Bill on control over NCOs' capitals brought to Duma

A bill "On the Order of Formation and Use of Targeted Capitals of Non-Commercial Organizations" was brought for consideration to the State Duma of Russia. The bill establishes the peculiarities of managing the capitals, which are formed by charitable donations.

A non-commercial organization may invest its funds into a managing company. Capital management should be aimed towards gaining incomes from investing it, provided the risk of financial losses is minimized. Utilization of the targeted funds and the incomes from investing them should be limited within the statutory activities of the organization. Targeted capitals may be formed by non-commercial organizations founded in the form of a foundation (fund), an autonomous non-commercial organization, or a public and religious organization. Exclusions are public movements and political parties. An income winner (beneficiary) from the targeted capitals may be any non-commercial organization, except for a state-owned corporation, a political party and a public movement, the RIA "Novosti" reports.

The bill is also suggesting to exempt NCOs from paying profit taxes, both on the incomes obtained from charitable donators with the aim to form targeted capitals, and on the incomes obtained from investing the targeted capitals, the explanatory note to the bill clarifies.