FUNDING OF THE KOVACS FOUNDATION
To sustain Foundation activities, several
forms of funding have had to be established.
Moreover, the Institution understands that non-profit organizations
must guarantee an optimal management even more rigorous than
that employed in for-profit organizations, since any inefficiency
in the handling of its resources, rather than a reduction
in profits, entails instead a reduction in its activity. As
a result, it reduces its usefulness to society and thus questions
its very reason for being.
Furthermore, the Foundation believes that non-profit organizations
should take measures to ensure the transparence of their financial
management, with particular zeal, as that also benefits the
effectiveness of their management. To this end, the Foundation
subjects itself voluntarily to strict mechanisms of control.
Thus the following are discussed:
-
Origin
of Funding
-
Control
Mechanisms
The Foundation's economic activity is subjected
to public control by the Foundations Protectorate of the
Spanish Ministry of Education and Culture.
In addition to this public audit, from its constitution,
the Foundation is voluntarily and annually subjected to a
private audit, made by an international firm of the
highest stature.
But, in addition to ensuring the honesty with which its funds
are handled, the Foundation also wishes to guarantee the
maximum efficiency of their management. To this end, its
Tracking Committee meets periodically to make a detailed accounting
of the Foundation's projects, their economic activity and
the use given to the received funds.
The Foundation's Tracking Committee is made up of
the representatives of the entities that make up its Board
of Directors, whose contributions constitute an important
part of the Foundation's resources. The oversight of the Board
and the Tracking Committee is essential to ensure the efficiency
with which the Institution manages its economic activity,
and their approval is indispensable for the entities that
make up the Board of Directors to renew their contributions
each year.
Finally, some of the Foundation's activities are subjected
to additional mechanisms of control. Thus, for example,
the funds allotted by the National Health Care System to finance
the care provided to patients referred to the Foundation are
controlled by the corresponding Health Services. The use given
to the subsidies granted by the Agency for the Evaluation
of Health Technologies, by the Fund for Health Research of
the Ministry of Health and Consumer Services, and the COST
program of the European Commission is supervised by the corresponding
inspection services. The use of funds allotted to projects
promoting public health that are co-financed by other public
or private entities is supervised by these entities
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