The term Endowment have a long tradition in the Anglo-Saxon world, especially in the field of universities. They are born to channel and regulate an economic donation that is affected to a specific end such as can be scholarships to students or the financing of concrete scientific investigations.
Last Thursday, november 27, we organized with the firm Cuatrecasas Gonçalves Pereira a conference about “How to build my Endowment?”, aimed at Institutions, Foundations and NGOs.
The legal and tax aspects were explained by Guillermo Vidal and Héctor Urrutia of Cuatrecasas , while the financial management of the Endowment was led by David Levy from Diverinvest .
In the Spanish State there is still no specific legislation governing Endowments, but in Catalonia we find a figure that could be approached and is halfway between the “Foundation” and the “Endowment”. It would be the “Special Fund”, so called in the law, that can be constituted within a Foundation for a specific purpose.
Regarding the financial management of the capital stock, Diverinvest recalled the important capital that many universities and private foundations maintain under the figure of the Endowment, and explained the different alternatives of long-term investment to achieve the returns that are established as an objective.