About
Zhejiang University Education Foundation
It is one of the earliest and fastest growing university education foundation in China. Its predecessor is “Zhejiang University Chu Kochen Education Foundation” registered at the Civil Affairs Department of Zhejiang Province in March 1994.
Zhejiang University Education Foundation always adheres to the principle of “converging resources from all possible sources to promote the great cause of education”. It is committed to gathering the wisdom of all sectors of society and alumni, and extensively raising resources, which are mainly used for fostering virtue through education, discipline construction, scientific research, social services, cultural inheritance and innovation, international exchange and cooperation of Zhejiang University, as well as other projects related to the university’s education or public welfare. Thus, it provides guarantee for Zhejiang University to accelerate the construction of a world-class university with Chinese characteristics.
Fund Management
Zhejiang University Education Foundation, in the principle of "openness and transparency, equal competition, merit-based reward, and need-based funding", uses all the funds in a reasonable and scientific manner.
Open and transparent information
Zhejiang University Education Foundation voluntarily discloses donations and external funding, and proactively accepts the supervision of the competent authorities, registration institutions, donors and the general public, to enhance its social credibility. The funds are subject to unified accounting by the Foundation, annual checks and audits by the competent authority (the Ministry of Education), the registration authority (the Ministry of Civil Affairs), and auditing departments.
Scientific and standardized management
Zhejiang University Education Foundation follows the principle of being standardized and efficient to scientifically manage donations. The general procedures are as follows:
1. Consulting services on laws and regulations, agreement texts, and work procedures related to donations and donation acceptance are provided.
2. The donation agreement is formulated according to the donor's intention.
3. The Foundation and the donor sign the donation agreement.
4. The donor remits the donation in accordance with the agreement, and the Foundation provides the official receipt.
5. The Foundation establishes a separate account for each donation, conducts independent accounting of each project, regularly prepares accounting statements, and accepts audits.
6. The Foundation executes each project in accordance with the agreement, establishes donation archives, and provides the donors with the project execution report and the financial report.
High-quality and efficient execution
Zhejiang University Education Foundation respects donors' will, and in the light of the actual circumstances of the university, ensures the donation projects are executed in strict conformity with donation agreements. Through years' development, the Foundation has developed multiple brand projects and received extensive acclaim.
Legal and robust operation
Zhejiang University Education Foundation operates in strict conformity with the Charity Law of the People's Republic of China, the Regulations for the Management of Foundations, the Constitution of Zhejiang University Education Foundation, as well as other relevant laws, regulations, and the university's rules and regulations, regularly convenes themed analysis meetings on financing, and realizes the value preservation and appreciation of the funds in the principle of legality, safety and effectiveness, to better serve the university's development.
Effective and all-round supervision
Zhejiang University Education Foundation is subject to the effective supervision by supervisors, the Ministry of Education, the Ministry of Civil Affairs, donors, and beneficiaries. Every year, the Foundation prepares the annual report, releases its financial situation and audit information, and voluntarily accepts the annual inspection by the Ministry of Civil Affairs and audits by social intermediaries. The Foundation makes monthly tax declarations at Hangzhou Xihu District Taxation Bureau.
Tax-Exemption Policies
According to the relevant stipulations of Individual Income Tax Law of the People’s Republic of China and its enforcement regulations,
for charitable donations toward public interest, the portion within 30% of the taxable income can be deducted before tax when computing individual income tax.
According to article 9 of Enterprise Income Tax Law (2017 amendment),
in relation to the expenses from charitable donations incurred by enterprises, the portion within 12% of the total annual profit may be deducted from the taxable income; the portion exceeding 12% of the annual profit can be deducted from the taxable income over the following three years.
According to article 80 of the Charity Law of the People's Republic of China,
natural persons, legal persons and other organizations that donate property for charity activities are eligible for tax benefits. Charitable donations by corporations exceeding the amount deductible from income tax for the same year can be deducted from taxable income over the following three years. Overseas donations toward charitable activities are eligible for a reduction or exemption from import duties and import value added tax in accordance with the law.