Stiftelse
Encyclopedia
Stiftelse, the Norwegian
Foundation is an independent juridical entity that has asset
s at its disposal, given by will
, gift
, or other juridical disposition to the foundation
for a given purpose; that might be for idealistic
, humanitarian, culture
al, social
, education
al, economic or other purpose. Foundations are led by a board of directors
and must follow the statute
created by the founder(s). Foundations are governed by the Foundation Act of June 30, 2001 (#59).
At the creation of a foundation, the creator loses the right to dispose the assets, that are transferred to the foundation. Like other companies and organizations, a foundation is an independent juridical entity, so the foundation itself can be owner
, that is can accept obligations and financial commitments and it can be subject to agreements
and processes. Foundations are self-owning. Thus they do not have any owner. This differs the foundation from companies, where the participants have partial ownership of the companies assets, right to part of the companies profit
and governance
through the power vested as owners. The foundation also differs from the organization
. Like the organization, the foundation is self-owning, but in the organization the members that govern it, and it is based on the goal set by the members, not based on an asset.
Foundations have a wide specter of goals. Traditionally foundations were based to promote an idealistic goal, for instance of social, humanitarian, religious
or educational nature. The activity of the foundation has then been to operate passive capital management and pay out return on capital. The foundation is also used for other types of activity or perform certain types of commercial activity. In later years it has been increasingly common for foundations to perform the idealist work themselves, to become holding companies within certain fields or as research organization
s. The Constitution of Norway
§108 has some limitations on the possibility to create foundations that have as purpose to make beneficiary the relatives and kin. Foundations must have Stiftelse in the official name, though through older practice some foundations are also called legat, institusjon (institution) or fond (fund).
Foundations based in Norway (Category)
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
Foundation is an independent juridical entity that has asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s at its disposal, given by will
Will (law)
A will or testament is a legal declaration by which a person, the testator, names one or more persons to manage his/her estate and provides for the transfer of his/her property at death...
, gift
Gift
A gift or a present is the transfer of something without the expectation of receiving something in return. Although gift-giving might involve an expectation of reciprocity, a gift is meant to be free. In many human societies, the act of mutually exchanging money, goods, etc. may contribute to...
, or other juridical disposition to the foundation
Foundation (charity)
A foundation is a legal categorization of nonprofit organizations that will typically either donate funds and support to other organizations, or provide the source of funding for its own charitable purposes....
for a given purpose; that might be for idealistic
Idealism
In philosophy, idealism is the family of views which assert that reality, or reality as we can know it, is fundamentally mental, mentally constructed, or otherwise immaterial. Epistemologically, idealism manifests as a skepticism about the possibility of knowing any mind-independent thing...
, humanitarian, culture
Culture
Culture is a term that has many different inter-related meanings. For example, in 1952, Alfred Kroeber and Clyde Kluckhohn compiled a list of 164 definitions of "culture" in Culture: A Critical Review of Concepts and Definitions...
al, social
Social
The term social refers to a characteristic of living organisms...
, education
Education
Education in its broadest, general sense is the means through which the aims and habits of a group of people lives on from one generation to the next. Generally, it occurs through any experience that has a formative effect on the way one thinks, feels, or acts...
al, economic or other purpose. Foundations are led by a board of directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
and must follow the statute
Statute
A statute is a formal written enactment of a legislative authority that governs a state, city, or county. Typically, statutes command or prohibit something, or declare policy. The word is often used to distinguish law made by legislative bodies from case law, decided by courts, and regulations...
created by the founder(s). Foundations are governed by the Foundation Act of June 30, 2001 (#59).
At the creation of a foundation, the creator loses the right to dispose the assets, that are transferred to the foundation. Like other companies and organizations, a foundation is an independent juridical entity, so the foundation itself can be owner
Ownership
Ownership is the state or fact of exclusive rights and control over property, which may be an object, land/real estate or intellectual property. Ownership involves multiple rights, collectively referred to as title, which may be separated and held by different parties. The concept of ownership has...
, that is can accept obligations and financial commitments and it can be subject to agreements
Contract
A contract is an agreement entered into by two parties or more with the intention of creating a legal obligation, which may have elements in writing. Contracts can be made orally. The remedy for breach of contract can be "damages" or compensation of money. In equity, the remedy can be specific...
and processes. Foundations are self-owning. Thus they do not have any owner. This differs the foundation from companies, where the participants have partial ownership of the companies assets, right to part of the companies profit
Profit (economics)
In economics, the term profit has two related but distinct meanings. Normal profit represents the total opportunity costs of a venture to an entrepreneur or investor, whilst economic profit In economics, the term profit has two related but distinct meanings. Normal profit represents the total...
and governance
Corporate governance
Corporate governance is a number of processes, customs, policies, laws, and institutions which have impact on the way a company is controlled...
through the power vested as owners. The foundation also differs from the organization
Organization
An organization is a social group which distributes tasks for a collective goal. The word itself is derived from the Greek word organon, itself derived from the better-known word ergon - as we know `organ` - and it means a compartment for a particular job.There are a variety of legal types of...
