1. Program and administrative expenses are net of depreciation for buildings and equipment.
2. Where the donor has specified the purpose for the donation, use thereof is restricted to the purpose for which it is intended.
Tuloy Foundation, Inc. is a non-government, not-for-profit organization operating exclusively for charitable purposes. Income derived in pursuit of its objectives is exempt from income tax under Section 30 (E) of the Republic Act No. 8424 entitled “An Act Amending the National Internal Revenue Code as Amended, and For Other Purposes.” Donations to Tuloy Foundation, Inc. are tax-deductible to the extent allowed by law.
Tuloy Foundation, Inc.’s financial statements have been audited by SyCip Gorres Velayo & Co., a member practice of Ernst & Young Global.