THE ENDOWMENT FUND
The aim is to provide long-term financing of authorized activities and scholarships for students using the return on invested charitable donations.
Scholarships are awarded to students of Letovo School whose financial situation doesn’t allow to pay for the school tuition in full according to a decision of the School Board and an opinion issued by the school’s partner bank.
The scholarships are paid by transferring the return on the endowment to the school which ensures a reduction in the amount of tuition for students awarded with scholarships.
How it works
An endowment fund is established for a cultural, educational or social institution to finance their activities. Such a fund exists thanks to donations, it invests the raised funds and distributes the return among the goals of the organization it was created to support.
Endowment is a transparent and effective tool for charity: benefactors’ money is not spent but keeps working for a good cause.
Information on the amount of administrative and managerial expenses of a nonprofit organization and on the share of these expenses financed from the returns on an endowment capital
The Fund has the right to spend not more than 15 percent of the income received from trust management of the property constituting the endowment capital or not more than 10 percent of the amount of the returns on endowment for the reporting year, on administrative expenses related to the formation and replenishment of the endowment capital while performing the activities financed from the returns on the endowment capital. Such expenses include rental payments for premises, buildings and facilities, expenses for the acquisition of fixed assets and consumables, expenses for auditing, payment of salaries to the fund’s employees, expenses for managing the fund or its structural units, expenses for the acquisition of services for managing the fund or its separate structural units.
Out of the amount of donations received to form (replenish) the endowment fund during the reporting period, the Fund has the right to use not more than five percent thereof for administrative expenses listed above.