2017

2017

Staff
STIFA’s staff at the end of 2017 consisted of the Head of the Division and its Deputy.

Activity
At the beginning of 2017, 1’326 common-benefit foundations and 19 private-benefit foundations were subject to STIFA supervision. By the end of 2017, the figures had risen to 1’355 common-benefit foundations, 20 private-benefit foundations and five 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, 2018 there was an outstanding of 141 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 2017, 156 common-benefit foundations were exempted from the obligation to appoint an audit authority.

The focus was on carrying out STIFA audits of the exempt foundations (art. 552 § 29 para. 3 of the Persons and Company Law, 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 12 cases (previous years: 20; 15; 24; 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). In total 72 inspections there were no objections (previous year: 3) and two referrals (previous year: 1).

Activity Report STIFA 2017

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;
  • organizing a two days meeting with some European Foundation Supervisors regarding cross boarder supervision and the combating of financing terrorism in Vaduz
  • two speeches in training courses with the Association of Auditors
  • one speech at the University of Liechtenstein
  • several working groups