September 13, 1990
RULES ON REGISTRATION OF FOUNDATIONS
The Commission, pursuant to the powers vested in it under Section 143 of the Corporation Code, hereby promulgates the following rules on the registration of Foundations in addition to the ordinary registration requirements for non-stock corporations: LexLib
1. Only non-stock non-profit corporations organized for charitable, religious, educational, professional, cultural, literary, scientific purposes, civic services or similar purposes shall be allowed to use the word "Foundation" as part of their corporate name;
2. A proposed Foundation shall have an initial capital contribution of at least P50,000.00 at the time of incorporation evidenced by a Certificate of Bank Deposit;
3. Public fund raising initiated by the Foundation may be conducted subject to applicable laws, rules and regulations implemented by the appropriate government agency;
4. All registered Foundations shall submit to the Commission a cash flow statement in the form prescribed by the Commission which shall form part of the annual financial statements required to be submitted by non-stock corporations under existing regulations.
Failure to comply with any of the requirements of these rules or any violation...
