Members of the Association of Corporate Foundations and Funds (ASFIN) adopted the Code for Transparent Corporate Foundations and Endowment Funds at their general assembly last week. This Code represents animportant step in the field of corporate donations. Foundations and funds which apply to its principles, commit to publishing transparent and detailed information about their activities.

A dozen corporate foundations in Slovakia are among the largest recipients of taxallocations from legal entities, which are donated annually to serve public benefit purposes. In the interest of transparency of the whole tax allocation system it is therefore important that the public have easy access to information about the activities of these foundations and funds. “We appreciate that corporations in Slovakia have the unique opportunity to assign tax contributions for public benefit purposes. At the same time, we understand  that this possibility also brings with it huge responsibility. That’s why we have made a commitment to act ethically and transparently in our Association,” Andrea Cocherová, chairwoman of the Association of Corporate Foundations and Funds, explains as reasons for adoption of the Code.

Many points of the Code have already been fulfilled in the past, however, after its adoption they will include more accurate and unified regulations and new obligations will also be added towards informing the public. Members of the ASFIN will, inter alia, publish the transparent structure of gained financial resources and the use of allocated taxes in more detail. “This data will also show what proportion of allocated taxes was allocated to public benefit purposes, to the Foundation’s management and to communicating its programmes. It will provide an answer to the many speculations that accompany this topic,” explains Fedor Blaščák, ASFIN’s Secretary. The profiles of the Foundation body members and other staff responsible for running the activities of the Foundation will be available. The members of the Association will have to publish all information transparently on their website.

The Code for Transparent Corporate Foundations and Funds is binding for all members of the Association of Corporate Foundations and Funds. Its ambition, however, is to also enable non-member corporate foundations to adopt it. “We would like to contribute to the greater transparency of the whole corporate donation system. Therefore, we would be grateful if as many corporate foundations as possible joined the Code,” added Pavel Hrica, member of the Association’s executive committee.

Wording of the Code for Transparent Corporate Foundations and Funds (In Slovak)

About the Association of Corporate Foundations and Funds

ASFIN is an informal platform founded in 2013, with the aim to contribute to maximum efficiency and transparency in achieving public benefit purposes, to cultivate a foundation environment and to support corporate donations in Slovakia. Among the founding members of the Association are eight significant corporate foundations and endowment funds– the Orange Foundation, the Slovak Savings Bank Foundation, the SPP Foundation, the Tesco Foundation, the VUB Foundation, The Endowment Fund of Slovak Power Plants, the Telekom Endowment Fund and the ZSE Endowment Fund. The coordination of ASFIN activities is sheltered by the Pontis Foundation and the Centre for Philanthropy.

Contact: Fedor Blaščák, 0905 137 257, fedor.blascak@gmail.com