2016

2016

Staff
STIFA’s staff at the end of 2016 consisted of the Head of the Division its Deputy and a Legal Officer.

Activity
At the beginning of 2016, 1’286 common-benefit foundations and 18 private-benefit foundations were subject to STIFA supervision. By the end of 2016, the figures had risen to 1’323 common-benefit foundations, 19 private-benefit foundations and four common-benefit establishments. The court applies an independend audit authority for every common-benefit foundation or establishment. This audit authority has to report to the STIFA within 9 months after the end of the accounting year. On January 1st, 2017 there was an outstanding of 103 reports.

STIFA may exempt common-benefit foundations and establishments from this obligation to appoint an audit authority and then STIFA exercises the inspection in its own discretion at three-yearly intervals. As of 31 December 2016, 162 common-benefit foundations were exempt from the obligation to appoint an audit authority.

Activity Report 2016_new

The focus was on carrying out STIFA audits of the exempt foundations (art. 552 § 29 para. 3 PGR), the processing of reports by audit authorities with objections concerning the management and/or appropriation of foundation assets. The STIFA applied to the court in 20 cases (2015: 15; 2014: 24, 2013: 23) for supervisory measures.

In sample verifications STIFA inspected the accuracy of the deposited notifications of formation and amendment in the case of private-benefit foundations (art. 552 § 21 PGR).

With short lectures and presentations e.g. at lunch meetings, STIFA sought dialogue with the market participants. STIFA actively aimed for the exchange of experience with:

  • the Liechtenstein Association of non-profit foundations;
  • the Association of Auditors;
  • the Tax Authority;
  • the European Foundation Center;
  • the Association of Foundation Supervision Authorities of East Switzerland.

Recent STIFA Participation Activities and Events:

  • an advanced training course with German foundation supervisors;
  • the general meeting of the Swiss Cantonal Foundation supervising authorities;
  • one meeting with some European Foundation Supervisors regarding cross boarder supervision and the combating of financing terrorism;
  • two speeches in training courses with the Association of Auditors;
  • two speeches at the University of Liechtenstein;
  • Working groups (arbitration, national risk assessment, register on beneficial ownership, EU supra national risk assessment).