrative staff). Accountancy, administrative costs and bank fees together generally account for less than 1% of project expenditure, and more than 98% of funds are therefore used to meet the direct costs of projects.
Songtsen rarely organizes activities specifically for fundraising purposes. Most donations are inspired by people witnessing the work that is being or has been accomplished in the past, meeting Pema Wangyal Rinpoche or Jigme Khyentse Rinpoche, and experiencing a genuine aspiration to help others. Over the years a growing network of dedicated friends and donors has thus enabled Songtsen’s projects to continue.
Financial accountability
Songtsen’s attention to financial credibility is ongoing. Safeguards are applied to ensure that money is spent wisely at every stage of its work:
- Projects carried out in Asia are overseen by qualified directors with the utmost integrity, working with trusted local assistants who know the relevant markets and prices.
- A long-standing group of qualified and dedicated volunteers allows Songtsen to keep administrative costs to the absolute minimum.
The accounting of Songtsen’s funding Foundations complies with the charity accounting standards of their respective countries and is checked annually by qualified chartered accountants.
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