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.
| Common-benefit foundations by year end 2016 (in brackets means exemption from the obligation to appoint an audit authority) |
1’323 (162) |
| 2015: 1’286 (164) 2014: 1’239 (166) 2013: 1’199 (187) 2012: 1’169 (207) |
|
| Total newly under supervision (previous years) | 96 (103; 78) |
| Of whom established in 2016 (previous years) | 45 (81; 39) |
| Objections by audit authorities per accounting year 2015 (in brackets previous years) | 26 (28; 29; 47) |
| Asset Management | 3 (2; 2; 10) |
| Distribution of assets | 13 (9; 5; 20) |
| Organisation irregularities | 4 (7; 8; 7) |
| Accounting irregularities | 5 (10; 14; 7) |
| Foundation endangerment | 1 (0; 1; 0) |
| Referrals by audit authorities per accounting year 2015 (in brackets previous years) | 86 (88; 77; 65) |
| Creditworthiness of loan | 2 (4; 3; 3) |
| Risk concentration | 1 (2; 2; 2) |
| Distribution of assets | 27 (27; 32; 19) |
| Lack of funds / overindebtedness | 14 (11; 16; 14) |
| Indirect activities via subsidiary | 4 (5; 5; 5) |
| Civil lawsuit | 6 (8; 4; 7) |
| Criminal proceedings | 2 (3; 1; 0) |
| Dissolution | 23 (18; 8; 3) |
| Delayed registration | 1 (1; 1; 1) |
| Objections by STIFA in 2016, 68 inspections (in brackets previous years) | 8 (15; 14) |
| Asset management | 1 (1; 1) |
| Distribution of assets | 3 (7; 1) |
| Lack of organisation | 3 (4; 1) |
| Lack of accounting | 0 (1; 2) |
| Revocation of exemption | 1 (1; 9) |
| Referrals by STIFA in 2016, 68 inspections (in brackets previous years) | 21 (21; 26) |
| Asset management | 12 (8; 17) |
| Lack of funds / dissolution | 6 (12; 9) |
| Organisation | 3 (0; 0) |
| Assets | 0 (1; 0) |
| Proceedings to appoint an audit authority (in brackets previous years) | 121 (120; 111) |
| Proceedings to exempt from the obligation to appoint an audit authority (in brackets previous years) | 28 (19; 18) |
| Supervisory measures under art. 552 ¶ 29 para. 3 Persons and Company Law (PGR), STIFA is applicant (in brackets previous years) | |
| Proceedings opened | 20 (15; 24; 23) |
| Proceedings closed | 22 (15; 22; 14) |
| Proceedings pending | 2 (3; 4; 9) |
| Of whom in appeal | 1 (0; 0; 0) |
| Supervisory measures under art. 552 ¶ 29 para. 4 PGR, Applicant are foundation participants (in brackets previous years) | |
| Proceedings opened | 1 (2; 4) |
| Proceedings closed | 4 (0; 0) |
| Proceedings pending | 5 (4; 3) |
| Of whom in appeal | 3 (1; 0) |
| Proceedings under art. 552 § 33 and § 34 PGR, Alteration of purpose or statutes (in brackets previous years) | |
| Proceedings opened | 1 (2; 4) |
| Proceedings closed | 4 (3; 4) |
| Proceedings pending | 3 (4; 1) |
| Reporting to the prosecutor because of failing to notify to STIFA, art. 3 of the transitional provisions of the new foundation law (in brackets previous years) | 8 (0; 0) |
| Administrative assistance, art. 36 para 1 Due Diligence Law (in brackets previous years) | 3 (0; 0) |
| Verification of the deposited information of non registered foundations, art. 552 § 21 PGR, six representatives | 60 |
| 2015: 5 representatives inspected | 61 |
| 2014: 3 representatives inspected | 50 |
| 2013: 2 representatives inspected | 50 |
| 2012: 1 representative inspected | 50 |
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).