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Philosophy Endowment Fund: Key Features and Charity Products

April 2011

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PHILOSOPHY ENDOWMENT FUND

Endowment Funds in Russia

As of March 2011, about 50 endowment funds have been established:- More than 50% of endowment funds are universities endowment funds, with the largest of them being: Moscow State Institute of International Relations (University) of the Ministry of Foreign Affairs of the Russian Federation (RUR 630 million), FoRSENO (for Russian Presidential Academy of National Economy and Public Administration and Gaidar Institute for Economic Policy, RUR 380 million), and others;- There are also endowment funds in the sphere of culture and art (for Hermitage, Pushkin Museum), health care, sports and social help

Assets of all Russian endowment funds are about RUR 3 billion

The founders are usually individuals, non-profit organizations or companies

Endowment Funds in Russia are non-for-profit organizations (according to Federal Law No. 275-FZ dated December 30, 2006)

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Philosophy Endowment Fund

The Fund has been established exclusively for forming endowments and distribution of the income from endowments in favor of:- non-profit organization Moscow-Petersburg Philosophy Club;- faculties of philosophy of Russian universities;- the Institute of Philosophy of the Russian Academy of Sciences

The Goals of the Philosophy Endowment Fund:

Date of state registration of the Philosophy Endowment Fund: March 18, 2011

Director of the Philosophy Endowment Fund – Galina Arkadievna Volskaya

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Founders and Members of the Board of Trustees of the Philosophy Endowment Fund

Individuals: Abdusalam Abdulkerimovich Guseinov – Director of the Institute of Philosophy of the Russian Academy of Sciences, DSc in Philosophy, Professor, Academician of the Russian Academy of SciencesAlexander Vladimirovich Zakharov – Chairman of the Board of Trustees of Moscow-Petersburg Philosophy Club, Vice President of the Chamber of Commerce and Industry of the Russian Federation, PhD in EconomicsYakov Moiseevich Mirkin – Head of International Capital Markets Section of the Institute of World Economy and International Relations of the Russian Academy of Sciences, Chairman of the Board of Directors of Eurofinansy Investment Company (OJSC), DSc in Economics, ProfessorVladimir Vasilievich Mironov – Dean of the Faculty of Philosophy of the Moscow State University, Correspondent Member of the Russian Academy of Sciences, DSc in Philosophy, ProfessorAlexey Mikhailovich Rutkevich – Dean of the Faculty of Philosophy of the National Research University Higher School of Economics, DSc in Philosophy, ProfessorYuri Nikiforovich Solonin – Head of the Department of Culturology of the St.Petersburg State University, Member of the Council of Federation of the Federal Assembly of the Russian Federation, DSc in Philosophy, ProfessorVyacheslav Semyonovich Stepin – President of the Russian Philosophical Society, Honorary Director of the Institute of Philosophy of the Russian Academy of Sciences, DSc in Philosophy, Professor, Academician of the Russian Academy of Sciences Legal entity: Non-profit organization Moscow-Petersburg Philosophy club (hereinafter, the Club)

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Fundraising among medium and large businesses and individuals (including graduates from faculties of philosophy of universities and academic institutes)

Potential Donors of the Philosophy Endowment Fund

Graduates

Foundations and other non-profit

organizations, etc

Business

Other individuals

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Philosophy Endowment Fund: Working Scheme


Moscow-Petersburg Philosophy Club Faculties of Philosophy of Russian universities

The Institute of Philosophy of the Russian Academy of Sciences

Philosophy Endowment Fund

Donors

Donations (monetary only)

“EUROFINANSY” Asset Management

Company(Fund constructor)

Donations received

Investment income Income from the endowment

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1. Establishment and registration of the Philosophy Endowment Fund

2. During one year, the Philosophy Endowment Fund should raise money to form an endowment (the minimum volume of endowment is RUR 3 million)

3. The Philosophy Endowment Fund transfers donations received to EUROFINANSY Asset Management Company

4. EUROFINANSY Asset Management Company transfers investment income to the Philosophy Endowment Fund

5. The Philosophy Endowment Fund transfers the income to recipients

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Governance Structure of the Philosophy Endowment Fund


Founders

Governing Board is the supremegoverning body

Director of the Fund

Board of Trustees

• Foundation of the fund• Initial election of the members

of the Governing Board

• Amends the Charter• Initiates forming the endowment

and determines its goals• Forms the Board of Trustees• Approves the financial plans,

reports of the fund

• Responsible for the operations of the fund

• Determines how to distribute investment income from the endowment unless this is determined by the donor

(new members of the GoverningBoard are admitted

upon the decision of the Governing Board)

(may include fund’s representatives, income recipients,

donors (if the donation share is more than 10% of the

endowment)

Appointed by the Governing Board

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EUROFINANSY Asset Management Company Profile

EUROFINANSY Asset Management Company (OJSC): is a member of EUROFINANSY Investment Group RUR 3.65 billion assets under management, including assets of compensation funds of self-regulated organizations (RUR 326 million) participates in construction and asset management of endowment funds (e.g. Endowment Fund for National Science and Technology University “MISIS”) has developed a construction and asset management technology for endowment funds in Russia (Guidelines for Russian Endowment Funds) Official websites: www.uk.eufn.ru www.eufn.ru

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Key Figures of the Philosophy Endowment Fund (2011-2013)

RUR 200 – 300 million

Endowmentvalue

Annual income forrecipients

~ RUR 20 – 30 million

• Fund raising is performed by the Philosophy Endowment Fund and income recipients

