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Annual General Mee+ng

President’s
Room,
Manila
Polo

Club

Monday
June
16,
2014

AGM Agenda
2

1.  Call
to
Order

2.  Determina2on
of
Quorum

3.  Ra2ﬁca2on
of
All
Acts
of
the
Board

4.  Elec2on
of
Trustees

5.  Appointment
of
Oﬃcers

6.  Appointment
of
Corporate
Secretary

7.  Approval
of
Audited
Financial
Statement

8.  Appointment
of
Auditor

9.  Amendment
of
the
Ar2cles
of
Incorpora2on

10. Amendment
of
Bylaws

AGM Agenda
3

1.  Call
to
Order

2.  Determina2on
of
Quorum

3.  Ra2ﬁca2on
of
All
Acts
of
the
Board

4.  Elec2on
of
Trustees

5.  Appointment
of
Oﬃcers

6.  Appointment
of
Corporate
Secretary

7.  Approval
of
Audited
Financial
Statement

8.  Appointment
of
Auditor

9.  Amendment
of
the
Ar2cles
of
Incorpora2on

10. Amendment
of
Bylaws

AGM Agenda
4

1.  Call
to
Order

2.  Determina2on
of
Quorum

3.  Ra2ﬁca2on
of
All
Acts
of
the
Board

4.  Elec2on
of
Trustees

5.  Appointment
of
Oﬃcers

6.  Appointment
of
Corporate
Secretary

7.  Approval
of
Audited
Financial
Statement

8.  Appointment
of
Auditor

9.  Amendment
of
the
Ar2cles
of
Incorpora2on

10. Amendment
of
Bylaws

Board Resolu+on for Yolanda Dona+ons
5

A.

Fourth
Quarter
of
2013

Partner
Schedule of Release
4thQuarter2013
AbrigoMerin
Carmen Riel
Catholic Social Services
Champion Life Centre
Divine Word Hospital Tacloban (c/o PCoseteng)
Eastern Visayas NGO & PO's
Fatima MPC
Iloilo Code NGO
c/o Ina Ayala
NAMACA
Negros Women for tomorrow Foundation
PASAR Foundation
Peace and Equity Foundation
SAMICO
Vicky Lopez
Victory Christian Fellowship
Wadah Philippines
Western Samar Development Foundation
Zuellig Family Foundation
44,208.00
68,585.00
14,000.00
21,000.00
17,400.00
14,000.00
77,000.00
546,000.00
42,000.00
52,136.00
20,310.00
14,736.00
700,000.00
91,000.00
6,310.00
14,000.00
68,585.00
14,000.00
72,385.00
Total P1,897,655.00
On
November
20,
2013
the
board

approved
and
adopted
a
resolu2on
to

donate
a
total
of
P12,289,932.00
to

the
following
en22es.

Board Resolu+on for Yolanda Dona+ons
6

A.

Third
Quarter
of
2014

Partner
Schedule of Release
3rdQuarter 2014
Apia Elementary School
BIDANI (UP VISAYAS)
Calawis National High School Extension
Camp Explorer
Department of Health
Dr. Ted Esguerra
Engender Health
Evnet (Eastern Visayas Network)
GawadKalinga
Habitat for Humanity
Kagabay Foundation
Pasali Foundation
PhilSSA
Tambuyog (Bantayan)
Virlanie Foundation
WEVnet ( Western Visayas Network)
131,710.00
100,520.00
131,710.00
65,400.00
344,064.00
68,585.00
1,070,045.00
400,901.00
1,252,940.00
1,252,940.00
201,340.00
200,000.00
1,002,430.00
200,200.00
503,300.00
410,520.00
Total P7,336,605.00
Partner
Schedule of Release
1st Quarter 2014
Camp Explorer
CCT
Engender Health
Gibitngil Enlightened Farmers and Fisherfolks Assoc.
Iloilo Code NGO
Mercy in Action
Municipality of Daanbantayan
Operation Compassion
Phi Inter Island Sailing Foundation
PhilSSA
PHINSAF
Ramon Abolitz Foundation
Wadah Philippines
Zuellig Family Foundation
6,960.00
8,102.00
169,945.00
41,860.00
223,510.00
140,970.00
42,830.00
91,200.00
11,400.00
140,000.00
5,600.00
733,000.00
137,170.00
289,755.00
Total P 2,042,302.00
Partner
Schedule of Release
2nd Quarter 2014
A. Soriano Foundation
Habitat for Humanity
839,170.00
174,200.00
Total P 1,013,370.00
B.  First
Quarter
of
2014

C.

