The University of Oulu Scholarship Foundation offers companies and other entities and private persons an easy way of contributing to the development of the University of Oulu.
The investment assets of the University of Oulu Scholarship Foundation form a pool in which each fund administered by the Foundation holds a share. When the financial statements are prepared, the proceeds are allocated to the donor funds in proportion to the capital held by each fund.
The donor or testator may assign the donation or bequest to the Science Fund, which has no discipline-specific restrictions concerning the allocation of the proceeds. The donor or testator may also establish a donor fund to be administered by the Scholarship Foundation. Further information on donations and bequests is provided by the Foundation Agent.
Based on the Finnish Tax Authority’s decision, donations to the Foundation made in 2014 – 2018 that amount to a minimum of 850 euro and a maximum of 50 000 euro are tax deductible to the donating entity. The deduction right is year-specific.
Instructions to companies on the payment of grants
- The company makes a donation and completes a deed of donation in which it expresses the purpose of the donation to the Scholarship Foundation.
- The company pays the amount of the agreed grant into the bank account given in the deed of donation. A total of 15% of the donation is retained by the Foundation for activities defined in its Articles of Association.
- The original deed of donation is sent to the Scholarship Foundation.
- The Executive Committee of the Foundation makes the decisions on the recipients of the grant. For further information, see ”Grants”.
- In order for a grant to be tax-free, the grant must be awarded without any form of required recompense and the application process must be public and open to all potential applicants, in addition to which the Executive Committee of the Foundation must be the party to decide on the recipient of the grant. If the company donating the grant has personally selected the recipient of the grant without an open and public application process and research work has begun before a decision has been made by the party awarding the grant i.e. the Executive Committee of the Foundation, the grant shall not be exempt of tax. This means that in the event of a tax audit, the student will be required to pay back taxes on tax prepayments retrospectively, and the party awarding the grant may be required to perform payment of employer contributions retrospectively with interest.
Grant donation account number:
Nordea Bank Finland Plc, Account number
IBAN FI37 2050 1800 0215 97, SWIFT/BIC NDEAFIHH
DEED OF DONATION, SCHOLARSHIP FOUNDATION