ENDOWMENT AS A SOURCE OF FINANCING RELIGIOUS ORGANIZATIONS (FOREIGN EXPERIENCE)

Abstract

The article is devoted to the study of the essence of the endowment as a long-term instrument of charity, the general principles of its creation, functioning, main areas of coverage and application in the structure of domestic religious organizations. The purpose of the article is also to review the international experience of creating endowment funds for religious organizations and their main advantages. The relevance of the research is beyond doubt, because the endowment as an innovative and effective charity tool is capable of guaranteeing religious organizations additional long-term financing and increasing their financial stability in crisis situations and times. The research methods used in the work are: analytical method, methods of comparison and detailing. The main essence of the endowment as a trust fund created for non-commercial purposes with the aim of obtaining investment profit from its use to finance further needs has been defined. Modern domestic legislative acts regulating the application of the endowment in our country, such as: the Tax Code of Ukraine, the Law of Ukraine «On Higher Education» and the Law of Ukraine «On Charitable Activities and Charitable Organizations» have been analyzed and the need to improve them has been proven. The foreign experience of financing religious organizations using the endowment has been studied. Basic norms, rules and restrictions according to legal standards (in particular the USA) have also been detailed. The relevance, advantages and prospects of the distribution of the endowment in the structure of domestic religious organizations as a factor of attracting additional resources. that can provide a solid financial base for the realization of their future goals have been outlined. Creating endowments in developed countries is a standard practice for religious organizations. The experience of endowments in foreign countries has proven its effectiveness, so it can be a successful basis for introducing a similar practice in Ukraine.