Approximate rate of return – 10%

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Benefit subject Tax benefit characteristic

Philosophy Fund

(NPO)

Does not pay the profit tax:

-on the amount of money received for forming (replenishing) the endowment

-on the amount of the investment income from the endowment

Income recipients Do not pay the profit tax on the amount of income received from the endowment fund

Donors (individuals and legal entities)

There are no benefits on the profit tax / personal income tax

The transfer of money to the fund for forming the endowment is not subject to VAT (for legal entities and individual entrepreneurs)

Advantages of the Endowment Fund – Tax Benefits

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The procedure for using the income from the endowment is determined by the financial plan of the fund

EndowmentDonations

Income fromthe

endowment*

• - consists of the investment income and a portion of the property constituting the endowment (the property amounting to not more than 10% of the balance sheet value may be spent during one year)

Moscow-PetersburgPhilosophy

Club

Faculties of philosophy of Russian universities

and Institute of Philosophyof the Russian Academy

of Sciences

Philosophy EndowmentFund

Projects on philosophy development in Russia

(e.g. for A.F. Losev House, etc.)

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Philosophy Endowment Fund Mission


Financing research in philosophy, preserving and developing scientific schools

Developing the resource base for university faculties of philosophy and academic institutes

Supporting public, free-of-charge information resources in the area of philosophy

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Charity products of the Philosophy Endowment Fund


Donations are made on the basis of a donation agreement (there may be standard or individual conditions depending on donor’s interests)

The donor may donate to replenish the created endowment or to create a separate (“named”) endowment of the Philosophy Endowment Fund

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Proposed Charity Products of the Philosophy Endowment Fund

Research Program:financing scientific conferences, contests, projects, including named programsgrants for research, named scholarships, etc.

Philosophy Publications Program: publishing book series in philosophy and philosophy journals

Philosophy Library Program:named libraries for university faculties of philosophy and the Institute of Philosophy of the Russian Academy of Sciences creating a special philosophy website, etc.

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Philosophy Education Program: named scholarships, grants to students, teachers financing educational projects and programs

Named Lecture Rooms Program: renovating and equipping lecture rooms, etc.

Alma Mater Program – support for: Institute of Philosophy of the Russian Academy of Sciences Faculty of Philosophy of the Moscow State University Faculty of Philosophy of the National Research University Higher School of Economics Faculty of Philosophy of the St. Petersburg State University

Proposed Charity Products of the Philosophy Endowment Fund

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Philosophy Endowment Fund – to donors

Register of benefactors (as desired)

Honorable plaques and diplomas for donors, memorial gifts, etc.; solemn ceremonies for giving honorable plaques and diplomas

Membership in the Moscow-Petersburg Philosophy Club

Disclosure of information in the mass media (as desired)

Named lecture rooms, libraries, contests and projects

Named scholarship and grant funds

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Disclosure of Information on the Philosophy Endowment Fund


Reporting form Deadlines and procedure for presentation

Annual report on forming the endowment and on distribution of income from the endowment

Approved within 6 months after the end of the reporting year. Posted on the fund’s website within 10 days from the date of report approval

Report on activities of the non-profit organization and on the personal composition of its executive bodies

Presented to the Ministry of Justice of Russia in case the volume of property and money received during the year exceeded RUR 3 million

Deadlines – not later than April 15 of the year following the reporting one

Report on spending of money by the non-profit organization and on use of other property, including those received from international and foreign organizations, foreign citizens and persons without citizenship

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Official Website of the Philosophy Endowment Fund


www.moscowphilosophyfund.ruфондфилософии.рф

About the Fund Documents of the FundEndowment management

- Founders- Governing Board- Board of Trustees- Director- Documents- Contacts, details

- Charter- Registration documents- Reports- Financial plans- Accounts- Minutes and other documents- Auditor’s reports

- Information on the asset management company- Fund’s Investment policy

Projects and events of the Fund

- Contests- Projects and programs- Conferences, etc.

Donors

- Register of donors

Charity products of the Fund

- List and description of charity products- Donation agreements

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Examples of Projects of the Club and Its Partners

2010 “The State as a Work of Art” (contest of philosophy and legal works)

Participants: young people below 35 years of age – students, postgraduates, young scientists of universities and academic institutes

Received 50 works from 20 regions of Russia

6 winners and 10 participants recommended for publication

Results:

diplomas

money bonuses

16 publications (in a special collection of works and appendix to the Socrates philosophy journal)

posting softcopies of the works

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Examples of Projects of the Club and its Partners

2011 “Rule-of-law State and Constitutional Economics” (philosophy legal contest)

Participants: young people below 35 years of age – students, postgraduates, young scientists of humanitarian universities and academic institutes

Expected results:

diplomas

7 money bonuses

publications (in a special collection of works and appendix to the Socrates philosophical journal)

posting softcopies of the works

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Socrates Modern Philosophy Journal

April 2011 – Issue 3

Examples of Publication Projects of the Club and Its Partners

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Examples of Publication Projects of the Club and Its Partners

Constitutional Economics (2010)

The State as a Work of Art: 150th Anniversary of the Concept (2011)

Philosophy of Law at the Beginning of the 21st Century through the Perspective of

Constitutionalism and Constitutional Economy (2010)

Roerich Pact in the 21st Century (2010 )

Religious Philosophy Society in St.-Petersburg (Petrograd)

(in 3 volumes, 2009)

Constitutional Economics for Schools. Schoolbook (2006)

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THANK YOU FOR YOUR ATTENTION!


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