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).
Common-benefit foundations by year end 2017 (in brackets means exemption from the obligation to appoint an audit authority) |
1’355 (156) |
2016: 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) | 80 (96; 103; 78) |
Of whom established in 2016 (previous years) | 39 (45; 81; 39) |
Objections by audit authorities per accounting year 2016 (in brackets previous years) | 28 (46; 30; 35; 47) |
Asset Management | 3 (2; 2; 2; 10) |
Distribution of assets | 1 (14; 9; 7; 20) |
Organization irregularities | 8 (10; 9; 11; 8) |
Accounting irregularities | 4 (17; 10; 14; 7) |
Foundation endangerment | 2 (3; 0; 1; 0) |
Referrals by audit authorities per accounting year 2016 (in brackets previous years) | 94 (99; 91; 83; 65) |
Creditworthiness of loan | 3 (4; 4; 3; 3) |
Risk concentration | 1 (1; 2; 2; 2) |
Distribution of assets | 30 (30; 29; 35; 19) |
Lack of funds / overindebtedness | 12 (16; 11; 11; 19) |
Indirect activities via subsidiary | 4 (5; 6; 5; 5) |
Change of domicile | 1 (0; 0; 0; 0) |
Costs | 2 (7; 10; 11; 16) |
Organization, accounting | 6 (6; 7; 8; 4; 7) |
Civil lawsuit | 3 (3; 3; 1; 0) |
Criminal proceedings | 32 (24; 18; 8; 3) |
Dissolution | 0 (1; 1; 2; 1) |
Delayed registration | 0 (0; 1; 2; 1) |
Objections by STIFA in 2017, 51 inspections (in brackets previous years) | 7 (8; 15; 14) |
Asset management | 1 (1; 1; 1) |
Distribution of assets | 3 (3; 7; 1) |
Lack of organization | 2 (3; 4; 1) |
Lack of accounting | 0 (0; 1; 2) |
Revocation of exemption | 1 (1; 1; 9) |
Referrals by STIFA in 2017, 51 inspections (in brackets previous years) | 24 (21; 21; 26) |
Asset management | 7 (12; 8; 17) |
Lack of funds / dissolution | 11 (6; 12; 9) |
Organization | 2 (3; 0; 0) |
Costs | 4 (0; 0; 0) |
Assets | 0 (0; 1; 0) |
Proceedings to appoint an audit authority (in brackets previous years) |
95 (121; 120; 111) |
Proceedings to exempt from the obligation to appoint an audit authority (in brackets previous years) |
18 (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 | 12 (20; 15; 24; 23) |
Proceedings closed | 13 (22; 15; 22; 14) |
Proceedings pending | 2 (2; 3; 4; 9) |
Of whom in appeal | 1 (1; 0; 0; 0) |
Supervisory measures under art. 552 ¶ 29 para. 4 PGR, applicant are foundation participants (in brackets previous years) |
|
Proceedings opened | 6 (1; 2; 4) |
Proceedings closed | 3 (4; 0; 0) |
Proceedings pending | 6 (3; 5; 4) |
Of whom in appeal | 1 (3; 1; 0) |
Proceedings under art. 552 § 33 and § 34 PGR, Alteration of purpose or statutes (in brackets previous years) |
|
Proceedings opened | 5 (1; 2; 4) |
Proceedings closed | 2 (0; 3; 4) |
Proceedings pending | 4 (1; 0; 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) |
1 (8; 0; 0) |
Administrative assistance, art. 36 para 1 Due Diligence Law (in brackets previous years) |
0 (3; 0; 0) |
Verification of the deposited information of non registered foundations, art. 552 § 21 PGR, six representatives | 72 |
2016: 6 representatives inspected | 60 |
2015: 5 representatives inspected | 61 |
2014: 3 representatives inspected | 50 |
2013: 2 representatives inspected | 50 |
2012: 1 representative inspected | 50 |
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