Register of Foundations

The Register of Foundations kept by the National Board of Patents and Registration of Finland comprises over 2,800 foundations from different parts of the country.

Foundations entered in the Register of Foundations are independent legal persons that are regulated in addition to their own by-laws also by the Foundations Act and Foundations Decree.

A foundation can be established for several reasons, for example, to further cultural or scientific development, or to maintain a museum or an educational institution. It can be established by a deed of foundation or a will. The provision for the establishment of a foundation states the purpose and the property of the foundation.

When a foundation has become a legal person its founder is no longer entitled -or obliged- to take part in the operation of the foundation. The founder is for example not in any way obliged to take part in the future financing of the foundation's operation.

The Board of Trustees of a foundation has the duty to organise a proper management of the affairs of the foundation, and it is responsible for a secure and profitable investment of the assets of the foundation.

Civil law does not consider foundations as corporations, because foundations do not have any owners, shareholders or members.

Because of these special characteristics of foundations, the auditors chosen to supervise the accounts and administration of foundations are in a very important position. For example, they must supervise that a foundation fulfills its purpose and that its assets have been properly invested.