The Singapore Taekwondo Federation has come out strongly against claims that have been spreading on social media that about $630,000 of their money was unaccounted for form its audited accounts.
It was alleged by a FB post from one of STF's voting member, Daniel Tay, that there was a discrepancy to the tune of $630,000 between their audited accounts of 2014 and the report submitted to the Commissioner of Charities in 2015. However, STF assured all its members that the error was simply a typo error, and not of a huge amount of money missing. STF indicated that their accounts for 2014 reflected $3.810m as their total reserves, but they made a mistake in reporting to amount to COC as $3.180m.
STF indicated that error was only made in that report, and reassured its members that no money was missing. They also welcome STF members to seek clarification if still unsure about the issue.