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Chinese charity caught in financial statement controversy (3)

By Zhong Qun and Cheng Yunjie (Xinhua)

11:06, December 13, 2012

"Our financial staff mistakenly listed 4.75 billion in the foundation's aggregate accrual for short-term wealth management, but the amount should be 475 million," she said.

That inflated the figure under the item of other cash inflow and indirectly distorted the other cash payment, according to Jiang.

The CCAFC representative added that the item of other cash inflow does not refer to the actual asset-management earnings, and there is no money laundering.

The item actually reflects the cumulative number of the cash the foundation has put into banks for short-term assets management, she said.

In its public apology, the foundation explained that purchases of short-term wealth management products from banks were "prudently made" to "increase revenue, reduce the proportion of operating outlays to donations and provide better assistance to the needy."

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