Please find below, responses to the most FAQs about the Haus Schminke Foundation ("Stiftung Haus Schminke"):
Why was the Haus Schminke
Providing both the human and the financial resources necessary for maintaining archtictural memorials often places a great burden on local authorities, especially as public funds are continually being cut. Local authorities are often unable to cope with their numerous tasks and duties. As one of the most important existing and well maintained examples of the architecture of the 20th century, it is an imperative that Haus Schminke needs to be supported by experienced specialists and concerted action to maintain its current status and cultural importance for future generations. As an owner and sponsor, the Haus Schminke Foundation is fully committed to this task. Any funds, available to the foundation, exclusively inure to the benefit of the Haus Schminke.
How much does the foundation plan to spend?
The middle-range goal is to acquire at least 1 million Euros in liquid assetts for the foundation. But to essential measures for maintaining the house can already be taken with a relatively low income based on interest.
How are the foundation's financial assets invested?
The basic asset will be used for long-term and profitably investments, in accordance with legal regulations and ethical principles.
What happens to the interest income?
The foundations is only allowed to use monetary gains for statuatory purposes. These are definded in § 2 of the foundation statute.
What is the difference between an endowment contribution and a donation?
An endowment contribution supplements the foundation´s basic asset and ensures that the foundation´s endowment remains intact in the future and stregthens the capital bas of the foundation. Only the interest won from these assets is spent. In contrast a donation has to be immediately invested in the realising the objectives of the foundation.
How can a make a donation?
All that is needed for making a donation is filling out and signing the Donation form and sending it to the foundation's address.
What is the fiscal effect?
You will be rewarded if you donate. Fiscal authorities noticeably support donations for the Haus Schminke Foundation. Depending on the sum granted both individuals and companies can benefit from tax deductions in the initial and following years. Specific regulations apply to corporate entities. If necessary, please contact your tax consultant for more detailed information.
Are legacies and heritages possible?
Those who decide to grant legacy or to bequeath the haus Schminke foundation, can rest assured that the fiscal authority will not retain anything. A benefit in favor of the Haus Schminke Foundation is exempted from both the capital transfer tax and the inheritance tax. Furthermore, there is no tax on the acquisition of real estate if immovable property is transferred.
Tax regulations are subject to changes. The above information reflects the status in September 2009. If relevant, we recommend that you seek advice from your notary, tax consultant or advocate. We will, of course, also be happy to assist you to the best of our knowledge. If you have any further questions, don´t hesitate to contact us.