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Financial Information

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The Queen Sofia Foundation (hereafter, the Foundation) was created on 17 May, 1977.

The Ministry of Work and Social Affairs, thought a Ministerial Order dated 2 October, 1981 (published in the Official State Bulletin of the same date) defined it as a Mixed Private Beneficence Foundation. The Foundation is accountable to the Protectorate of State-level Foundations, nowadays based at the Ministry of Culture and Sports.

The Foundation is a non-profit organization ruled by the 50/2002 26 December Act on Foundations, as well as by the 49/2002 23 December Act on Tax Regulations of Non-profit Organizations and Sponsorship Tax Incentives. Therefore, the Foundation provides free services and is partially exempt from Corporate Tax. It must present its annual budget and submit its accounts to the abovementioned Protectorate of State-level Foundations.

According to article 25.7 of the 50/2002 26 December Act on Foundations, the Annual Accounts are approved every year by the Foundation’s Board of Trustees and are presented to the Protectorate, who, once it has examined them and has verified that they comply with current regulations, will deposit them in the Single Registry of State-level Foundations, available for consultation to any person.

In order to reach its objectives and finance its activities, the Foundation obtains its resources from private, company or institutional donations and legacies, from financial income and from its commercial activities in the area of property rentals. Funds received from Public Administrations have been assigned to the Alzheimer Research and Care Project carried out at the Queen Sofia Foundation Alzheimer Centre in Madrid.

The Foundation may carry out its projects either directly or through agreements or collaborations with entities or with private individuals, without losing its legal, patrimonial, statutory or foundational autonomy.

ANNUAL ACCOUNTS

The Foundation, under current legislation, does not have to submit its annual accounts to mandatory audit. However, from 2004 it has willingly audited its successive annual accounts and, without exception, auditors have reported that those accounts reflect the true state of the Foundation’s assets and its financial situation, as well as of the results of its yearly operations, according to the financial rules currently in force.

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Since 1977 the Queen Sofia Foundation helps those in greatest need"