Vītolu fonds

Det lettiska stipendiet administreras av Vitolu Fonds.

Läs mer.

 

 



 

 

 

 

Figure 1. Number of scholarships

 

The size of the scholarship is 1400 lats (approximately 2800 USD with the present exchange rate). Scholarship recipient receives 130 lats per month (approximately 260 USD with the present exchange rate), during 10 months of the year (from September to June), 100 lats (7%) is the administration fee of the VF.

In year 2004 the Latvian Ministry of Finance granted VF status of a non-profit organization with all donors being eligible for tax rebates and by decree of the Cabinet of Ministers VF scholarships are not subject to personal income tax.

The number of employees of VF during 2005-2011 year is 3.

 Mission of “Vītolu fonds” (VF)

“Supporting young people to help them to achieve a level in life which allows one to help others in the future” 

The goal of VF is to use scholarships to help capable, hard-working, but needy young people to study at Latvia’s universities.

 The aim of VF is to award 1000 scholarships every year (250 new ones at the beginning of each academic year, for 4 years of study). This is approximately what Latvia needs today. During 2011 only 617 could be awarded, 213 new ones and 404 for a second or third year of studies. 

The VF in its work stresses several things:

  1. Transparent activity.

All information about the work of the Foundation is open and accessible on the Vitols Foundation homepage www.vitolufonds.lv, as well as in the external auditors’ reports and reviews, which are sent for free to anyone, who requires them. Every month news and changes are published on the Vitols Foundation homepage in the section “Current Events” (Aktualitātes).

  1. Strict external audit.

Every year International audit company KPMG Baltics carries out in the Vitols Foundation audit and submits an auditor’s opinion

  1. Monitoring the scholarship recipients.

The Vitols Foundation concludes a contract with each student.  Scholarship recipients twice a year submit a report from their universities about their studies, as well as they send letters to the donors, telling them about their achievements, studies, hobbies etc.  Almost all scholarship recipients are doing well and very responsible students. There has been calculated, that only 2% of all scholarship recipients do not honour their commitments and stop their studies, but even in case of leaving university, reasons often are very serious (illness, situation in the family etc.).

  1. Accurate and detailed reporting to the donors and State institutions. 

The Vitols Foundation submits auditors’ opinions, as well as annual reports, which are prepared in accordance with legislative requirements of the Republic of Latvia, to the State Revenue Service and Company Register. During the council meetings the employees of the Vitols Foundation report to the council about administrative matters and examinations’ results of the scholarship recipients. Every year the Vitols Foundation submits the list of the scholarship recipients and report about the annual financial results to the Ministry of Finance of the Republic of Latvia. Every year donors receive the report, which contains information about application of the donation, examinations’ results and letters from the scholarship recipients, schedule of the paid scholarships, publicity in newspapers and on the homepage of the Vitols Foundation.

Contact information

“Vītolu fonds”

Lacplesa Street 75 - III

Riga, LV - 1011, Latvia

Office Phone: (+371) 6728-0122

Fax: (+317) 67 828 523

e-mail: info@vitolufonds.lv

www.vitolufonds.lv

Previous achievements  

Form year 2001 to year 2011 VF, in cooperation with other donors, has helped almost 1800 students to start their studies at universities of Latvia. In 2011 the foundation received 445 new scholarship applications. Based on the decisions at the Council meeting, 213 applicants were awarded scholarships.

At the end of 2010, the foundation administered 609 scholarships (‘Lifetime scholarships’: The donation is deposited in a permanent endowment, and scholarships are based on money received as interest on the deposits and annual scholarships offer donations that are spent over the course of an academic year) of which 50 were it’s own scholarships and 559 – donor scholarships. The Foundation covers also the tuition costs of 4 students; the government of Latvia due to the recipient’s good academic record pays the tuitions of all others.

From the date of establishment to 01.10.2011, a total of 3 248 474 LVL have been deposited in the Foundation’s endowment fund, forming 186 “Lifetime Scholarships” or endowments of various donors.

 

  

Figure 2. Donations to the VF 

 

  

Figure 3. Donations to Foundation’s endowment fund

 

  

Figure 4. Total sum paid in scholarships each year

 

In 2011 the 159 donors were- 35 ‘Lifetime Scholarship’, 11 foundations, 16 companies, 15 organizations and 82 individuals. The “Friends’ Scholarship” established with several smaller-than-1400-lats independent donations has increased from one to three scholarships.

 

Figure 5. Number of donors by year

 

Although the number of donors and scholarships is increasing year by year, the aim of the VF – to grant 1000 scholarships each year, is still a goal far away.

Bookmark and Share