Summary of important Policies at The Sparks Foundation

Conflict of Interest Policy

All Board members and staff of TSF are required to disclose any or potential conflict of interest and a resolution in the best interest of TSF will be agreed with the Board including abstinence from discussion, decision-making and voting. Annually, a declaration is filed with the Chief Executive Officer, even if it is a “Nil” return.

Staff Remuneration and Appraisal Policies

Salary Scale for all positions is proposed by the Chief Executive Officer, reviewed and recommended by the Human Resource and Professional Development Committee and approved by the Board of Directors.

Employees’ performance evaluations are conducted twice a year by the supervisors against the goals established at the start of each calendar year.

Financial Policies

Procurement policy necessitates competitive quotations for fair pricing and quality. Authority levels have been set and approved by the Board of Directors.

Annual Budgets are approved by the Board before adoption and monitored regularly. Payments are regulated by a payment process and in accordance with the mandate for payment.

A Donation Log Book is maintained. In the case of cash receipts, witnessing is practiced. Reconciliations to Tax deduction Receipts and bank statements is performed regularly.

Reserve Policy

TSF shall maintain a reserve that is equivalent to 2 years of its operating expense. This is to ensure continuity in services to its clients. Any excess reserves will be channeled towards similar causes that benefit TSF’s clients or other charities. On a yearly basis, Management reviews the amount of reserves that are required to ensure that they are adequate for TSF’s operations

Investment Policy

The Board invests the funds in accordance with TSF’s objectives. Investment of the Funds shall be in term deposits so as to minimise the risk of loss while earning a fair return.

The Board shall identify the portion of the funds that will be invested with a focus on capital preservation with a minimum level of risk whilst making it readily available to meet unanticipated cash flow requirements.

Policies for Members of the Board and Sub-Committees

A person shall only be appointed as a Director to the Board if he/she is recommended by the Board after due consideration of his/her suitability. All Directors of the Board, including the Chairperson, shall be subject to retirement by rotation, but shall be eligible for re-appointment/re-election as set out in the M&AA.

No paid staff of TSF shall be appointed a Director of TSF unless details of his/her remuneration and benefits have been disclosed and approved by the Board and that all paid staff shall not compromise more than 1/3 of the composition of the Board.

A Board Policy Manual containing pertinent policies and TSF’s M&AA are provided to all existing and newly appointed Board members and Sub-Committee members. All members need to familiarise with and confirm their understanding and agreement to adhere to the internal policies of TSF.

Board members and Sub-Committee members may request and/or be invited to participate in internal and/or external training and networking.