AAF Completes Legal Status

Albay Arts Foundation completes registration with Security and Exchange Commission and Bureau of Internal Revenue.

Allan Schapira

AAF Treasurer

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Albay Arts Foundation (AAF) completed its incorporation as a non-profit organization with the issuance of a certification by the Philippine Security and Exchange Commission on March 22, 2022.

Eleven individuals from various fields and practices comprised the initial incorporators of AAF. Between December 2021 and March 22, the incorporators drafted the Foundation’s Constitution and Bylaws, along with the required Articles of Incorporation. The drafts were submitted by Atty. Chris Ajero to SEC on February 14, 2022. After a few revisions on technical terms required by SEC, the incorporators signed the updated documents at a meeting in Mirisbis, Santo Domingo, Albay on March 11, 2022. SEC promptly issued the Certificate of Information, recognizing the nature and intent of AAF, and endowing it with juridical personality.

AAF was initially a vision among friends Rafael Buemia, Cynthia Buiza, Allan Schapira, and Victor Velasco. In late 2021, they invited Chris Ajero, Marylou Duka-Castillo, Cesar Gueta, Chris Newhall, Star Prior, Leni Velasco-Bicol, and Emil Tapnio to become part of the initiative. All 11 individuals became the incorporators of Albay Arts Foundation.

BIR Registration

AAF’s legal status was further solidified with the completion of its registration with the Bureau of Internal Revenue on June 20, 2022. AAF’s TIN is 610-317-379.

A financial report to BIR was submitted for the first time in February 2023 with the assistance of Sayson- Padua and Associates, a Legazpi City-based accounting firm.

On August 3, 2022, the corporate bank account of AAF was opened with Philippine National Bank (PNB).

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