Regulations on the compilation and reports of annual budgets for cultural foundations are as follows:
1. Cultural foundations with government donations shall prepare a budget based on the format specified by the Ministry five months before the start of each year (before the end of July each year). The budget shall be submitted to the Ministry after it is approved by the board of directors. The Ministry shall submit the budget to the Legislative Yuan for review.
2. Private-sponsored cultural foundations:
(1) Private-sponsored cultural foundations shall prepare annual work plans and income and expenditure budgets and other necessary explanations within one month of the start of the year. They shall submit them to the board of directors for approval and submit them to the Ministry for record.
(2) A cultural foundation with total court-registered of properties amounting to NT$100 million or a total annual income more than NT$10 million shall compile information in the preceding item in accordance with the format specified by the Ministry (Appendix 3). Cultural foundations with total asset or total annual income less than the aforementioned amount may reference the format.

• [Appendix 2]Budget Table Format for Government-Sponsored Foundations.pdf
• [Appendix 3].pdf

Regulations on the compilation and reports of annual final accounts for cultural foundations are as follows:
1. Cultural foundations with government donations shall prepare final accounts of the previous year based on the format (Appendix 4) specified by the Ministry before April 15 each year. The final accounts shall be submitted to the Ministry after it is approved by the board of directors. The Ministry shall submit the final accounts to the Legislative Yuan for review.
2. Private-sponsored cultural foundations:
(1) Private-sponsored cultural foundations shall prepare the annual work report, financial statements, final account statement (revenue and expenditure statement), balance sheet, property inventory, and long-term investment statements within five months after the end of each year. They shall submit them to the board of directors for approval and submit them to the Ministry for record.
(2) A cultural foundation with total court-registered of properties amounting to NT$100 million or a total annual income more than NT$10 million shall compile information in the preceding item in accordance with the format specified by the Ministry (Appendix 5). Cultural foundations with total asset or total annual income less than the aforementioned amount in the current year may reference the format.
The accountant appointed by a cultural foundation to audit its financial statements in accordance with Article 24, Paragraph 2 of the Standards may not be one that has been disciplined and announced within three years prior to the year he/she accepts the appointment.

• [Appendix 4]Items Required in Foundations' Final Accounts.pdf
• [Appendix 5].pdf

If the cultural foundation's expenditures on activities related to its purpose of establishment are lower than sixty percent of the sum of interest generated each year by the fund and other income, it shall pay income tax in accordance with laws except in case of any of the following:
1. Where the annual balance is lower than NT$500,000.
2. Where the annual balance is higher than NT$500,000 yet it has submitted a plan for expenditures with the balance for within four years starting from the following year on activities related to the purpose of its establishment and the plan is reviewed and approved by the Ministry.