Jeju Island to Review Three Years of Books at Four Social Welfare Centers' Operating Foundations; Accounting and Donations Under Inspection

[Financial News Jeju = Reporter Jung Yong-bok] Jeju Island will inspect the accounting and management practices of four social welfare foundations that operate social welfare centers over the past three years. The main focus is whether budgets and donations used for welfare services were spent for their intended purposes, and whether the board of directors and basic assets were managed in line with relevant rules.
According to Jeju Special Self-Governing Province on the 26th, the province has been carrying out a regular guidance inspection of the four social welfare foundations from the 14th through Sept. 18.
The foundations under review are Seomgimui Jip, Yedam, Eunseongui Jip, and Hallim Somangui Jip. Jeju Island will examine their operating records and accounting documents from the past three years.
This inspection is not limited to a single project or one year of budget execution. Instead, it is designed to review the foundation's overall management system, from decision-making to financial operations.
First, inspectors will check whether the board of directors was operated according to the prescribed procedures and whether the foundation's basic assets were properly managed.
They will also review the budgeting and spending process. The inspection will determine whether any expenditures were made for purposes other than the intended project and whether accounting was handled in accordance with the relevant rules.
Donation management is another key item. The province will examine whether donations were collected legally and used according to their original purpose and standards. It will also review the appropriateness of the various projects carried out by the foundations and their compliance with relevant laws and guidelines.
Because social welfare foundations provide welfare services to local residents using public and private resources, they are expected to maintain a higher level of transparency in accounting and asset management than ordinary private groups. In particular, donations require ongoing oversight to ensure they are used in line with donors' intentions and the purpose of welfare programs.
Jeju Island said it will not use this inspection only to identify violations. It also plans to hear about operational difficulties faced on site and requests for institutional improvements. The province said it will use the findings to help strengthen the foundations' own management capabilities in the future.
Lee Hye-ran, director of the Welfare and Family Bureau of Jeju Island, said, "Because social welfare foundations are responsible for providing public welfare services to residents, transparency and accountability in their operations are important." She added, "We will strengthen the soundness of foundation management and build a welfare service base that residents can trust."


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