Organizational structure of the Fund:
The Fund is created as a structure that is part of Sofia Development Association. It will not be a separate legal entity; it will function as an independent body, according to the law, within Sofia Development Association with a separate bank account for maximum transparency and tracking of raised funds and expenditures.
How decisions will be taken in the Fund:
The Fund will perform its activities on the basis of rules adopted by Sofia Municipal Council. The guidelines provide for the establishment of a Board of Trustees and an Advisory Council. Members of the Board will include municipal councilors elected by the Sofia Municipal Council and business representatives who have provided financial and/or non-financial support to the Fund of over 25,000 leva (BGN twenty-five thousand). Trustees will have the right to discuss and propose guidelines and annual priorities of the Fund, taking into account the priorities of the Municipality in the field of culture. All the basic documents of the Fund, such as the annual program, guidelines for spending, annual priorities for funding projects on a competitive basis, guidelines for forming evaluation committees, and others will be produced by the Advisory Council. The latter will include civil organizations with experience in philanthropy and members of the creative community. All of the above documents concerning the operation of the Fund will be approved by the Sofia Municipal Council.
How the Fund will be integrated into other funding programs of the Municipality:
The main objective of the Fund is to collect additional resources and test alternative models for funding cultural products. Activities of the fund will not overlap with areas already covered by the Culture Program of Sofia Municipality, the Cultural Calendar and Europe Program; insterad, it will contribute to expanding the opportunities for supporting civil initiatives, innovations, novel practices of the Municipality. The fund will focus on those areas which are the least developed in the above programs through support for individual projects and long-term support (beyond one fiscal year). When necessary, the Fund may raise funds for a specific event or activity that has been identified as a priority for the Municipality.
How the Fund will be financed:
The Fund’s primary assets will be collected by business representatives who have decided to participate with a specified annual amount (annual donation). They will have the right to become members of the Board of Trustees and take part in the decision making process. The Fund will let the donors decide whether to provide financial support or to contribute by carrying out specific tasks (for instance, renovation of cultural monuments/buildings, renovation of public spaces such as gardens, promotional art lighting, thematic scholarships, etc.). Donations will be accepted in accordance with the Municipal Ordinance for Donations and Management of Donations. A portion of the Fund’s resources will be raised on certain occasions through SMS fundraising campaigns and charity events.
Sofia Municipality participates in the Fund with a commitment to double the amount of assets collected from the business partners and via various charity events.