STIFA’s staff at the end of 2017 consisted of the Head of the Division and its Deputy.
At the beginning of 2017, 1’326 common-benefit foundations and 19 private-benefit foundations were subject to STIFA supervision. By the end of 2017, the figures had risen to 1’355 common-benefit foundations, 20 private-benefit foundations and five common-benefit establishments. The court applies an independend audit authority for every common-benefit foundation or establishment. This audit authority has to report to the STIFA within 9 months after the end of the accounting year. on January 1st, 2018 there was an outstanding of 141 reports.
STIFA may exempt common-benefit foundations and establishments from this obligation to appoint an audit authority and then STIFA exercises the inspection in its own discretion at three-yearly intervals. As of 31 December 2017, 156 common-benefit foundations were exempted from the obligation to appoint an audit authority.
The focus was on carrying out STIFA audits of the exempt foundations (art. 552 § 29 para. 3 of the Persons and Company Law, PGR), the processing of reports by audit authorities with objections concerning the management and/or appropriation of foundation assets. The STIFA applied to the court in 12 cases (previous years: 20; 15; 24; 23) for supervisory measures.
In sample verifications STIFA inspected the accuracy of the deposited notifications of formation and amendment in the case of private-benefit foundations (art. 552 § 21 PGR). In total 72 inspections there were no objections (previous year: 3) and two referrals (previous year: 1).
With short lectures and presentations e.g. at lunch meetings, STIFA sought dialogue with the market participants. STIFA actively aimed for the exchange of experience with:
Recent STIFA Participation Activities and Events: