Equity and Funding

The Foundation continues for an unlimited time. The equity of the Foundation allocated for achieving the purpose above comes exclusively from subsidies, gifts, donations, and grants, both public and private.

Role of Board and Management

The board of directors of the foundation determine the strategic planning and allocation of funds for major initiatives. The Foundation management consists of multiple people, with an Executive Director and independent Treasurer. The managers are nominated by the board for an unlimited time. The managers are responsible for the management of the Foundation, and are authorised to perform all legal transactions, excluding decisions to enter into agreements to acquire, dispose of and encumber registered properties and to enter into agreements by which the foundation binds itself as guarantor or co-debtor, vouches for a third party or binds itself to give a security for a debt of another. The managers represent the foundation. In their decisions, the managers take into account the social, economic, legal and other consequences of the activities of the foundation with regard to (i) the communities and society in which the foundation conducts its activities and (ii) the local and global environment. 

Financial Accounting

The financial year of the foundation is the same as the calendar year. The treasurer closes the books of the foundation on the last day of the financial year. The are no annual reports for the Foundation yet, however the financial reports will be posted here as required by Dutch law.