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Stiftung
A Stiftung (German: [ˈʃtɪftʊŋ] ⓘ) (properly Stiftung, pl. Stiftungen) is an institution or foundation that, with the aid of a property, pursues a purpose determined by the founder.
A Stiftung foundation exists to give effect to the stated, non-commercial wishes of its founder, as set out in a foundation deed and the articles of association (statutes). In effect, the assets with which the foundation is endowed become a separate legal entity. A Stiftung foundation has no shares or members and is set up by a founder(s) in most cases to ensure the continuation of family assets.
A Stiftung foundation can have beneficiaries, and in that way they are in some way similar to the common law notion of trusts. The founders also have the right to transfer and terminate the foundation.
Stiftungen are purely non-profit enterprises and commercial activities are generally not permitted to be conducted by them. This is the primary difference between an Anstalt and a Stiftung. Stiftungen are usually administered by a board of trustees, and there is no registration required to establish them.
The idea of a foundation is that in spite of the continuous use of the income for the purpose of the foundation (i.e., not for compound interest), the total amount after a certain time exceeds the funded foundation stock. With a yield of, for example, four percent (lilac line), the sum of the income earned the founding capital after 25 years, after which the sum of the income is greater than the basic stock capital (green area in the upper right corner).
Stiftungen have a long tradition. Plato established his academy as a foundation, and it lasted from 347 BCE to 529 CE.
In the early Middle Ages, many nobles founded towns as Stiftung-like legal entities, a technique which was soon used to establish hospitals, orphanages and other non-profit organizations. It was the establishment of monastic communities, however, mostly in the southern and eastern border regions of the Holy Roman Empire, where the theory of Stiftung developed most. Many famous church buildings and monasteries were early foundations of Stiftung activity. Many of the 9th century foundations survive today notably in Wemding, Bavaria which dates back to the 10th century. Otto I donated the lady's donation at Quedlinburg Abbey which lasted from 936 to 1802.
When Roman law began to take root in Germany during the 13th century, many social structures changed including considerable urbanization. Numerous Stiftung foundations were created at this time and many have survived the vicissitudes of history. Stiftung foundations took on a distinctly non-profit nature in response to the invention of corporations under the legal scholar and Pope Innocent IV.[citation needed]
Stiftung
A Stiftung (German: [ˈʃtɪftʊŋ] ⓘ) (properly Stiftung, pl. Stiftungen) is an institution or foundation that, with the aid of a property, pursues a purpose determined by the founder.
A Stiftung foundation exists to give effect to the stated, non-commercial wishes of its founder, as set out in a foundation deed and the articles of association (statutes). In effect, the assets with which the foundation is endowed become a separate legal entity. A Stiftung foundation has no shares or members and is set up by a founder(s) in most cases to ensure the continuation of family assets.
A Stiftung foundation can have beneficiaries, and in that way they are in some way similar to the common law notion of trusts. The founders also have the right to transfer and terminate the foundation.
Stiftungen are purely non-profit enterprises and commercial activities are generally not permitted to be conducted by them. This is the primary difference between an Anstalt and a Stiftung. Stiftungen are usually administered by a board of trustees, and there is no registration required to establish them.
The idea of a foundation is that in spite of the continuous use of the income for the purpose of the foundation (i.e., not for compound interest), the total amount after a certain time exceeds the funded foundation stock. With a yield of, for example, four percent (lilac line), the sum of the income earned the founding capital after 25 years, after which the sum of the income is greater than the basic stock capital (green area in the upper right corner).
Stiftungen have a long tradition. Plato established his academy as a foundation, and it lasted from 347 BCE to 529 CE.
In the early Middle Ages, many nobles founded towns as Stiftung-like legal entities, a technique which was soon used to establish hospitals, orphanages and other non-profit organizations. It was the establishment of monastic communities, however, mostly in the southern and eastern border regions of the Holy Roman Empire, where the theory of Stiftung developed most. Many famous church buildings and monasteries were early foundations of Stiftung activity. Many of the 9th century foundations survive today notably in Wemding, Bavaria which dates back to the 10th century. Otto I donated the lady's donation at Quedlinburg Abbey which lasted from 936 to 1802.
When Roman law began to take root in Germany during the 13th century, many social structures changed including considerable urbanization. Numerous Stiftung foundations were created at this time and many have survived the vicissitudes of history. Stiftung foundations took on a distinctly non-profit nature in response to the invention of corporations under the legal scholar and Pope Innocent IV.[citation needed]