. Like the organization, the foundation is self-owning, but in the organization the members that govern it, and it is based on the goal set by the members, not based on an asset.
Foundations have a wide specter of goals. Traditionally foundations were based to promote an idealistic goal, for instance of social, humanitarian, religious
Religion
Religion is a collection of cultural systems, belief systems, and worldviews that establishes symbols that relate humanity to spirituality and, sometimes, to moral values. Many religions have narratives, symbols, traditions and sacred histories that are intended to give meaning to life or to...
or educational nature. The activity of the foundation has then been to operate passive capital management and pay out return on capital. The foundation is also used for other types of activity or perform certain types of commercial activity. In later years it has been increasingly common for foundations to perform the idealist work themselves, to become holding companies within certain fields or as research organization
Research
Research can be defined as the scientific search for knowledge, or as any systematic investigation, to establish novel facts, solve new or existing problems, prove new ideas, or develop new theories, usually using a scientific method...
s. The Constitution of Norway
Constitution of Norway
The Constitution of Norway was first adopted on May 16, 1814 by the Norwegian Constituent Assembly at Eidsvoll , then signed and dated May 17...
§108 has some limitations on the possibility to create foundations that have as purpose to make beneficiary the relatives and kin. Foundations must have Stiftelse in the official name, though through older practice some foundations are also called legat, institusjon (institution) or fond (fund).
Notable foundations
- Bellona FoundationBellona FoundationThe Bellona Foundation is a multi-disciplinary international environmental NGO based in Oslo, Norway. Founded in 1986 by Frederic Hauge and Rune Haaland as a direct action protest group, it has since blossomed into a recognized technology and solution-oriented environmental champion with offices on...
(environmental organization) - DagsavisenDagsavisenDagsavisen is a daily newspaper published in Oslo, Norway. The former party organ of the Norwegian Labour Party, the ties loosened over time from 1975 to 1999, and it is now fully independent...
(newspaper) - Fritt Ord (free press idealism and media company holding)
- Kavli FoundationKavli FoundationKavli Trust is a Norwegian foundation based in Bergen that owns Kavli Holding AS that in its turn, owns major food brands including Kavli and Q-meieriene....
(owns the Kavli and Q-Melk food companies) - Norwegian Computing CenterNorwegian Computing CenterNorwegian Computing Center is a private, independent, non-profit research foundation founded in 1952. NR carries out contract research and development in the areas of computing and quantitative methods for a broad range of industrial, commercial and public service organisations in the national...
(research) - Norwegian School of ManagementNorwegian School of ManagementBI Norwegian Business School former name BI Norwegian School of Management is the largest business school in Norway and the second largest in all of Europe. BI has in total 6 campuses with the main one located in Oslo.-History:...
(business school) - Queen Maud's College of Early Childhood EducationQueen Maud's College of Early Childhood EducationQueen Maud's College of Early Childhood Education is a private college for preschool teachers located in Trondheim, Norway...
(pre-school teacher college) - SINTEFSINTEFSINTEF , headquartered in Trondheim, Norway, is the largest independent research organisation in Scandinavia. Every year, SINTEF supports research and development at 2,000 or so Norwegian and overseas companies via its research and development activity....
(research) - Sparebankstiftelsen DnB NORSparebankstiftelsen DnB NORSparebankstiftelsen DnB NOR is a Norwegian foundation. The foundation gives financial contributions to a wide range of charitable causes, and is the second largest shareholder of the financial services company DnB NOR. The foundation's capital is a result of accumulated profits from the former...
(owns 10.95% of DnB NOR) - SvalbardpostenSvalbardpostenSvalbardposten, founded in 1948, is a Norwegian weekly paper, which operates from Longyearbyen . It is the northernmost regularly published newspaper in the world. In 2003 it had 3,224 subscribers. According to its estimates it has more subscribers than there are people in Svalbard. The newspaper...
(newspaper) - Zero Emission Resource OrganisationZero Emission Resource OrganisationZero Emission Resource Organisation or ZERO is a Norwegian environmental organisation that was founded in 2002 to work with reduction of greenhouse gases, primarily in Norway. The philosophy of the organisation is that if new facilities are made emission-free, then when existing plants and methods...
(environmental organization)
See also
- Foundation (nonprofit organization)
Foundations based in Norway (Category)