My Step Introduces Bill on Foundations with Unrestricted Capital

The My Step faction in the National Assembly has introduced the draft law titled "On Foundations with Unrestricted Capital" initiated by MPs Mikitar Hayrapetyan, Artak Manukyan, Alen Simonyan, Hovhannes Hovhannisyan, Hamazasp Danielyan, and Tsovin Varadanyan.

"We hope that our initiative will regulate the issues of attracting donations and other gratuitous means and will establish institutional foundations for their management. The need for such fund regulation has matured long ago, and as experience shows, these funds significantly contribute to ensuring the financial sustainability of educational institutions, museums, libraries, sports, and other organizations. For example, in the United States, where endowments have gained the most prominence in higher education systems, Harvard University's endowment was $37 billion in 2017, while the total volume of endowments raised by educational institutions in the U.S. amounts to around $600 billion," stated Mikitar Hayrapetyan in a press release.

With the project we have introduced, we expect to regulate:
1) The process of endowment formation, replenishment, and management,
2) The organizational-legal type of endowment and the characteristics of its legal status,
3) The procedure for managing income derived from the endowment,
4) The persons providing funds to the endowment and their authorities,
5) The application of tax privileges to promote the activities of endowments,
6) The supervision of the activities of endowments.