2018

Staff
STIFA’s staff at the end of 2018 consisted of the Head of the Division and its Deputy.

Activity
At the beginning of 2018, 1’355 common-benefit foundations, five common-benefit establishments and 20 private-benefit foundations were subject to STIFA supervision. By the end of 2018, the figures had risen to 1’392 common-benefit foundations, five common-benefit establishments and 21 private-benefit foundations. 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, 2019 there was an outstanding of 128 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 2018, 150 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 13 cases (previous years: 12; 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 86 inspections there were 12 objections (previous years: 0; 3) and onr referral (previous years: 2; 1). In four cases the Court imposed fines, the others were out of the limitation period.

Activity Report STIFA 2018

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:

  • the Liechtenstein Association of non-profit foundations;
  • the Association of Auditors;
  • the Tax Authority;
  • the European Foundation Center;
  • the Association of Foundation Supervision Authorities of East Switzerland.

Recent STIFA Participation Activities and Events:

  • an advanced training course with German foundation supervisors;
  • the general meeting of the Swiss Cantonal Foundation supervising authorities;
  • organizing a two days meeting with some European Foundation Supervisors regarding cross boarder supervision and the combating of financing terrorism in Vaduz
  • two speeches in training courses with the Association of Auditors
  • one speech at the University of Liechtenstein
  • several working groups
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