Second
Quarter
of
2014

AGM Agenda
7

1.  Call
to
Order

2.  Determina2on
of
Quorum

3.  Ra2ﬁca2on
of
All
Acts
of
the
Board

4.  Elec2on
of
Trustees

5.  Appointment
of
Oﬃcers

6.  Appointment
of
Corporate
Secretary

7.  Approval
of
Audited
Financial
Statement

8.  Appointment
of
Auditor

9.  Amendment
of
the
Ar2cles
of
Incorpora2on

10. Amendment
of
Bylaws

Elec+on of Trustees
8

•  Arnel
D.
Casanova

•  Edgar
O.
Chua

•  Harald
Schützeichel

•  Jaime
I.
Ayala

•  Joselito
H.
Sibayan

•  Julio
Sy

•  Richard
Tantoco

•  Vicente
S.
Perez,
Jr.

AGM Agenda
9

1.  Call
to
Order

2.  Determina2on
of
Quorum

3.  Ra2ﬁca2on
of
All
Acts
of
the
Board

4.  Elec2on
of
Trustees

5.  Appointment
of
Oﬃcers

6.  Appointment
of
Corporate
Secretary

7.  Approval
of
Audited
Financial
Statement

8.  Appointment
of
Auditor

9.  Amendment
of
the
Ar2cles
of
Incorpora2on

10. Amendment
of
Bylaws

Appointment of Oﬃcers
10

•  Chairman/President
–
Jaime
Ayala

•  Vice
Chairman
–
Vince
Perez

Harald
Schützeichel

•  Treasurer
–
Joselito
Sibayan

AGM Agenda
11

1.  Call
to
Order

2.  Determina2on
of
Quorum

3.  Ra2ﬁca2on
of
All
Acts
of
the
Board

4.  Elec2on
of
Trustees

5.  Appointment
of
Oﬃcers

6.  Appointment
of
Corporate
Secretary

7.  Approval
of
Audited
Financial
Statement

8.  Appointment
of
Auditor

9.  Amendment
of
the
Ar2cles
of
Incorpora2on

10. Amendment
of
Bylaws

Appointment of Corporate Secretary
12

•  Corporate
Secretary
–
A[y.
Edgar
B.
Francisco

•  Assistant
Corporate
Secretary
–
A[y.
Rose[e
S.
Gaerlan

AGM Agenda
13

1.  Call
to
Order

2.  Determina2on
of
Quorum

3.  Ra2ﬁca2on
of
All
Acts
of
the
Board

4.  Elec2on
of
Trustees

5.  Appointment
of
Oﬃcers

6.  Appointment
of
Corporate
Secretary

7.  Approval
of
Audited
Financial
Statement

8.  Appointment
of
Auditor

9.  Amendment
of
the
Ar2cles
of
Incorpora2on

10. Amendment
of
Bylaws

Approval of Audited Financial Statement
14

Key Accoun+ng and Audi+ng MaEers
15

Descrip(on
Audit
Resolu(on

Dona(on
expense
recogni(on

Nonprofit
organiza2ons
adopt
the
same
accrual
basis
of
accoun2ng
used
by

business
enterprises
(IAS
37).
Thus,
grants/dona2ons
are
recorded
as
expenses
and

provided
for
with
a
provision
when:

•  the
founda2on
has
a
present
obliga2on
(legal
or
construc2ve)
as
a
result
of
a

past
event;

•  it
is
probable
that
an
oublow
of
resources
embodying
economic
benefits
will
be

required
to
se[le
the
obliga2on;
and

•  a
reliable
es2mate
can
be
made
of
the
amount
of
the
obliga2on.

As
of
December
31,
2013,
the
founda2on
recorded
dona2ons
payable
amoun2ng
to

Php10.4
million.
The
pledge
of
dona2on
was
executed
by
the
founda2on
for
its

donees
per
Board
Resolu2on
11-‐20-‐2013
No.
01.
The
inventory
is
to
be
released

through
the
1st
to
3rd
quarter
of
2014
as
follows:

We
have
performed
cut-‐off
tests

to
ensure
that
the
dona2on

expenses
are
recorded
in
the

correct
accoun2ng
period.

We
have
verified
the
release
of

the
dona2ons
through
inspec2on

of
subsequent
transac2ons

1st
Quarter
of
2014
Php2,042,302

2nd
Quarter
of
2014
Php1,013,370

3rdQuarter
of
2014
Php7,336,605

Key Accoun+ng and Audi+ng MaEers
16

Descrip(on
Audit
Resolu(on

Income
tax
exemp(on

As
a
non-‐stock,
not-‐for-‐profit
organiza2on
intended
for
charitable
purposes,
the

Founda2on’s
income
is
exempt
from
payment
of
income
tax
as
set
forth
in
Sec2on

30(e)
of
the
na2onal
Internal
Revenue
Code
(NIRC)
as
amended
by
Execu2ve
Order

273.

Please
see
excerpt
as
indicated
below:

SEC.
30Exemp2ons
from
Tax
on
Corpora2ons

(E)
Nonstock
corporaCon
or
associaCon
organized
and
operated
exclusively
for

religious,
charitable,
scienCfic,
athleCc,
or
cultural
purposes,
or
for
the
rehabilitaCon

of
veterans,
no
part
of
its
net
income
or
asset
shall
belong
to
or
inures
to
the
benefit

of
any
member,
organizer,
officer
or
any
specific
person;

We
have
ensured
that
the

en2ty’s
opera2ons
are

undertaken
for
charitable

purposes
only

AGM Agenda
17

1.  Call
to
Order

2.  Determina2on
of
Quorum

3.  Ra2ﬁca2on
of
All
Acts
of
the
Board

4.  Elec2on
of
Trustees

5.  Appointment
of
Oﬃcers

6.  Appointment
of
Corporate
Secretary

7.  Approval
of
Audited
Financial
Statement

8.  Appointment
of
Auditor

9.  Amendment
of
the
Ar2cles
of
Incorpora2on

10. Amendment
of
Bylaws

Appointment of Auditor
18

•  Auditor:
Sycip
Gorres
Velayo
&
Co.
(SGV
&
Co.)

•  Fee:
Gra2s

AGM Agenda
19

1.  Call
to
Order

2.  Determina2on
of
Quorum

3.  Ra2ﬁca2on
of
All
Acts
of
the
Board

4.  Elec2on
of
Trustees

5.  Appointment
of
Oﬃcers

6.  Appointment
of
Corporate
Secretary

7.  Approval
of
Audited
Financial
Statement

8.  Appointment
of
Auditor

9.  Amendment
of
the
Ar2cles
of
Incorpora2on

10. Amendment
of
Bylaws

20

Amendment of the Ar+cles of Incorpora+on
Current
Proposed

Name
Founda2on
for
Rural
Electrifica2on

for
Economic
Development,
Inc.

S2jung
Solarenergie
-‐
Solar
Energy

Founda2on
(Philippines),
Inc.

Primary
Purpose
To
provide
formal
ins2tu2onal

medium
to
ini2ate,
sponsor,
assist

or
finance
programs
and

projects
for
the
electrifica2on
of

unenergized
barangays
in
the

country
side,
with
end
in
view
of

catalyzing
social
and
economic

development
in
the
said
barangays

without
actually
engaging
in
the

produc2on
and/or
distribu2on
of

electricity

To
provide
formal
ins2tu2onal

medium
to
ini2ate,
sponsor,
assist

or
finance
programs
and
projects
to

provide
access
to
solar
and

renewable
energy
to
marginalized

communi2es
with
end
view
of

catalyzing
social
and
economic

development

Address
Maka2,
Metro
Manila,
Philippines

2nd
Floor
State
Condominium
I

Bldg.,
186
Salcedo
Street,
Legaspi

Village,
Maka2
City

Number
of
Directors
That
the
number
of
trustees
of
the

founda2on
shall
be
FIFTEEN
(15)

That
the
number
of
trustees
of
the

founda2on
shall
be
SEVEN
(7)

AGM Agenda
21

1.  Call
to
Order

2.  Determina2on
of
Quorum

3.  Ra2ﬁca2on
of
All
Acts
of
the
Board

4.  Elec2on
of
Trustees

5.  Appointment
of
Oﬃcers

6.  Appointment
of
Corporate
Secretary

7.  Approval
of
Audited
Financial
Statement

8.  Appointment
of
Auditor

9.  Amendment
of
the
Ar2cles
of
Incorpora2on

10. Amendment
of
Bylaws

22

Amendment of Bylaws
Current
Proposed

Date
of
Annual
Mee(ng
Second
Monday
of
March
Last
Thursday
of
May

�ݺ�ߣ

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