Changwon Special City Launches 'Hometown Love Fund Management Deliberation Committee'

Changwon Special City Hometown Love Fund Management Deliberation Committee Launched.

[Asia Economy Yeongnam Reporting Headquarters, Reporter Song Jong-gu] On the 27th, Changwon Special City in Gyeongnam held the first meeting of the ‘Hometown Love Fund Management Deliberation Committee’.

The ‘Hometown Love Fund Management Deliberation Committee’ is composed of experts related to funds such as accounting and taxation. The committee will play a role as a planner and evaluator of fund management plans, settlements, and the selection and evaluation of projects utilizing the fund to ensure transparent and efficient management of the hometown love donation income.

At the first meeting held along with the appointment ceremony, the agenda ‘Changwon City Hometown Love Fund Establishment and Operation Plan’ was submitted and approved as originally proposed.

In addition, contracts were signed on the 20th with companies of nine designated specialty products selected as city return gifts, including Junam’s Morning Rice, and starting from January 1 next year, these will be provided as return gifts to hometown love donors along with the Changwon Love Gift Certificate (mobile Nubijeon).

At the same time, the city announced on the 14th the recruitment of suppliers for a total of 53 items across eight categories: 19 agricultural and marine products, 3 livestock products, 6 processed foods, 7 items from social enterprises and enterprises for the disabled, 6 jointly developed meal kits, 3 traditional liquors, and 9 tourism products, with applications being accepted until the 30th.

The city plans to conduct evaluations in January next year and add more return gifts and suppliers in February, providing donors with a variety of choices through the provision of high-quality return gifts.

The city will thoroughly prepare for the selection of return gifts and the establishment of the fund to foster a healthy donation culture through the hometown love donation system implemented in the new year, aiming to promote residents’ welfare and revitalize the local economy through the hometown love donations.

Chairman and First Deputy Mayor Ahn Kyung-won said, “We will do our best to fairly select fund projects so that the donations generously given to Changwon can be used where they are truly needed, and we will transparently disclose the process to ensure the successful establishment of the city’s hometown love donation system.”

The hometown love donation system allows individuals to donate up to 5 million KRW annually to local governments other than their place of residence. Donors receive a full tax credit up to 100,000 KRW, and a 16.5% tax credit on the excess amount, with up to 30% of the donation amount provided as return gifts from the receiving local government.