FUND/ FOUNDATION is a non-profit organization without membership, which is established by individuals and/or legal entities and pursues the socially useful objectives. Founders of a Fund/ Foundation do not have any right to the Fund’s/ Foundation’s property. Funds/ Foundations shall be obliged to annually publish their reports on use of their property in the official print media. Funds/ Foundations are entitled to carry out entrepreneurial business activities to the extent that such their business serves their charter purposes. Income from the Funds’/ Foundations’ entrepreneurial business may not be distributed among members (participants) of such Funds/ Foundations and shall be used for achievement of charter/statutory purposes, goals and objectives.
Any Fund/ Foundation shall obligatorily have a Board of Trustees which will appoint the Fund/ Foundation Executive Body, will exercise control over the compliance of the Fund’s/ Foundation’s activities with its charter purposes, and will exercise other powers and authority.
A Public Fund/ Foundation shall be established by at least two founders, whether individuals, who are not members of one and the same family, or (and) legal entities from among public associations.
Other forms of Funds/ Foundations may exist, including:
A Private Fund/ Foundation established by one or more individuals, who are members of one and the same family, at his/ her or their own expense. A Private Fund/ Foundation may also be established under or by a notarized will of an individual.
A Corporate Trust established by one or more legal entities from among profit-making and (or) non-profit organizations at their own expense.
A State Fund established by resolution of the State Authorities, which are duly vested with the right, powers and authority to possess and use the state property and which implement the Funds’ goals and objectives at the expense of the state budget.
Documents required for registration of a Fund:
Copies of Identity Cards of the founders and the Director of the Fund.
