Statutes of the Foundation Culture of the Future
the Government decision of 23 June, 1994, No 65
Appointment of the Foundation
purpose of promoting a lively cultural life in Sweden as a whole and in
individual localities, the State of Sweden, through its Government, hereby
declares (Cf. prop 1993/94:177, bet. 1993/94:UbU12, rskr. 1993/94:399) that
6.85% of the remainder of the assets managed by the liquidation board (Fund
92-94) shall be allocated to an independent equity fund. Further assets may be
added to the fund at a later date. The following regulations shall apply to the
- The foundation shall be called the
Foundation Culture of the Future.
- The purpose of the Foundation shall be to
award funding to long-term and regenerative cultural projects for a period
of at least ten years. The funding shall stimulate regional culture in a
broad sense and aim to enhance growth and development. Local and regional
interests should be involved in, and contribute to, these projects.
- The Foundation shall gradually use up its equity.
- The Foundation’s activities shall be
handled by a board of directors based in Uppsala.
- The board of directors shall consist of
five members. The Government shall appoint and dismiss the board members and
elect the chairman.
Board members are appointed for a mandatory period of a maximum of four
years. An appointment can be renewed once. If there are special reasons,
an appointment can be renewed a second time. (Revised 2002)
The board members elect a deputy chairman among themselves.
- Board meetings are called by the chairman,
or on the request of at least three board members.
The board constitutes a quorum when at least four members are present, of
whom one is the chairman, or, if the chairman cannot attend, the deputy
chairman. Minutes shall be taken at all board meetings.
- The board’s decision is the opinion that
is supported by votes from more than half of the members present, except
in cases stated in para 8. If the vote is even, the chairman has the
- Decisions to apply for permission to
change or temporarily waive any clause in these statutes require the
agreement of at least four board members.
- The board is responsible for ensuring that
the Foundation’s capital is managed responsibly so as to limit the
risk-taking and promote a good return.
- The Foundation may take a loan from a
credit institution in order to cover a temporary liquidity requirement.
- The Foundation shall keep accounting
records in accordance with the rules laid down in the Bookkeeping Act
(1976:125). The Foundation’s financial year shall be the calendar year.
The board shall lay down a budget for each financial year.
- The Foundation shall draw up an annual
report for each financial year. The annual report shall consist of the
income statement and balance sheet prepared for the annual accounts,
together with a management report that includes information on how the
Foundation has fulfilled its purpose over the year.
The Foundation shall publish a straight-forward report on its operations
annually. On the whole, the Foundation shall pursue its activities with
- The Foundation’s accounts and annual
reports shall be audited by an authorised public accountant appointed by
the Foundation. A deputy shall also be appointed for the authorised public
accountant. In addition, the Swedish National Audit Bureau is entitled to
appoint an auditor and a deputy auditor.
- The Foundation shall submit the annual
report to the authorised public accountants and auditors no later than
four months after the end of the financial year.
- The Foundation shall submit a copy of the
annual report and management report that have been approved by the
authorised public accountants to the Government, no later than six months after
the end of the financial year.
- The Foundation shall follow up and assess
the activities which have received funding from the Foundation.
- The Foundation is exempt from supervision
according to the Act on Supervision of Foundations (1929:116).