Verification of transparency of charitable organizations based on data submitted by the National Tax Service with Korea GuideStar
blockchain platform “CHERRY” affiliates are highly transparent
2023.1.30. Blockchain charity platform “CHERRY”, which has exceeded 7 billion won in cumulative donations, launched the CHERRY-STAR badge service, which allows you to check the transparency of various charitable organizations at a glance, and announced the ratings of excellent charitable organizations.
‘CHERRY-STAR Badge’ is an evaluation grade jointly developed by CHERRY Corp and “Korea GuideStar,” the only public service corporation evaluation agency in Korea. This badge is awarded in PERFECT and GOOD grades to excellent organizations by judging the faithfulness of public information based on the results of financial statements and external accounting audits that public service corporations must submit to the National Tax Service every year.
With the opening of the badge function, 37 ‘PERFECT’ groups and 24 ‘GOOD’ groups were selected among charitable organizations that can be donated through CHERRY, and the transparency of charitable organizations was recognized.
The CHERRY-STAR badge function proves that the transparency of charitable organizations that transparently manage all donation-related processes, such as fundraising, distribution, and use, through CHERRY, the first blockchain-based charity platform in Korea, is much higher than that of charitable organizations registered with the National Tax Service.
If all domestic charitable organizations announced by the National Tax Service are evaluated using the same standard, organizations with PERFECT and GOOD ratings are 6% and 7%, respectively, whereas organizations registered with CHERRY are significantly higher at 62%, so charitable organizations with guaranteed transparency are considered charity platforms. It was analyzed that a large number of herpes were found in 'CHERRY'.
Lee Sujeong, CEO of CHERRY Corp, said “Through this CHERRY-STAR badge, the donation transparency that CHERRY boasts will be further developed, and we hope that more donors will trust CHERRY and the organization and start donating.”
Meanwhile, Seo Jung-ah, head of the fundraising and public relations team at “Social Solidarity Bank - Hamke mandunensaesang,” which was awarded the CHERRY-STAR PERFECT rating, said “Above all, I think that transparent organizational management, accountability, and business expertise are important. Going forward, we will continue to thoroughly conduct internal and external audits to ensure accountability and transparency as a leading social finance institution.”
<photo1> CHERRY-STAR Badges
<photo2> CHERRY-STAR Rating Percentage
