The Rossium Concern launches the «Philanthropist» Endowment Fund, a new product for the market that will become a ready-made tool for philanthropists and non-profit organizations. The Fund was registered with the Ministry of Justice of the Russian Federation. For the first time, the endowment fund was established with the support of a diversified holding as a ready-made platform and will be available for use by a wide range of participants.
This platform will allow individuals and legal entities to create their own endowments for long-term support of organizations and projects in all areas permitted by law: education, science, health care, culture, art, physical culture and sports (except for professional sports), social assistance, environmental protection, as well as for all charity areas. At the same time, those wishing to create their own endowment capital will no longer have to bear the costs of establishing and maintaining their legal entity.
Such an "umbrella" format and open infrastructure of the Philanthropist Fund will be fundamentally different from the existing endowment funds on the market, which are established primarily to support one or several organizations, usually in a specific area.
An advantage for philanthropists will not only be a ready-made infrastructure for transferring their funds to socially significant goals, which will optimize their efforts and costs, but also the opportunity to receive full expert support along the entire path of their philanthropic activities through an endowment - from the formation of a targeted “charitable” capital before the transfer of income from it to its beneficiaries and to the control of its intended use.
In addition, the financial expertise and infrastructure of the group will ensure full control over the donated funds, which will help to increase the confidence in such professional tools and the non-profit sector as a whole. The Funds’ platform will allow philanthropists to focus on the content of their activities, and not on the management of the structure.
“We offer the market a new mechanism for participating in charity. It is implemented on the principle of trust management of philanthropy on behalf of and in the interests of those who will create endowments on the platform of our Fund, and we expect to contribute to the development of the market for professional philanthropy and its sustainability in our country”, said Galina Morozova, the head of the Council of the Philanthropist Foundation.
“In Russia, the level of development of charitable tools is not comparable with world practice. In addition, ready-made solutions and independent consulting have become the trends in the foreign charity industry in recent years, which will inevitably come to Russia. We are confident that the solution we have created will contribute to the development of philanthropy in our country and the involvement of new participants, and hence the inflow of additional funds for solving socially significant problems”, said the director of the Fund Lyudmila Panteleeva.
The format of work through the endowment was not chosen by chance, all over the world it is one of the key tools for financing charity and ensuring its sustainable development. In Russia, endowments have existed since 2007 and have managed to establish themselves as an effective mechanism for supporting projects in education, culture, social and other areas, however, expertise in this area remains limited, and the desire to launch an endowment requires a legal entity in the form of an NPO.
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