2018 budget unanimoulsy approved

18/04/2019 - Press release

Grants still on the rise.

Turin, 18th April 2019 - The Consiglio Generale of Compagnia di San Paolo has unanimously approved the 2018 budget. The Consiglio has also decided on the provision of € 33.94 million  to the  funds for grants in relevant sectors awaiting destination, thus totally  amounting to € 83 million compared to multiyear commitments totalling 40 million; the provision of €10 million to the grants stabilisation fund, which thus reaches -  a year in advance -  the total amount of € 350 million as per the aim of the Implementation Document and the provision of € 6.77 million to the voluntary work fund, determined in accordance with the new provisions introduced with the Third Sector Code.

"Compagnia again adopted criteria for maximum transparency and prudence for 2018 as per law 153/99. Despite these cautionary measures, the results of the financial portfolio management and continuous cost control allowed the foundation to reach and surpass budget goals and guarantee growing grants volumes compared to the previous two years without resorting to grants stabilisation fund,” said Francesco Profumo, Chair of the Turin foundation. “One of our priorities”- continued Profumo – “is to create value through asset management, generating continuous, stable, distributable and sustainable income in the mid- to long-term, which can at the same time ensure grants and safeguard assets for future generations”.

“Our 2018 pattern of proceeds has again been positive: € 309.5 million for total net proceeds”, said Secretary General Alberto Anfossi. “Total proceeds are basically in line with previous years and higher than 2018 Annual Planning Document indications. Ordinary expenditures amount to € 17.1 million and are down about 2% from the previous year, making us one of the most virtuous foundations in expenditures/grants and /or expenditures/asset ratio. Taxes – which increased -- in 2018 amounted to € 37.2 million. The tax burden benefitted from deductible expenditures, as well as the tax credit provided by the art bonus decree.