Li’s One Foundation now a public charity
Actor and philanthropist Jet Li One Foundation have been given approval and became a public charity in Shenzhen. The new Shenzhen One Foundation is now an independent legal entity can can raise money publicly. This mean that the One Foundation will no longer be restricted in raising money and using the money for charity just because they don’t have legal identity.
Foundation directors includes entrepreneurs like Wang Shi, chairman of Vanke; Ma Yun, Alibaba founder; Tencent chairman and founder Ma Huateng and Niu Gensheng, president of Mengniu Dairy Group. The foundation will have a supervisory board of five member that will include government officials and media representative.
Last year Li’s foundation was under the Red Cross Society of China and faced a crisis and almost closed down. The foundation had a three year contract with the Red Cross Society and could only operate under the Red Cross Society’s name. The foundation found it difficult to be approved as a public charity since it was a non-government foundation. Li’s foundation won approval to be a public charity last December 3 after Li applied at the Shenzhen civil affairs bureau.
The registered fund for the new Shenzhen One Foundation is at 50 million yuan, and Li will maintain the the foundation pursuit of one man, one yuan per month. The foundation will ensure all donations will be used for charity and directors will not seek remuneration and the management team will make sure every donations counts.