Non-profit private schools will be required to set up a task force on financial management and submit an annual statement of accounts to the Educational and Youth Development Bureau (DSEDJ).
“In accordance with the improvement of non-tertiary education in Macau and the implementation of the ’Statute of Private Schools of Non-tertiary Education’, it is necessary to thoroughly inspect the current regulation on accounting format for private schools,” said André Cheong, the spokesman for the government’s top advisory body, the Executive Council (CE), and Secretary for Administration and Justice of Macau.
According to CE, non-profit private schools should change their fiscal year from September 1 to the following August 31, submit the 2023–2024 statement of accounts before January 2025, and submit their annual statement of accounts and audit reports before the end of May following each fiscal year.
Schools will be fined MOP 30,000 if they do not comply with the regulation, for example, by failing to set up the task force or submit statements of accounts regularly, said director Kong Chi Meng of DSEDJ.
Staff Reporter
