공익단체의 재원조달과 공시규제

This article investigates a desirable disclosure regime for public organizations. In particular, such a disclosure regime is essential for the organizations to raise necessary resources for carrying out their charitable works. Like for-profit corporations, public organizations need funds to carry out their charitable activities, and may have to raise them mainly as 'own capital' that need not be returned to their contributors or incidentally as 'debt capital' that the borrowers are supposed to pay back later. In 'donation markets', public organizations' disclosure of their charitable performance, financial conditions or other material information is more likely to incentivize potential donors to contribute more readily. In 'subsidy markets', such disclosure should also play an important role in providing responsible governments, ie. main subsidy providers, necessary information for determining whether to grant subsidies and how much. Given the importance of the disclosure regime for regulating public organizations, it is argued here that it is essential to set up an independent institution who will be responsible for collecting and showing all relevant informations regarding public organizations. In a longer term, this consolidated disclosure body should be transformed into a Korean equivalent of the British Charity Commission: this consolidated body will be more efficient than the current Korean Tax Agency in that the body will be more focused on charitable works in its jurisdiction, and more specialized in their expertise.