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Does the Legal Environment Allow for Endowments?

endowments Environment Legal
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Does the Legal Environment Allow for Endowments?

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There is no specific legislation related to endowments in Romania. The possible sources of income for associations and foundations are stated in Government Ordinance 26/2000 on Associations and Foundations. Specific sources of incomes (for both associations and foundations) listed in the ordinance are: “donations, sponsorships and bequests [], interest and dividends resulting from placement of available funds within the legal framework, []”. The law does not suggest any other specific limitations for the use of certain types of funds in a certain way. Although the law on associations and foundations does not seem to specifically refer to endowments (as a specific type of donation), it allows for both receiving of donations and for investment of available funds, while interest and dividends are specifically stated as income sources for associations and foundations. However, the current legal environment lacks any tax incentives for building financial reserves with investment income. The

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