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Differentiation of School Funds and Assets

 

As the IMC is an independent legal entity with its own assets, the sponsoring body shall differentiate clearly the ownership of school funds and assets before establishing the IMC. Being two independent legal entities, the sponsoring body and the IMC could maintain full control of their own funds and assets respectively.

 

Besides, for a third party to reserve the ownership of his/her assets in the school, he/she should sign certain agreement (with clauses specifying the use of the assets) with the school. The IMC should clearly record the ownership of assets in daily operation. Regarding any donation to school, whether the property is donated to the sponsoring body or to the IMC should be made clear. If the donation is addressed to the IMC, the donor should indicate at the time of the donation that he does not wish to reclaim the property in the event of the dissolution of the IMC to avoid disputes afterwards.

 

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