Regulations on finance and property of private upper secondary schools in Vietnam

Regulations on finance and property of private upper secondary schools in Vietnam (Internet image)

According to Article 20 of Circular 13/2011/TT-BGDDT, finance and property of private upper secondary schools in Vietnam are regulated as follows:

1. Financial sources of private schools

- Contributed capital of the organizations or individuals establishing the school and the additional financial source from the annual income of the school;

- Tuition fees and charges collected from students as prescribed;

- Deposit interests at the bank, the State Treasury and institutions;

- Investments, grants, aid and gifts from domestic and foreign organizations or individuals;

- Loans received from the bank, institutions and individuals;

- Assistance from the budget when performing tasks assigned by the State;

- Other lawful receipts.

2. Property of private schools

- Initial property of contributing partners;

- Property acquired during the operation of the school;

- Property acquired from donation, gift or grant, non-refundable aid.

3. Management of finance and property

- Finance and property of the private schools acquired from the receipts as prescribed in Clause 2 and Clause 4 of this Article. Finance and property acquired from donation, gift, grant, or non-refundable aid during the operation of the school shall not be distributed to any individual, they are only used for common interests of the school;

- The school must formulate the regulations on internal expenditures. The regulations shall be ratified by the General meeting of contributing partners and then it shall be approved by the Chairperson of the Board of Directors.

- The annual estimates and financial settlement shall be submitted to the Board of Directors for approval by the Principal, and then they shall be announced in the General meeting of contributing partners;

- Annually, the school shall establish a committee on physical inventory and evaluation of property and reinvestment and supplement of property. If the property is conversed or transferred or the teaching activities are suspended, the school shall establish a board of asset liquidation, carry out the physical inventory, and refund capital to contributing partners as prescribed in regulations of the Board of Directors;

- The school must comply with regulations of the State on mobilization and use of capital, receipts and expenditures, distribution of income; execute the inspection of the superior financial agency as prescribed by the State on use of funding and increases and decreases in capital source of the school. The capital withdrawal and transfer shall comply with regulations of the Board of Directors and ensure the development and stabilization of the school;

- Every year, the private school shall carry out the financial disclosure regime and send financial statements to the superior agency, financial authority and the tax authority at the same level according to the current accounting policies; and do accounting and release statistics as prescribed;

- The school must disclose its finance, property and operation capacity as prescribed.

More details can be found in Circular 13/2011/TT-BGDDT, effective from May 15, 2011.

Thuy Tram

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE