Our Legal Blurb

1. Purpose & Commitment

The TazPatAng Foundation is committed to 100% financial transparency to ensure that all funds raised, allocated, and distributed are publicly accessible, properly accounted for, and used in alignment with our mission. Our core purpose is to facilitate easy campaign creation, provide social sharing tools, enable donation tracking and transparency, and ensure secure payment processing to prevent fraud and build donor trust. Additionally, we will implement verification systems to enhance security and reliability.

2. Bank Accounts & Donation Flow

The foundation will operate two dedicated charity bank accounts to separate different types of funds:

The Angel Fund Account

• Holds all funds raised by the public.

Donation & Operations Account

• Receives donations and a 5% allocation from the Angel Fund to cover the running costs of the Angel fund and will be reviewed from time to time to ensure maximum amount of funds raised to go to beneficiary.
• Covers administrative expenses and wages as the foundation grows.

3. Donation Allocation Process

• The Angel Fund Account allows individuals to set up their own donation pages that align with the foundation’s criteria, enabling family, friends, and the public to contribute to a specific fund.
• Donations collected for the foundation and earmarked for specific events are deposited in the Donations & Operations Account.
• The foundation selects events to fund based on their impact and alignment with the foundation's mission.
• After covering event expenses, 100% of net profits are distributed to the local assigned charity in the event's hosting area.
• Charities benefiting from our events will have the option to be featured on our website before the event takes place.

4. Transparent Financial Reporting

The foundation will publish detailed financial reports for every event, including:

• Total funds raised
• Breakdown of event expenses (venue, equipment, marketing, etc.)
• Net profits
• Charity recipients and exact donation amounts

Reports will be available on the foundation’s website and updated regularly.

5. Independent Oversight & Accountability

Annual Financial Review

An independent accountant will review and verify all financial records.

Public Ledger Access

Donors and the public can request detailed financial statements to ensure transparency.

Internal Controls

The foundation’s three trustees will oversee fund allocation and ensure compliance with financial policies.

6. Roles of Trustees

Chairman/CEO

• Leads board meetings and ensures discussions remain focused.
• Represents the charity publicly.
• Works closely with the CEO or senior staff.
• Ensures effective decision-making and governance.

Treasurer

• Oversees financial management and reporting.
• Works with accountants and bookkeepers to maintain accurate records.
• Ensures compliance with financial regulations and audits.
• Presents financial reports to the board.

Secretary

• Manages meeting schedules, minutes, and trustee records.
• Ensures the charity follows governance rules and policies.
• Handles official correspondence (e.g., Charity Commission updates).
• Organizes trustee meetings and the annual general meeting (AGM).

7. Use of Funds & Charity Selection

Foundation-Selected Beneficiaries

• Donors contribute to a general fund.
• The TazPatAng Foundation determines which local charities receive proceeds from each event.

Event Announcements

• Each event’s beneficiary charity will be publicly announced before fundraising begins.

No Donor-Directed Giving

• While donations fund events, donors cannot specify where their contributions go.
• This ensures fairness and impact-driven giving.