The meeting agenda focused on key issues of sustainable development and social responsibility in the current climate of uncertainty. Practical formats for budget-friendly social initiatives available to companies were discussed, as well as the integration of social projects into the overall business strategy of strengthening the company's reputation and brand values.
Particular attention was paid to endowments, which are essentially special-purpose capital funds that transform donations into working investment assets. Income from managing these assets can be directed towards the development of science, education and culture. A key feature of the mechanism is the inviolability of the endowment capital: it constantly works and grows, creating a source of long-term financial support.
"In Russia, endowment funds, although a relatively new phenomenon, appeared as early as pre-revolutionary Russia. The structure of inviolable endowment capital, which was transferred to a bank to earn interest, was called a ‘perpetual deposit’. Today, the number of endowments in the Russian Federation is growing rapidly. The first endowments appeared in Russia in 2007 with the introduction of the federal law “On the Procedure for the Formation and Use of Endowment Capital of Non-Profit Organizations.” Today, the Russian endowment market has reached a historic high of 155.6 billion rubles in 407 funds," notes Elvira Khasanova.
Currently, the largest endowments exist in the field of education. Their emergence is mainly due to the need of leading universities and other educational institutions—MGIMO, HSE, SPbU, and others—for sustainable funding of scientific research, scholarships, and infrastructure development.
Despite the positive dynamics, endowment funds in Russia face a number of challenges. These include an insufficient culture of philanthropy, financial market volatility, and the need for skilled asset management and transparent reporting. Overcoming these obstacles will allow endowment funds to fully realize their potential as a reliable source of sustainable funding for the development of education, science, and culture in the country.