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Endowment as a public institution Senchakova Ch. (Russian Federation) Эндаумент как общественный институт
Сенчакова К. И. (Российская Федерация)
Сенчакова Кристина Игоревна / Senchakova Christina - студент,
факультет налогов и налогообложения, Финансовый университет при Правительстве Российской Федерации, г. Москва
Abstract: Joday we have a tendency to change the different institutional forms of public sector. In this public institution» is a very actual subject for
discussion.
Аннотация: в настоящее время усиливаются тенденции преобразования и видоизменения институциональных форм организации общественного сектора. Таким образом, тема «Эндаумент как общественный институт» является очень актуальным предметом для дискуссии.
2007 2008 2009 2010 2011 2012
way, I think that the theme «Endowment» as a
Keywords: endowment, donations, benefactors, problems.
Ключевые слова: эндаумент, пожертвования, благотворители, проблемы.
As we know, the non-profit organizations (NPO) are widely spread in the public sector. Now in many countries NPO use endowment funds as a form, which can help to generate revenue from external sources. In this way, I think that the theme «Endowment as a public institution’ is a very actual subject for discussion.
Endowment - fund for using in non-commercial purposes, as a rule, for the financing to institutions of science, education, medicine, and culture. Endowment are formed mainly by charitable donations. Base value of this Fund cannot be used for the current needs [1].
These funds have a number of distinctive features. They are: the long-term nature of the fund; decisions about the use of revenue are made by NPO management; endowments have a clear target character, but on the other hand, they are not aimed at one project.
Let’s look at the endowment principle of working in the university. A target capital is formed by benefactors; they may choose a goal for the resources and control spending. The capital is invested to provide stable growth; Received revenue is used to finance various development programs of the university. Thus, the target capital remains intact.
Endowments appeared in the USA in the 16th century. At present they are primarily used to support non-state educational institutions. Let’s look at the table which shows the riches endowments in 2013. Harvard University endowment had more than $30 billion, Yale University - $20 billion, Princeton and Stanford - more than $18 billion.
10 Universities with the Largest Financial Endowments [2]
School name (state) End of fiscal year 2013 endowment
Harvard University (MA) $32,689,489,000
Yale University (CT) $20,708,793,000
Princeton University (NJ) $18,786,132,000
Stanford University (CA) $18,688,868,000
«The first endowment fund established in Russia was MGIMO Development Fund. It has existed since 2007. In 2008 its capital amounted to 375 million rubles» [3]. The benefactors of the fund were the richest businessmen (Alisher Usmanov, Vladimir Potanin, Fattah Shodiev), as well as teachers, students, their parents and friends.
The endowment of the Financial University under the Government of the Russian Federation is also one the largest with more than 200 million rubles. The most famous patron of this fund is billionaire Prokhorov M.D. Revenues from Endowments are directed at implementation of innovative research and scientific projects, technical modernization, improvement of education.
Every year there is an increase of endowment funds in Russia [4]. If we talk about the structure of the industry, there is a leader takes the sphere of education [4].
Now I’d like to speak about the problems of Endowment funds and their possible solutions. The first problem is the closed nature of these funds. It can be solved by providing information of the activities of the fund via the Internet. Secondly, endowment mechanism is inaccessible for small instructions with less popular profile. This problem can be solved with the help of state authorities and government financing. And finally, absence of tax benefits for donors to endowments. If such tax allowances were included in the Tax Code, the number of benefactors would significantly increase.
In conclusion I’d like to highlight that endowments play an increasingly important part in the development of education, science, research and the economy as a whole. Effectiveness of these funds depends on the level of development in public sector.
References
1. Modern forms of financing non-profit organizations: fundraising and endowment Mironenko E. V. Saint Petersburg State University of Engineering and Economics.
2. [Электронный ресурс]. Режим доступа: http://www.usnews.com/education/best-colleges/.
3. [Электронный ресурс]. Режим доступа: http://www.fa.ru/dep/endowment/news/Documents/4_Alasheev.pdf.
4. [Электронный ресурс]. Режим доступа: http://endowment.donorsforum.ru.
