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12/24/2005

nkf annual income $108.7 million

the straits times published that nkf had an income of $108.7 million last year. and yesterday it was reported that it raised $75 mil in 2004. there is thus an additional income of $33.7 mil. earlier in several discussions in the media it was reported that nkf's annual expenses was $19.6 mil and was receiving a pledged donation of $20.4 mil. and it was asking the govt for a grant of $4 mil. all these prompted a public to write in the straits times forum that there is an additional income of $7.8 mil from interest not taken into account. and nkf has announced that it is going on a fund raising campaign again. and it gave the same reasons that it needs to build more reserves. all the figures published gave a very distorted picture of the financial health of nkf. how much does it cost to run nkf, how much is its income and reserves? is it running on a surplus or a deficit? any journalist think it is his or her duty to do a proper investigation and report to the public on the true picture? the public needs to be well informed before they start pouring money into nkf again, new or old. it will be preferable for the new nkf to lay bare its financial status and start from a clean slate of transparency. all the figures are creating more doubts and it is no good to the new nkf.

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