17. Does the Sheltered Foundation have any assets?

Although the Sheltered Foundation does not have any legal personality or tax status, this does not mean that it cannot have its own resources. On its founding, the umbrella foundation and the sheltered foundation agree on the allocation of property, rights and resources in order to achieve the contractually defined objectives, whereby such specific funds are maintained by the umbrella foundation in dedicated management accounts.

The Institut Pasteur and the founder members of the Sheltered Foundation will therefore contractually define, in an agreement specifying the articles of association of the Sheltered Foundation, the resources to be allocated to the Sheltered Foundation which the latter alone may exploit.

Once founded, the Sheltered Foundation may also receive funds in its own name for allocation to its activities. In this regard, donors may benefit by way of association from the tax benefits relating to the status of IP as an umbrella foundation when making bequests and donations to the Sheltered Foundation, in accordance with bilateral or EU tax agreements between the country of origin of the funds and France.

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