#institutional

Foundation’s Annual Accounts 2014

At its meeting of April 28, 2015, the Steering Board of Fondazione Cariplo approved the Foundation’s Annual Accounts 2014 and the Memorandum of Understanding on self-regulation of Italian banking foundations made between ACRI, which is the Association of Italian Banking Foundations, and Italy’s Finance Ministry.

Under the MoU, amending their Bylaws where necessary, banking foundations undertake to implement rules to strengthen independence in their governance, diversify investments  and further enhance transparency.


Philanthropic activities

In 2014, Fondazione Cariplo stepped up its support to nonprofits allocating €164 million  to philanthropic activities (€149.4 million to 1,046 projects plus €14.5 million provisions for volunteer work) versus €144 million in 2013.

Specifically, funds were allocated to the following program areas:

  • Environment: 139 projects for a total amount of €11.7 million (7.9 %);
  • Arts & Culture: 495 projects for a total amount of €49.1 million (32.9%);
  • Scientific Research: 114  projects for a total amount of €25.9 million (17.3%);
  • Social and Human services: 298 projects for a total amount of €62.7 million (41.9%) supported  also through funds given to the 15 Community Foundations.

“As government funding continues to decline we have found ourselves filling a huge gap. Third Sector organizations increasingly see us as a key funding source. This makes us feel even more responsible in our choices. As we are unable to satisfy all needs we are compelled to streamline and concentrate our resources on the most strategic projects, those with the best potential to create value for the communities we serve, and taking in consideration the performance of recipients in that respect. The excellent financial performance of our investments in 2014 has offset the heavy burden of taxation that with last year’s tax rate increases inflicted a  double hard blow on our income from  investments  putting the resources we allocate to philanthropic activities at risk of being taken away” – said Giuseppe Guzzetti, Fondazione Cariplo’s President.

Funding of philanthropic activities in 2014 exceeded expectations: the 2014 budget approved by the Steering Board in November 2013 had set out funding to be stable at some €145 million.

“The Foundation’s teams and people deserve recognition for having done a good job in delivering these results. I’d like to take this opportunity to pay tribute in particular to Mother Teresa Gospar and Giovanni Azzaretti, members of the Steering Board who recently passed away. We look to the future with confidence, as we have always done: working for the education, training and employment of our young people, for welfare services in our communities and the wellbeing of the population. We are increasingly teaming up with domestic and international partners. This is key for us to improve, to catalyze as many financial resources as possible around common projects and to attain results that have a greater impact on the problems we tackle” – added Giuseppe Guzzetti, Fondazione Cariplo’s President.

Fondazione Cariplo’s priorities for the coming months include promotion of community-based welfare and social innovation, education, training and employment, as well as entrepreneurship of young people, especially – as it is already happening – ventures in the cultural sphere (e.g. IC Project and fUNDER35) and green economy jobs.