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Ekaterina Voronina, Executive Director of the GSOM SPbU Endowment Management Fund, took part in the development and discussion of anti-crisis measures to support the owners of endowment capital. Discussions took place in April in the State Duma of the Russian Federation and at the conference "Endowments-2022. A new reality."

Endowment funds across the country have faced problems related to the negative impact of Western sanctions. According to the results of one reporting year, the most significant danger is the forced dissolution of the endowment capital in the event of a decrease in the value of net assets by more than 50 percent. Ekaterina Voronina tells about the work that is being done to prevent this:

"According to Federal Law No. 275, endowment funds are required to disband if the value of assets falls by 50% within a year or by 30% within three years. To save the situation, my colleagues and I in the sector organized a working group — about 50 funds across the country and representatives of management companies. The developed proposals have already been sent to the Ministry of Economic Development, the Ministry of Finance, and the Government. The head of the State Duma Committee on Science and Education, Sergey Karbyshev, accepted the original letters from us. The total amount of Russian endowments is approximately 42 billion rubles. This is not just money from contributors, but investments in the country's economy, as they are invested in stocks and bonds of various companies, including federal loan bonds."

Ekaterina Voronina

Experts suggest suspending the existing regulations that create risks for the operation of funds; allowing them to determine the accounting procedure for securities that make up the target capital, not at the market, but at fair value; reducing insurance premium rates for non—profit organizations that own the target capital and other measures.  The priority task is to preserve the existing target capital: this is the central thesis of the directed appeals since the recipients of income in most cases are higher educational institutions, organizations providing social services to the population, and academic, healthcare, scientific and cultural institutions. The disbandment of the endowment capital will directly affect their activities and, as a result, their beneficiaries.

According to TASS, the Ministry of Economic Development has asked the Cabinet of Ministers of the Russian Federation to introduce new measures to preserve the potential of endowment funds as income generation for the non-profit sector.

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