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The course of events leading up to the final approval of
the Foundation
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On December 16, 1986, on behalf of the initiators, Poul
Jørgensen wrote to 'Statsskattedirektoratet' [the
Internal Revenue Service] to get their
preliminary remarks on the proposed statutes and the formulation of the
deed of gifts. On December 31, he wrote another letter.
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On January 12, 1987, the Internal Revenue Service
answers that they are only able to express themselves about the
statutes, etc., when the Foundation has been registered by 'Fondsregisteret'
[the Foundation Registry].
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The Foundation writes to the Foundation Registry, which
answers on February 12, 1987, that the Foundation cannot be registered
before it has been exempted from gift tax.
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On February 16, 1987, the Foundation applies to the
Ulfborg-Vemb 'Kommunes Skatteforvaltning' [Municipality
Tax Administration] for exemption from gift
tax.
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The tax administration answers by telephone that it
cannot exempt the Foundation from gift tax, before the Internal Revenue
Service has approved it.
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On February 25, 1987 the Foundation therefore writes
again to Ulfborg-Vemb Municipality Tax Administration - the case has
gone in circles and is stuck.
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The Internal Revenue Service solves the problem with a
written preliminary approval on April 3, 1987.
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On this background, the Ulfborg-Vemb Municipality Tax
Administration exempts the Foundation from gift tax.
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On April 10, 1987 the Foundation Registry approves the
Foundation.
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Finally on May 13, 1987, the Internal Revenue Service
gives its approval of the Foundation according to § 12, art. 3 of the 'Ligningsloven'
[Tax Legislation],
five months after the first approach.
The economic basis for the Foundation consists of contributions according
to agreements, as well as of other gifts. The Foundation has received annual
contributions from a large group of people, each of whom has committed
themselves to contribute for a minimum of 11 years, and with an amount
corresponding to 15% of their income, through a signed deed of gift. According
to the Tax Legislation, contributors, who have thus committed themselves, can
deduct the contributed amount from their taxable income.
Now the Foundation could begin its work.
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Final approval of the Foundation
The contributors
The (former) Board of Directors
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