Statutes of the Foundation Culture of the Future

Appendix to the Government decision of 23 June, 1994, No 65

Appointment of the Foundation

With the 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 foundation.

  1. The foundation shall be called the Foundation Culture of the Future.

  2. 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.

  3. The Foundation shall gradually use up its equity.

  4. The Foundation’s activities shall be handled by a board of directors based in Uppsala.

  5. 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.

  6. 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.

  7. 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 casting vote.

  8. Decisions to apply for permission to change or temporarily waive any clause in these statutes require the agreement of at least four board members.

  9. 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.

  10. The Foundation may take a loan from a credit institution in order to cover a temporary liquidity requirement.

  11. 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.

  12. 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 full transparency.

  13. 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.

  14. 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.

  15. 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.

  16. The Foundation shall follow up and assess the activities which have received funding from the Foundation.

  17. The Foundation is exempt from supervision according to the Act on Supervision of Foundations (1929:116).