Since its inception, KDF has put into practice procedures and guidelines in order to maximize utilization of public donations for life-longholistic patient care. A fixed-cost subcontracting system allows for minimal administrative and overhead costs.
TRANSPARENCY & ACCOUNTABILITY
A number of policies have been implemented to ensure transparency of commercial transactions. Funds raised and monies collected are utilised largely for patient treatment, and not for costly overheads and miscellaneous expenditure. Accountability extends to our financial statements that are easily available at our website and upon the request of donors.
COST EFFECTIVENESS & PRE-DETERMINDED COSTS
To exercise absolute cost control and minimise administrative and overhead costs while delivering quality care, KDF subcontracts its dialysis services to Dialysis Management Companies (DMCs) through open tenders. KDF has benefited from subcontracting because the DMCs have to work within a given budget to handle all dialysis treatment, nursing and ancillary staff and the maintenance of equipment. Commercial and accounting records are transparent as costs are pre-determined.
GOOD CORPORATE GOVERNANCE
KDF adheres to the improved regulations for Institutions of Public Character (IPC) provided by the Health Ministry (MOH) for Voluntary Welfare Organisations (VWOs) in Singapore. KDF is in full compliance with the governance Evaluation checklist listed on the charity portal (
www.charities.gov.sg) by the Ministry of Community Development, Youth and Sports.
OUTSOURCING & DIALYSIS COST
To ensure cost-effectiveness, our dialysis services are outsourced to the professional service providers through an open tender system. In the financial year 2008/9, 95% of our patients paid less than $600 per month out of their own pockets for their dialysis. Some of them even pay as low as $130 per month.
RESERVES FUND POLICY
The Board of KDF shall maintain some level of reserve to ensure long term financial sustainability. As at 31 March 2009, assuming KDF receives no income from the government, patients and donors , the accumulated surplus as would only enable KDF to sustain the cost base of the financial year 08/09 for three years. As dialysis treatment for end stage renal disease is a life long process, it is the intention of the management to ensure that the level of reserve is adequate to support the KDF programs for its needy patients during their life-time.
CONFLICT OF INTEREST
KDF has policies in place to prevent and address actual and potential conflict of interest that will affect the intregrity, fairness and accountability of the Foundation. These policies are clearly stated in the Foundation's Code of Governance and Conduct and are adopted by the Foundation, Board members and staff. In situations, where a potential conflict of interest should arise, the board will evaluate the situation and the affected party will abstain from voting on the transaction. For the FY08/09, the Chairman, Board members and staff have declared that they do not have any personal interest in business transactions or contracts that KDF have entered into.
FRAUD DETECTION AND REPORTING
KDF maintains a zero tolerance policy towards fraud. This policy not only applies to all the Foundation’s Board, Committee members and staff but also applies to the Foundation’s vendors, suppliers and partners to the extend that the Foundation’s resources or reputation may be involved or affected.
INTERNAL CONTROLS AND AUDITS
Since 2006, the Board has commissioned an independent third party to conduct annual internal audits to ensure that the operations of the Foundations is in compliance with the established guide-lines and regulations set by the Commissioner of Charities; Sector Administrator and the relevant government bodies and adopts best practices recommended for the charity sector.